Lagos State Accountant General and Permanent Secretary, State Treasury Office (STO), Mrs Abimbola Umar has enumerated the significant milestones and fundamental financial reforms carried out in the State by Governor Akinwunmi Ambode in the last four years.
These include:

*Implementation of Treasury Single Account.

*Prompt Servicing and Effective Management of The State’s Debt Profile.

*Implementation of Direct Automation Payment Process for Instant Payment of Employees Salaries and Contractors Obligation.

*Financial Discipline In Ensuring Judicious Spending of Government Resources.

*Salary Payment on the 23rd of Each Month or Earlier.

*Monthly Servicing of Pension Redemption Bond and Pensions Sinking Fund.

*The Central Billing System To Facilitate The Monitoring of Revenue Accruable To Each MDA (Ministries, Departments and Agencies).

*Improved Collections Through Introduction of Various Payment Gateways.

*Re-designation of Account Officers To Finance and Account Officers In Line With The Expanding Roles And Functions Of Accountants Worldwide.

*Implementation of The International Public Sector Accounting Standards (IPSAS) which has produced Transitional Accrual IPSAS Financial Statements of the Lagos State Government for the years ended 31st December, 2016; 31st December, 2017; and 31st December, 2018 together with the Report of the Accountant General. Apart from improving overall decision-making within the Public Service, the IPSAS Financial Statements have enhanced Accountability, Credibility, and Transparency, and also Strengthened Public Financial Management with Positive Impacts on the State’s Reputation With Credit Rating Agencies.

*It should also be noted that Lagos State is the first State in the Federation to have prepared accrual based Financial Statements, for three consecutive years as recommended by the Financial Reporting Council of Nigeria and the Federal Accounts Allocation Committee, and this has served as reference tools for public and financial institutions across the State in the Federation.

*All these series of fundamental financial reforms were aimed at changing the norms and creating momentum for improved service delivery and also provided the cornerstone for any future Financial Management Reforms that may be undertaken in the State…

Umar spoke at the unveiling of newly built STO Digitized Central Storage Facility, a project conceived 13 years ago when Governor Ambode was the Accountant General of the State.

#AmboLegacy #FinancialReforms #ItesiwajuIpinleEko

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