The governorship candidate of the Allied Peoples’ Movement (APM) in Lagos State, Prince Laja Adeoye, and former Chairman of the Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa, have called for greater accountability and transparency in the management of public finances.

They made the call on Saturday at a public financial management summit organised by Master’s students in Budgeting and Public Financial Management in conjunction with the Centre for Economic Policy Analysis and Research, University of Lagos (UNILAG).

The summit, which focused on “Public Financial Management, Budgeting and Economic Development,” with particular emphasis on Lagos State, brought together academics, financial experts, political actors and other stakeholders.

Bawa participated in the event virtually alongside other panellists, while Adeoye delivered the keynote presentation, examining Lagos State’s revenue performance and its impact on the living conditions of residents.

Adeoye described Lagos as Nigeria’s economic engine and Africa’s second-largest city economy by purchasing power parity, but expressed concern over what he described as the disconnect between the state’s growing revenues and the everyday realities of its residents.

He cited the state’s reported total revenue of N2.6 trillion in 2025, including internally generated revenue (IGR) of N1.87 trillion, as well as the N4.44 trillion 2026 budget, which projects IGR of N2.79 trillion.

Despite the figures, Adeoye said the benefits of revenue growth had not translated into commensurate improvements in the lives of ordinary Lagosians.

“Revenue growth has not translated into commensurate improvements in the daily life of Lagosians,” he said.

The APM candidate highlighted the state’s housing deficit, estimated at about 3.4 million units, noting that rents had increased by between 80 and 120 per cent in recent years, while wage growth remained at about 7 to 9 per cent.

He also raised concerns over the shortage of medical personnel, saying Lagos has approximately 7,000 doctors against an estimated requirement of between 30,000 and 47,000.

According to him, similar challenges exist in education, security and the provision of basic public services.

Adeoye called for a decisive shift in the management of Lagos State from 2027, pledging that if elected governor, his administration would implement full local government autonomy.

He also emphasised the need for a healthy and accountable relationship between the executive and legislature, with a clear separation of powers designed to improve service delivery to citizens.

The APM candidate further argued that budgets should be developed only after meaningful consultations with stakeholders, stressing that public spending must reflect the actual needs and priorities of residents rather than abstract targets.

Presenting his alternative agenda, Adeoye proposed a reorientation of government budgets towards measurable outcomes in affordable housing, healthcare workforce expansion, primary healthcare and quality education.

He also advocated transparent public financial management through open procurement, real-time project tracking, independent audits and strict anti-corruption measures.

Other priorities outlined by Adeoye included expanding Lagos’ productive base through industrial policies and support for small and medium-sized enterprises, as well as treating security, environmental management and urban planning as key economic enablers.

He said the proposals formed part of his “Atunto Eko (Reset Lagos)” agenda, which seeks to transform the state’s economic strength into broader and more equitable prosperity.

Other panellists at the summit included Professor Adenike Egunjobi, Dr Peter Amah and Prince Cashmir Idekwulim, all from the Department of Finance, University of Lagos.

The chairman of the planning committee, Mr David Tom, expressed appreciation to participants for contributing to the discussions.

Adeoye was also presented with an award in recognition of his contribution to the summit and public discourse on public financial management.

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