The Lagos State Government is on the brink of a financial governance overhaul as it prepares to launch a modernized digital Accounting Manual, effectively replacing an outdated system that has been in use for over 30 years.
The initiative, designed to standardize accounting processes across all Ministries, Departments, and Agencies (MDAs), represents a key step in advancing financial transparency, accountability, and operational efficiency.
Unveiled during a high-level retreat for Directors and Heads of Finance and Accounts, the Accounting Manual is aimed at equipping government-employed accountants with a unified framework that reflects global best practices.
“This isn’t just about updating a document it’s about redefining our financial culture and governance,” said Abiodun Muritala, Accountant-General and Permanent Secretary of Lagos State.
Muritala emphasized the manual’s role in improving financial reporting, instilling a culture of accountability, and aligning the state’s financial practices with internationally accepted standards.
A Strategic Shift in Financial Policy
Gbenga Olupetu, who led the development of the manual, explained that the existing accounting framework no longer meets the evolving demands of public sector finance. He said the new manual would bridge the gap between policy and practice, ensuring uniformity in financial documentation and guiding accountants in fulfilling their duties with clarity and consistency.
Once adopted, the document is expected to serve as a cornerstone for public financial management reforms, solidifying Lagos’ reputation as a trailblazer in effective fiscal governance.
Legislative Support and Oversight
Hon. Femi Saheed, Chairman of the House Committee on Finance, described the digital Accounting Manual as a legislative tool that would enhance oversight functions and serve as a benchmark for evaluating performance across MDAs.
“This reform aligns perfectly with our goal to hold public institutions to higher standards of accountability and fiscal discipline,” Saheed said.
Reinforcing Teamwork and Professional Development
At the retreat’s opening, Commissioner for Finance, Abayomi Oluyomi, represented by Hon. Abdul-Kabir Opeyemi Ogungbo, praised the initiative as both a technological leap and a human development strategy.
“This retreat is about reconnecting, fostering creativity, and building a stronger community of financial professionals who can deliver on our shared economic vision,” he said.
Accountants as Architects of Economic Progress
Lagos State Head of Service Bode Agoro, called on accountants to view themselves as agents of transformation. He highlighted the manual as a testament to the state’s commitment to institutional excellence, urging financial officers to remain focused and results-driven.
“You are not just civil servants you are nation-builders, and your commitment is essential to shaping a more resilient financial future for Lagos,” Agoro said.
The new manual is expected to boost investor confidence and enhance Lagos’ business environment by promoting transparency and simplifying government financial operations.
