The Lagos State Authorities is ready to launch a brand new digital Accounting Handbook, marking a big shift from an out of date system that has been in use for over three a long time.
This initiative goals to strengthen monetary transparency, accountability, and effectivity throughout all authorities ministries, departments, and businesses (MDAs).
The newly developed Accounting Handbook is designed to be used by all accountants employed by the state authorities, guaranteeing consistency in monetary processes.
A transformative doc
Described as a transformative doc, the handbook is predicted to reinforce investor confidence and additional place Lagos as a business-focused and forward-thinking authorities.
Talking at a retreat organized for Administrators and Heads of Finance and Accounts in Lagos, the Accountant-Basic of the state, Dr. Abiodun Muritala, highlighted the significance of excellence in monetary governance.
He reiterated that past updating the handbook, the broader purpose is to instill greatest practices, enhance monetary reporting, and promote accountability.
“This retreat supplies a chance for contributors to contribute their experience, alternate concepts, and construct mutual belief to reinforce teamwork and general effectivity in service supply,” Muritala said.
Evolution of monetary rules
Additionally addressing stakeholders, Mr. Gbenga Olupetu, the Engagement Chief for the event of the Accounting Handbook, emphasised that the present accounting handbook has turn into out of date, given the evolution of monetary rules and reforms instituted by the Lagos State Authorities.
Olupetu affirmed that after finalized, the brand new handbook will function a guiding framework for accountants, guaranteeing uniformity in accounting processes and fostering a deeper understanding of their mandates and duties throughout the authorities construction.
Hon. Femi Saheed, Chairman of the Lagos State Home of Meeting Committee on Finance, famous that after ratified, the up to date handbook will reinforce Lagos State’s place as a frontrunner in public sector monetary administration amongst Nigerian states.
He emphasised that the initiative aligns with globally accepted accounting requirements, additional enhancing the Home of Meeting’s oversight capabilities by offering a transparent analysis framework for monetary efficiency throughout authorities businesses.
Advancing Lagos as a monetary panorama
Declaring the retreat open, Mr. Abayomi Oluyomi, the Commissioner for Finance, emphasised the twin significance {of professional} improvement and teamwork in advancing Lagos State’s monetary panorama.
Represented by Hon. Abdul-Kabir Opeyemi Ogungbo, Particular Adviser to the Governor on Taxation and Income, Oluyomi described the retreat as a chance to reconnect, foster creativity, and reinforce collaboration amongst monetary professionals.
The Commissioner applauded the dedication of Lagos State accountants, recognizing their pivotal function in sustaining the federal government’s financial imaginative and prescient.
He pressured that “Excellence in Teamwork: Collaborating for Success in Public Sector Monetary Administration”, the theme of the retreat, encapsulates the dedication to strengthening fiscal accountability by collaborative engagement.
What you need to know
In his remarks, Mr. Bode Agoro, the Head of Service, inspired contributors to stay steadfast and devoted to their roles, describing them as key pillars of Lagos State’s public service.
- He reiterated the significance of exhausting work and perseverance, stating that accountants are usually not merely civil servants however change-makers shaping the state’s monetary future.
- Agoro additionally counseled Dr. Abiodun Muritala, the Accountant-Basic and Everlasting Secretary, for his visionary management and mentorship, urging all monetary professionals to attempt for excellence of their duties.
With the anticipated launch of this progressive Accounting Handbook, Lagos State is poised to set new benchmarks in public sector monetary administration, guaranteeing larger transparency and accountability whereas fostering a strong financial surroundings.
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