Lagos state Ministry of Management Budget Retreat

The Lagos State Government has unveiled a strategic roadmap aimed at building a resilient, innovative, and people-centred public finance system. The plan was presented during a two-day Management Retreat organised by the Ministry of Finance, themed “Strategic Alignment for Enhanced Revenue Generation and Sustainable Policy Development,” held at Four Points by Sheraton, Lagos.

Delivering the keynote address, the Honourable Commissioner for Finance, Mr. Abayomi Oluyomi, outlined five key pillars shaping the future of public finance in the state. These include data-driven decision-making, digital transformation and emerging technologies, sustainable and green financing, innovative financing models and Public-Private Partnerships, as well as capacity development anchored on institutional integrity.

Oluyomi disclosed that Lagos State continues to prioritise long-term development, with capital expenditure accounting for 68 percent of the 2023 budget and 62 percent of the ₦3.36 trillion 2025 budget. He noted that over 80 percent of government payment processes have been digitised, improving transparency, efficiency, and ease of payment through platforms such as USSD, WhatsApp, and online portals.

According to the Commissioner, these reforms have contributed to the growth of Land Use Charge revenue to ₦14 billion in 2024, while the state’s property database has expanded to over 800,000 properties. He added that Lagos remains fiscally strong, contributing about 30 percent of Nigeria’s GDP with a PPP GDP of $259 billion, despite national economic challenges.

In his welcome address, the Permanent Secretary of the Ministry of Finance, Mr. Tajudeen Mahmud Alao, described the retreat as a platform to reaffirm commitment to sustainable fiscal reforms. The event featured technical sessions, panel discussions, and contributions from key stakeholders, including members of the Lagos State Executive Council, legislators, and industry experts.