Governor Babajide Sanwo-Olu's record over two terms reflects genuine infrastructure delivery -- the Blue Line rail entered commercial operations in September 2023 and the Red Line followed in October 2024, together the first functional urban rail system in Nigeria since the colonial era -- alongside persistent gaps on promise timelines, traffic relief, and public-accountability obligations. Lagos IGR grew from roughly N500 billion in 2019 to N2.6 trillion by 2025, the highest subnational revenue in Nigeria, and annual budgets rose from N852 billion in 2019 to N4.4 trillion for 2026. These fiscal achievements coexist with a domestic debt stock that rose approximately 155 percent between 2019 and 2025. The THEMES agenda's T (Traffic) pillar remains the administration's most visible success and most visible failure simultaneously: rail lines are running but Lagos loses an estimated N1 trillion annually to traffic gridlock, the 4th Mainland Bridge has not broken ground, and the Lekki-Epe expressway rehabilitation was postponed into 2026. On integrity, the government's December 2021 white paper rejecting the judicial panel's finding of nine deaths at the Lekki tollgate on October 20, 2020 drew sustained civil-society censure. An EFCC investigation into Lagos contractors allegedly linked to Aisha Achimugu's court-forfeited $13 million was active as of March 2026; no arraignment of the governor has been recorded. The record is mixed: real wins on rail and IGR, material delivery gaps on roads and EndSARS accountability.