The Lagos State Government says heavy investment in power, transportation, housing and other infrastructure projects under the ₦4.444 trillion 2026 “Budget of Shared Prosperity” is aimed at reducing business costs, improving living conditions and sustaining economic growth across the state.
Commissioner for Economic Planning and Budget, Mr Ope George, disclosed this during the 2026 Ministerial Press Briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
George said the budget, signed into law by Governor Babajide Sanwo-Olu, was designed to strengthen infrastructure, diversify the economy and position Lagos as a globally competitive city economy.
According to him, the budget comprises ₦2.338 trillion for capital expenditure and ₦2.106 trillion for recurrent expenditure, reflecting a 53 to 47 capital-to-recurrent ratio focused on development projects.
The commissioner said ₦1.467 trillion was allocated to critical infrastructure projects across transportation, healthcare, education and public works.
He explained that projects such as the Opebi-Mende Link Bridge and the Eti-Osa/Lekki/Epe Expressway Phase IIB are expected to reduce traffic congestion, improve connectivity and unlock investment opportunities along major economic corridors.
George also disclosed that ₦112 billion was earmarked for power and energy infrastructure to improve electricity supply, boost productivity and reduce the cost of doing business in the state.
On food security, he said ₦87 billion was allocated to agricultural and logistics projects, including the Lagos Wholesale Produce Hub, to strengthen food supply chains.
The commissioner added that ₦35 billion was set aside for tourism infrastructure projects such as the Badagry Point of No Return and the Lagos Heritage Centre to boost tourism and expand non-oil revenue.
He further revealed that ₦33 billion was allocated to technology and digital transformation initiatives aimed at automating government processes, improving internally generated revenue and enhancing ease of doing business.
George said the government is also prioritising several housing projects targeted at low- and middle-income earners to reduce the housing deficit across the state.
On education, he disclosed that the Lagos Education Access Fund has entered active implementation with a target of impacting over 200,000 children within three years through performance-based education financing.
The commissioner stated that Lagos recorded an 84 per cent budget performance in the 2025 fiscal year and expressed optimism that implementation of the 2026 budget would further strengthen economic resilience and inclusive development across the state.