World Bank2013-02-142013-02-142010-05https://hdl.handle.net/10986/12357This review provides an analysis of the fiscal performance and sustainability of the State of Lagos, performance of the budgeting system and of the public procurement system. It is the first in a planned rolling Public Expenditure Reviews (PERs) for Lagos state. The analysis finds that the state's fiscal policy is broadly sound and that its fiscal program is sustainable in the medium term, but only if certain conditions prevail. It also finds that the performance of the budget system has been mixed, and that the public procurement system is beset with many weaknesses. In spite of weaknesses in the budget and procurement systems, the review observes that various reforms are currently underway to addresses the weaknesses. Finally, the report offers a number of recommendations on the way forward.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGADMINISTRATIVE CONTROLSALLOCATIONAMORTIZATIONANNUAL BUDGETSARREARSBALANCE SHEETBANK BORROWINGBANK BRANCHESBANK FINANCINGBANKING SECTORBANKING SECTOR REFORMSBANKING SYSTEMBONDBOND ISSUANCEBOND ISSUINGBONDSBOOM-BUST CYCLESBORROWERBUDGET DEFICITBUDGET DEFICITSBUDGET EXECUTIONBUDGET FRAMEWORKBUDGET IMPLEMENTATIONBUDGET PLANNINGBUDGET PREPARATIONBUDGET PREPARATION PROCESSBUDGET SYSTEMBUDGETINGCAPACITY BUILDINGCAPITAL BUDGETCAPITAL EXPENDITURECAPITAL EXPENDITURESCAPITAL GAINSCAPITAL MARKETCAPITAL PROJECTSCAPITAL SPENDINGCASH MANAGEMENTCOLLECTION PROCESSCOLLECTION PROCESSESCOMMERCIAL BANKCOMMERCIAL BANK LOANCOMMERCIAL BANKSCOMMERCIAL LOANSCONTINGENT LIABILITIESCOST OF COLLECTIONCOSTS OF COLLECTIONCREDIBILITYCURRENCYDEBTDEBT CAPITALDEBT DATADEBT LEVELDEBT LEVELSDEBT MANAGEMENTDEBT MATURITIESDEBT OUTSTANDINGDEBT REDUCTIONDEBT SERVICEDEBT SERVICE PAYMENTSDEBT STOCKDECENTRALIZATIONDEFICIT FINANCINGDEFICITSDISBURSEMENTSDISCLOSURE REQUIREMENTSDOMESTIC BANKSDOMESTIC BONDSDOMESTIC BORROWINGDOMESTIC DEBTECONOMIC CLASSIFICATIONELECTRONIC BANKINGEVALUATION OF PROJECTSEX-POST EVALUATIONEXCHANGE COMMISSIONEXCHANGE RATEEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL FINANCEFEDERAL TRANSFERSFINANCESFINANCIAL ACCOUNTABILITYFINANCIAL ASSETSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL REPORTSFINANCIAL SECTORFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL BALANCEFISCAL DEFICITFISCAL DISCIPLINEFISCAL FEDERALISMFISCAL PERFORMANCEFISCAL POLICIESFISCAL POLICYFISCAL PROGRAMFISCAL PROJECTIONSFISCAL SUSTAINABILITYFOREIGN BANKSFOREIGN CURRENCIESFOREIGN CURRENCYFRAUDGOVERNMENT ACCOUNTGOVERNMENT DEBTSGOVERNMENT GUARANTEEGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHUMAN RESOURCEINCOME INEQUALITYINCOME TAXINFLATIONINFLATION RATEINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINTEREST PAYMENTINTEREST PAYMENTSINTERNAL AUDITINTERNATIONAL DEVELOPMENTINTERNATIONAL STANDARDSINVESTINGINVESTMENT POLICYINVESTMENT PROJECTSINVESTMENT SPENDINGLEGAL FRAMEWORKLEVYLOAN AMOUNTLOAN BALANCELOAN OBLIGATIONSLOCAL GOVERNMENTLOCAL GOVERNMENTSMACROECONOMIC MANAGEMENTMACROECONOMIC POLICIESMARKET PRACTICESMEDIUM TERM FISCAL STRATEGYMEDIUM-TERM EXPENDITUREMEDIUM-TERM EXPENDITURE FRAMEWORKMINISTRY OF FINANCEOIL PRICEOIL PRICESOUTSTANDING DEBTPAYMENT OBLIGATIONPAYMENT ORDERPENSIONPENSIONSPERSONAL INCOMEPOLITICAL RISKSPOVERTY REDUCTIONPROCUREMENT ASSESSMENTPROCUREMENT FUNCTIONPROCUREMENT PROCESSPROCUREMENT SYSTEMSPROMISSORY NOTESPUBLIC ACCOUNTSPUBLIC ADMINISTRATIONPUBLIC DEBTPUBLIC EXPENDITUREPUBLIC EXPENDITURE REVIEWPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC INVESTMENTPUBLIC INVESTMENT PROGRAMPUBLIC PROCUREMENTPUBLIC SERVICEPUBLIC SPENDINGRATE OF RETURNREAL INTERESTREAL INTEREST RATEREAL INTEREST RATESRECURRENT EXPENDITURERECURRENT EXPENDITURESREFORM EFFORTSREFORM PROGRAMREGISTERED BONDSREGULATORY FRAMEWORKREPAYMENTSRESOURCE IMPLICATIONSRETAIL TRADINGRETURNREVENUE FORECASTINGREVENUE GROWTHSALE OF INVESTMENTSSANITATIONSECURITIESSERVICE DELIVERYSHORT-TERM DEBTSINKING FUNDSTAMP DUTIESSTATE EXPENDITURESTATE GOVERNMENTSTATE GUARANTEESSTATE TREASURYSTATUTORY LIMITSTOCK EXCHANGESSTRATEGIC POLICYSTRATEGIC PRIORITIESSUB-NATIONAL BORROWINGSUSTAINABILITY ANALYSISTAXTAX COLLECTIONTAX COLLECTIONSTAX POLICYTAX RATESTAX REVENUESTELECOMMUNICATIONSTOTAL DEBTTOTAL EXPENDITURETRANSPARENCYTREASURYUNREALISTIC BUDGETSWITHHOLDING TAXWorld Bank10.1596/12357