DIPLOMAN TIMES

Lagos State is seeking stronger collaboration among accountants, auditors, treasury officials and economic planners, with Finance Commissioner Abayomi Oluyomi urging public finance professionals to move beyond routine compliance towards performance, timely reporting, financial insight and value for money.

Oluyomi gave the charge during the opening of a two-day retreat for Directors and Heads of Finance and Accounts across the Lagos State Government and government auditors. The retreat was organised by the State Treasury Office and held at the Radisson Blu Hotel, Ikeja GRA. The Commissioner said compliance with financial regulations remained fundamental but should serve as a foundation for stronger public-sector performance.

He urged finance and accounts officers to deliver monthly reconciliations, quarterly reports and year-end financial statements promptly. He also asked them to operate as financial advisers to their respective Ministries, Departments and Agencies, using financial information to provide management with insight into expenditure patterns, risks and resource utilisation.

The Commissioner called for closer cooperation among the State Treasury Office, Ministry of Finance, Ministry of Economic Planning and Budget and revenue-generating agencies. He said accurate records, timely reconciliations, proper approvals and adherence to financial regulations were important to public confidence as well as Lagos State's credibility with investors, rating agencies and development finance institutions.

Oluyomi also addressed the potential role of artificial intelligence in public financial management. He said emerging technologies could assist finance professionals in analysing large volumes of transactions, identifying unusual payments, summarising complex documents and preparing reconciliation narratives. At the same time, he cautioned officers against relying blindly on AI-generated outputs and stressed that professional responsibility remained with the officer who certifies a financial record.

The Permanent Secretary of the Lagos State Treasury Office and State Accountant-General, Dr Adetola John, similarly urged officers to see themselves as contributors to the effectiveness of their MDAs rather than merely processors of financial transactions. Other senior officials reinforced the need for institutional cooperation. The retreat therefore focused on strengthening financial controls while also improving the quality, speed and usefulness of financial information for government decision-making.