LASG sets bold sustainable future for public finance

… Unveils Strategic Roadmap AT 2025 Retreat

In a bold move to build a resilient, innovative and people-centred public finance system, the Lagos State Government, through the Ministry of Finance, has unveiled five strategic pillars set to shape the future of public finance in Lagos State at a two-day Management Retreat themed “Strategic Alignment for Enhanced Revenue Generation and Sustainable Policy Development” held at Four Point by Sheraton, Lagos.

Addressing management staff and key stakeholders during his keynote speech tagged “The Future of Public Finance in Lagos State”, the Honourable Commissioner for Finance, Mr. Abayomi Oluyomi, affirmed that data-driven decision-making, digital transformation and the adoption of emerging technologies, sustainable and green financing, innovative financing models and Public-Private Partnerships (PPPs), and strengthened capacity development anchored on institutional integrity are the roadmap to a sustainable future of public finance.

Oluyomi emphasised the State’s commitment to development, revealing that capital expenditure accounted for 68% of the 2023 budget and 62% of the ₦3.36 trillion 2025 budget, underscoring Lagos State’s focus on infrastructure delivery and long-term growth.

In his words, “digitisation of over 80% of government payment processes has enhanced transparency and efficiency, enabling residents to pay charges through WhatsApp, USSD and online platforms, and contributing to the growth of Land Use Charge revenue to ₦14 billion in 2024, with the property database expanding to over 800,000 properties”.

“Lagos State’s fiscal reforms and financial inclusion initiatives have strengthened MSMEs and positioned the State as a leading fiscal model across Africa”, he added.

Despite national economic headwinds such as inflation and high borrowing costs, the Commissioner emphasised that Lagos remains fiscally strong, contributing approximately 30% of Nigeria’s GDP with a PPP GDP of $259 billion, while maintaining a prudent debt-to-revenue ratio and achieving 70% revenue contribution from IGR.

Strategic fiscal measures outlined include enhanced revenue mobilisation through technology, responsible borrowing focused on revenue-generating infrastructure, and asset securitisation, with plans to unlock ₦3 trillion worth of idle assets without increasing the State’s debt profile.

Oluyomi, therefore, charged participants to return to duty with renewed purpose, stressing that public finance is ultimately about people, and that prudent resource management remains central to improving lives, driving development and securing Lagos State’s future.

In his welcome address, the Permanent Secretary, Ministry of Finance Mr. Tajudeen Mahmud Alao stated that the retreat is an opportunity to reaffirm the collective commitment to building a stronger, more resilient fiscal framework for Lagos State. He charged participants to chart a new path towards enhanced revenue generation, sustainable growth and a stronger Lagos.

Day one featured insightful technical sessions, including a presentation by Prof. Muyiwa Agunbiade on “Property Tax as a Catalyst for Subnational Fiscal Autonomy”, which examined policy options for strengthening revenue through effective property tax frameworks.

Bar. Wale Oshodi examined “Unlocking Parametric Insurance Potential: Strategies for Increased Adoption in Developing Economies”, while Ayo Alli Balogun, CEO of Attitudinal Resource Consult, spoke on “Building Client Amazement through Collaborative Strategic Deployment of Ministerial Mandate”

Other sessions focused on the impact ongoing reforms on Lagos State’s revenue streams and culminated in a high-level panel discussions on the “Impact of the New Tax Reforms on the Revenue Streams in Lagos State” and “Building a Resilient Revenue Framework: Lagos State’s Fiscal Transformation and Policy Options for Sustainable Growth” with Kenneth Erikume and Gbenga Adepetu of PwC as Lead Discussants.

The Impactful event featured invited dignitaries, lead discussant and panelists including the Chairman House Committee on Finance, Hon. Femi Saheed; Hon. Commissioner for Physical Planning and Urban Development, Dr. Olumide Olayinka; Accountant General/Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala; Permanent Secretary, Debt Management Office, Mrs. Alake Rukayat Sanusi; Permanent Secretary, Ministry of Tourism, Arts and Culture, Princess Adebopo Oyekan-Ismail; Chairman, Lagos State Internal Revenue Service (LIRS) Dr. Ayodele Subair, and Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Engr. (Mrs.) Abimbola Akinajo, amongst others.