The Lagos State Government is set to launch a new digital Accounting Manual, marking a significant shift from an obsolete system that has been in use for over three decades.
This initiative aims to strengthen financial transparency, accountability, and efficiency across all government ministries, departments, and agencies (MDAs).
The newly developed Accounting Manual is designed for use by all accountants employed by the state government, ensuring consistency in financial processes.
A transformative document
Described as a transformative document, the manual is expected to enhance investor confidence and further position Lagos as a business-focused and forward-thinking government.
Speaking at a retreat organized for Directors and Heads of Finance and Accounts in Lagos, the Accountant-General of the state, Dr. Abiodun Muritala, highlighted the importance of excellence in financial governance.
He reiterated that beyond updating the manual, the broader goal is to instill best practices, improve financial reporting, and promote accountability.
“This retreat provides an opportunity for participants to contribute their expertise, exchange ideas, and build mutual trust to enhance teamwork and overall efficiency in service delivery,” Muritala stated.
Evolution of financial regulations
Also addressing stakeholders, Mr. Gbenga Olupetu, the Engagement Leader for the development of the Accounting Manual, emphasized that the current accounting manual has become obsolete, given the evolution of financial regulations and reforms instituted by the Lagos State Government.
Olupetu affirmed that once finalized, the new manual will serve as a guiding framework for accountants, ensuring uniformity in accounting processes and fostering a deeper understanding of their mandates and responsibilities within the government structure.
Hon. Femi Saheed, Chairman of the Lagos State House of Assembly Committee on Finance, noted that once ratified, the updated manual will reinforce Lagos State’s position as a leader in public sector financial management among Nigerian states.
He emphasized that the initiative aligns with globally accepted accounting standards, further enhancing the House of Assembly’s oversight functions by providing a clear evaluation framework for financial performance across government agencies.
Advancing Lagos as a financial landscape
Declaring the retreat open, Mr. Abayomi Oluyomi, the Commissioner for Finance, emphasized the dual significance of professional development and teamwork in advancing Lagos State’s financial landscape.
Represented by Hon. Abdul-Kabir Opeyemi Ogungbo, Special Adviser to the Governor on Taxation and Revenue, Oluyomi described the retreat as an opportunity to reconnect, foster creativity, and reinforce collaboration among financial professionals.
The Commissioner applauded the dedication of Lagos State accountants, recognizing their pivotal role in sustaining the government’s economic vision.
He stressed that “Excellence in Teamwork: Collaborating for Success in Public Sector Financial Management”, the theme of the retreat, encapsulates the commitment to strengthening fiscal responsibility through collaborative engagement.
What you should know
In his remarks, Mr. Bode Agoro, the Head of Service, encouraged participants to remain steadfast and dedicated to their roles, describing them as key pillars of Lagos State’s public service.
- He reiterated the importance of hard work and perseverance, stating that accountants are not merely civil servants but change-makers shaping the state’s financial future.
- Agoro also commended Dr. Abiodun Muritala, the Accountant-General and Permanent Secretary, for his visionary leadership and mentorship, urging all financial professionals to strive for excellence in their duties.
With the anticipated launch of this innovative Accounting Manual, Lagos State is poised to set new benchmarks in public sector financial management, ensuring greater transparency and accountability while fostering a robust economic environment.
