Economy

Lagos commissioner tasks finance managers on value for money auditing

Lagos State Commissioner for Finance, Dr. Rabiu Onaolapo Olowo has asked Finance and Accounts Officers within the employ of the State Government to extend their accounting processes beyond Reconciliation and Cash Book analysis.

The directive of the Commissioner was conveyed to the Accountants on Wednesday during the Technical meeting with Directors and Heads of Finance and Accounts Departments across the State, the second edition in 2019, at State Treasury Office Resource Centre, Alausa, Ikeja.

According to the Commissioner, there is a need for accountants who are the finance managers of the resources of the State Government to ensure that funds allocated to projects are judiciously spent in commensurate measure with the resources allocated for such projects.

Olowo called for more diligence in the discharge of their responsibilities as well as thorough compliance with all financial laws and regulations guiding the profession.

“Finance and Accounts officers have been on top of their duties but I want them to go a step further by placing the value of projects side by side with the value of resources committed to such projects. This will allow the government to have value for every kobo of Lagosians spent because we are accountable to members of the public,” Olowo added.

Addressing the Finance Managers, the State Accountant-General and Permanent Secretary, State Treasury Office, Mrs. Abimbola Umar said that the State Government will continue to train its Finance and Accounts officers in International Public Sector Accounting Standards, (IPSAS) to ensure that accountants working with the Government are IPSAS certified.

Listing the benefits of IPSAS, Umar who was represented by the Director, Financial Intelligence & Research, Mr. Ige Olujimi said that the IPSAS training, apart from improving the skills of the Finance and Accounts officers, would also increase the compliance level of the State Government to globally acceptable accounting practice.

The Accountant-General underscored the need to increase the Internally Generated Revenue (IGR) of the State due to the increased expectations of residents and urged the Accountants to pay attention to viable grey areas for revenue generation that has been left untapped.

She implored the Finance Managers to key into the T.H.E.M.E.S. agenda of the present administration and ensure that projects identified as paramount are given utmost attention and needed consideration in the allocation of resources

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.