Lagos State Ministry of Finance

Lagos State Ministry of Finance
Ministry overview
JurisdictionGovernment of Lagos State
HeadquartersState Government Secretariat, Alausa, Lagos State, Nigeria
Ministry executive
  • Mr. Rabiu Olowo Onaolapo, Commissioner
Websitehttps://finance.lagosstate.gov.ng/

History

The Ministry of Finance and Economic Development was established in April 1968.[3] Economic Development was separated from the Ministry of Finance in 1995, and the Ministry of Economic Planning and Budget was formed.[4]

The Finance Ministry was then divided into six directorates: Personnel Management, Planning, Research and Statistics, and Finance and Supplies, as well as three professional directorates: Public Finance, Computer Services, and Central Internal Audit. [5]

Finance Headquarters, the State Treasury Office, and the Board of Internal Revenue were the three agencies that made up the Ministry of Finance upon its beginning.

In 2006, the Board of Internal Revenue, which is charged with collecting tax-related Internally Generated Revenue (IGR) for the State Government, was upgraded and given semi-autonomous status in order to improve revenue production, transparency, and accountability.

In 2005, the PF/DMO, which had previously been a Ministry Department, was also upgraded to an Agency rank, with a Permanent Secretary as its head.

The PF/DMO was combined with the Office of Finance in 2015 as part of the current government's reorganization, and it continues to perform its statutory tasks. A permanent secretary leads the Office of Finance, which is one of the Ministry of Finance's arms. The Ministry's Headquarters serves as its coordinating arm.

Vision

To Transform Lagos State Office of Finance into the Model Manager for Public Finance in Africa.[6]

Mission

Committed to Effective Financial Risk Management, and leveraging on Private Sector Participation towards Achieving the Needs and Aspirations of Government and People of Lagos State.[7]

Responsibilities

The ministry is in charge of developing and evaluating financial policies, monitors all income sources, coordinates all revenue consultants, is in charge of the Lagos State Mortgage Scheme, and develops plans and programs to help all revenue collecting agencies meet their goals.[8]

See also
  1. "Fashola swears in commissioners". Vanguard Newspaper. Retrieved 2 March 2015.
  2. "Assembly confirms gbeleyi as lagos finance". Premium Times. Retrieved 2 March 2015.
  3. "Lagos State Ministry of Finance". Lagos State Ministry of Finance. Retrieved 2022-03-17.
  4. "Lagos State Ministry of Finance". Lagos State Ministry of Finance. Retrieved 2022-03-17.
  5. "Lagos State Ministry of Finance". Lagos State Ministry of Finance. Retrieved 2022-03-14.
  6. "Lagos State Government". Lagos State Government. Retrieved 2022-11-10.
  7. "Lagos State Government". Lagos State Government. Retrieved 2022-11-15.
  8. "Responsibilities: Ministry of Finance". Lagos State Ministry of Finance. Retrieved 2022-03-14.

References


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