The Lagos State Accountant-General, Adetola Muyiwa John, has charged Directors of Finance and Accounts across Ministries, Departments, and Agencies (MDAs) to uphold accuracy, professionalism, and integrity in financial reporting.
Eko Hot News reports that the directive was given during his inaugural technical meeting with finance directors held at the STO Resource Centre in Alausa, Ikeja, where key issues on fiscal discipline and accountability were discussed.
Dr. Adetola stressed that finance officers must maintain the highest level of precision in their duties. He warned that even minor errors in financial records could affect governance outcomes and public confidence.
He also urged strict compliance with financial regulations and stronger internal control systems. According to him, transparency and accountability remain essential in managing public funds effectively.
The Accountant-General noted that the role of finance officers is central to sustaining Lagos State’s reputation for prudent resource management. He encouraged continuous professional development to meet evolving demands in public finance.
Speaking further, he highlighted that modern financial management requires improved technical expertise and diligence. He described precision in accounting as fundamental to maintaining trust and ensuring proper use of government resources.
To support improved performance, Dr. Adetola announced plans to expand training and capacity-building programmes. He assured participants of the government’s commitment to equipping officers with relevant tools and knowledge.
During the session, the Director of Treasury Operations, Abisola Dina, briefed participants on the implementation of the 2025 Tax Act. She explained its implications for government finance and compliance processes.
She disclosed that the stamp duty rate would be standardised at a flat fee of one thousand naira. She added that an official circular would be issued to guide implementation.
Participants were also advised to maintain high standards in budget execution and financial documentation. Compliance with established regulations was emphasised as a priority.
A training session facilitated by GoalCentric Consulting Limited examined the broader impact of the new tax framework. Discussions focused on public sector operations and financial compliance.
The facilitator, Adeyinka Adeosun, explained that the reform aims to improve transparency and strengthen tax administration. He highlighted institutional changes affecting revenue oversight.
He noted the transition of the Federal Inland Revenue Service to the Nigeria Revenue Service (NRS), with expanded enforcement and audit responsibilities.
The training also covered updates in procurement, invoicing, and reporting processes for MDAs.
Directors were guided on mandatory requirements, including Tax Identification Numbers, VAT, and Withholding Tax details on invoices.
Participants received further guidance on revised Withholding Tax rates under the 2024 Regulations. Emphasis was placed on correct deductions across transactions such as goods, services, construction, and rent.
Facilitators noted that compliance remains critical, as failure to deduct Withholding Tax attracts significant penalties and interest charges. The session concluded with a call for diligence and adherence to updated financial standards.
