LASG ENHANCES FINANCIAL MANAGEMENT SKILLS OF OFFICERS
… Deepens Finance, Accounts Officers’ Understanding Of IPSAS, NCOA
The Lagos State Government has reiterated its commitment to strengthening financial accountability, transparency and efficient management of public resources through continuous capacity building for Finance and Accounts Officers across Ministries, Departments and Agencies (MDAs).
The Commissioner for Finance, Mr. Abayomi Oluyomi, stated this at the opening ceremony of a three-day Capacity Building Programme for Finance and Accounts Officers on Financial Reporting Using the National Chart of Accounts (NCOA), held on Monday in Ikeja area of the State.
The Commissioner described the workshop as more than a technical exercise, noting that accurate financial reporting constitutes a critical machinery for sustaining public trust and ensuring accountability in Governance.
According to the Commissioner, the work of Finance and Accounts Officers in recording, classifying, reconciling and reporting government finances forms the foundation upon which the activities and developmental programmes of the State are built.
Mr. Oluyomi noted that Lagos State, being Nigeria's largest sub-national economy, manages significant financial resources, stressing that such resources must be properly recorded, classified and reflected in credible Financial Statements.
He explained that the State's continued economic growth and fiscal credibility were products of several reforms, including improvements in digital revenue collection, electronic tax systems and other initiatives aimed at strengthening internally generated revenue.
The Commissioner added that the State's prudent management of its debt portfolio and the credibility of its Financial Statements had continued to attract positive assessments from development partners, investors and rating agencies.
Speaking on the importance of the National Chart of Accounts (NCOA), the Commissioner explained that it provides a uniform framework for budgeting, accounting and reporting financial transactions across the three tiers of Government.
He noted that its multi-segment structure enables Government transactions to be appropriately classified and reported, thereby creating a common language for public finance.
According to him, effective application of NCOA would enhance the comparability of financial information across Ministries, Departments and Agencies, improve reconciliation and strengthen the preparation of General Purpose Financial Statements in line with International Public Sector Accounting Standards (IPSAS).
The Commissioner further noted that the adoption of IPSAS represents an important milestone in Nigeria's public financial management reform, with the country transitioning from cash-basis reporting towards accrual-based financial reporting.
He reaffirmed Lagos State's commitment to achieving full compliance with applicable Public-Sector Accounting Standards and urged participants to take the training seriously and apply the knowledge gained in their respective MDAs.
The Commissioner charged participants with five key responsibilities: mastering the standards, maintaining the integrity of financial data, embracing digital financial systems, upholding honesty and integrity, and ensuring timely financial reporting.
He stressed that the integrity of financial records was directly connected to public trust, noting that every voucher, commitment, entry and reconciliation represents an element of the public's confidence in government.
The Commissioner also encouraged the officers to embrace the State's digital transformation initiatives, noting that the Finance and Accounts officer of the future must combine sound accounting judgement with digital proficiency.
Earlier, the State Accountant-General and Permanent Secretary, State Treasury Office, Mr. Muyiwa John Adetola, in his welcome remarks, described financial management as the bedrock of good governance, stressing that citizens expect public resources to be properly spent, recorded, classified and reported.
He explained that NCOA provides a standard structure through which budgeting, accounting and financial reporting could be harmonised, ensuring that transactions are consistently classified and that Financial Statements comply with relevant IPSAS requirements.
The Permanent Secretary noted that accurate classification at the point of transaction was essential to preventing errors from cascading into Financial Statements.
Dr. Muyiwa urged participants to actively engage with the resource persons, ask questions and share practical challenges encountered in their respective MDAs, emphasising that the success of capacity building depends on the application of knowledge gained to daily official responsibilities.
He also stressed the need for continuous professional development, noting that public-sector accounting standards, financial systems and accountability requirements continue to evolve.
The Permanent Secretary emphasised that the knowledge acquired during the programme must ultimately translate into cleaner records, faster reconciliation, credible Financial Statements and improved Financial Reporting across the State's MDAs.
As part of the interactive sessions, Dr. Chinedu Eze, OON, took participants through Accounting Standards, explaining their purpose and importance in ensuring consistency, transparency and comparability in financial reporting.
His presentation covered Accounting Standards and their purpose, National and International Accounting Standards, the International Federation of Accountants (IFAC), the International Public Sector Accounting Standards Board (IPSASB), the definition of IPSAS, IPSAS standards, and the development and adoption of IPSAS in Nigeria.
Dr. Eze also took participants through the approval process and timeline for the adoption of IPSAS in Nigeria, as well as relevant documents prepared by the FAAC Sub-Committee, providing a broader understanding of Nigeria's public-sector accounting framework.
Also speaking during the programme, Prof. Uzochukwu Amakom provided an in-depth explanation of the International Public Sector Accounting Standards (IPSAS), helping participants understand the standards and their relevance to public-sector financial reporting.
The session further examined the application of IPSAS in Government Financial Reporting and the importance of compliance in ensuring that public Financial statements provide reliable, consistent and comparable information to government, auditors, legislators, development partners and the general public.
The technical sessions also highlighted the relationship between IPSAS and the National Chart of Accounts, stressing the importance of proper classification, recording and reporting of financial transactions in producing accurate and credible government financial statements.
The three-day capacity-building programme is expected to equip participating Finance and Accounts Officers with practical knowledge of IPSAS, NCOA concepts and segments, budget execution, books and records of accounts, internal audit, preparation of financial statements and the relationship between financial reporting and external audit.
The workshop is part of the Lagos State Government's broader efforts to strengthen public financial management, promote accountability and ensure that financial information remains accurate, timely, transparent and useful for government decision-making and public accountability.
More photos below.
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