The Allied Peoples’ Movement (APM) governorship candidate for Lagos State, Laja Adeoye, MPD, joined former Economic and Financial Crimes Commission (EFCC) Chairman AbdulRasheed Bawa, CON, and other experts on Saturday to stress the urgent need for accountability in public financial management.
The summit, organised by Masters Student in Budgeting and Public Financial Management, in conjunction with the Centre for Economic Policy Analysis and Research at the University of Lagos (UNILAG), focused on Public Financial Management, Budgeting, and Economic Development with particular reference to Lagos State. Bawa participated online alongside other panellists, while Adeoye delivered a keynote presentation that examined the state’s revenue performance against everyday outcomes for residents.
In his address, Adeoye described Lagos as Nigeria’s economic engine and Africa’s second-largest city economy by purchasing power parity. He noted the state’s 2025 total revenue of ₦2.6 trillion, with internally generated revenue (IGR) rising to ₦1.87 trillion, and a 2026 budget of ₦4.44 trillion that projects IGR of ₦2.79 trillion. Despite these figures and a significant contribution to national GDP, he argued that the gap between wealth generated and the lived reality of ordinary Lagosians remains wide.
“Revenue growth has not translated into commensurate improvements in the daily life of Lagosians,” Adeoye said. He highlighted a housing deficit of approximately 3.4 million units, rents that have risen 80–120 percent in recent years against wage growth of only 7–9 percent, and a severe shortage of doctors (about 7,000 against an estimated need of 30,000–47,000). Parallel pressures exist in education, security, and basic services, he added.
Adeoye called for a decisive shift in 2027. He pledged to implement full local government autonomy if elected and emphasised the need for understanding and accountability in the relationship between the executive and legislature, with clear separation of powers so that citizens are better served.
He also stressed that budgets must be prepared only after meaningful engagement with stakeholders so that spending reflects real needs rather than abstract targets.
As part of his alternative agenda, he outlined priorities that include reorienting budgets toward measurable results in affordable housing, healthcare workforce expansion and primary care, and quality education; enforcing transparent public financial management through open procurement, real-time project tracking, independent audits and strict anti-corruption measures; expanding the productive base via industrial policy and SME support; and treating security, environment and urban planning as core economic enablers. These steps, he said, form part of the Atunto Eko (Reset Lagos) Agenda aimed at turning the state’s wealth into shared prosperity.
Other panellists included Professor Adenike Egunjobi, Dr Peter Amah and Prince Cashmir Idekwulim, all of the Department of Finance, University of Lagos. The chairman of the planning committee, Mr David Tom, thanked participants. An award was presented to Prince Laja Adeoye in recognition of his contribution.
