The Lagos State Government has unveiled five strategic pillars aimed at building a resilient, innovative and people-centred public finance system, reinforcing its commitment to sustainable growth and efficient governance.
Eko Hot News reports that the five pillars were announced by the Commissioner for Finance, Mr Abayomi Oluyomi, during a two-day Management Retreat themed “Strategic Alignment for Enhanced Revenue Generation and Sustainable Policy Development,” held at Four Points by Sheraton, Lagos.
Delivering a keynote address titled “The Future of Public Finance in Lagos State,” Oluyomi identified data-driven decision-making, digital transformation, sustainable and green financing, innovative financing models and Public-Private Partnerships (PPPs), as well as capacity development anchored on institutional integrity, as the roadmap for Lagos’ fiscal future.
He disclosed that capital expenditure accounted for 68 per cent of the 2023 budget and 62 per cent of the ₦3.36 trillion 2025 budget, highlighting the State’s strong focus on infrastructure development and long-term economic growth.
The Commissioner noted that digitisation of over 80 per cent of government payment processes has boosted transparency and efficiency, enabling residents to pay charges via WhatsApp, USSD and online platforms, while Land Use Charge revenue grew to ₦14 billion in 2024, supported by a property database exceeding 800,000 entries.
Despite inflation and high borrowing costs nationally, Oluyomi said Lagos remains fiscally resilient, contributing about 30 per cent of Nigeria’s GDP with a PPP GDP of $259 billion, maintaining prudent debt levels and generating 70 per cent of its revenue internally.
He added that strategic fiscal measures include technology-driven revenue mobilisation, responsible borrowing for revenue-yielding infrastructure and asset securitisation, with plans to unlock ₦3 trillion worth of idle assets without increasing debt.
In his welcome address, Permanent Secretary, Ministry of Finance, Mr Tajudeen Mahmud Alao, said the retreat was designed to strengthen fiscal resilience and chart a new course for sustainable revenue growth.
The retreat featured expert sessions, panel discussions and policy-focused conversations on tax reforms, property taxation, insurance innovation and revenue sustainability.
