Stakeholders Urge Lawmakers On Financial Management

Stakeholders in the financial sector have tasked Lagos lawmakers on financial management.

The stakeholders made their opinion known at a recent public hearing on a bill for a law to regulate the financial management of Lagos State and local the governments.

They called for sanctions against accounting officers who fail to submit their financial reports any time they are needed.

A chartered accountant, Mr. Akin Soname, said the implementation of the bill may be difficult if there is no section that deals with sanctions.

“If the accounting officers fail to perform their duties, there should be a provision that would sound out punishment to such officers,” he said.

On his part, Gbenga Ganzialo added that it is necessary for sanctions to be part of the sections of the bill in order to checkmate financial officers and enable them perform their duties.

He noted that there is no provision in the bill that allows the general public and chief security officers should be given opportunity to make input to budget formulation and implementation.

Ganzialo also faulted the bill that the governor alone should not be left out to determine the report of the accountant general and auditor general, adding that it should be done with necessary committees.

The Auditor General for local governments, Mr. Hassan, stated that there should be an accounting officer in every establishment, while suggesting that the auditor general must be a chartered accountant with 15 years experience.

“Where we have an agency serving the interest of both the state and local governments, there should be different external auditors for each of the arms of government,” he stressed.

The Chairman, House Committee of Finance, Adeola Olamilekan, remarked that if the bill is passed into law, it would solve the issue of budget process and bring proper budgetary management, adding that the bill will regulate the proper measure in ways to manage revenue.

Continuing, he maintained that the bill will also enable Lagos State to have relationship with the World Bank and International Monetary Fund (IMF).

He therefore assured that sanctions would be included in the bill to serve as checkmate to the accounting officers.

Finance Commissioner, Rotimi Oyekan, promised that the state would continue to operate a better regime of revenue allocation towards uplifting of standard of the common man.