Lagos State Government Trains 1000 Accountants on Y2020 Finance Act

Through the State Treasury Office, the Lagos State Government has trained 1,000 Finance and Accounts Officers to acquaint them with the amended provisions of the Finance Act of 2020. President Muhammadu Buhari assented to the Finance Bill after it was passed by both arms of the National Assembly, and was expected to be executed in the Y2021 calendar year.

Dr Rabiu Olowo, the Commissioner for Finance in Lagos State, disclosed this during a recent virtual training. He stated that the training was necessary in order to ensure that the accountants, who were involved directly in the payments and receipts of government expenditures were up to date with the application of the new Act to government transactions.

According to the Commissioner for Finance, training the officers on the provisions of the new law will help them identify some grey areas in the law and how its peculiarities could best be handled by the accountants. In his words, “It should be noted that like every new law, the Finance Act, 2020, is likely to come with its challenges and opportunities for businesses and individuals. Therefore, Finance and Accounts Officers are advised to seek professional guidance in order to understand how the Finance Act will impact their operations going forward and any new compliance obligations to be discharged or benefits to be enjoyed.”

Dr Abiodun Muritala, the State’s Accountant-General and Permanent Secretary, State Treasury Office (STO) stated that the need to keep the accountants ahead of new trends in the profession spurred the State Government to engage the services of ADRAC Professional Services Limited to make the training as efficient as possible.

The Account-General further said, “It is a two-day online training on the Finance Act 2020 aimed at improving the knowledge and skills of all the Finance Officers in the various Ministries, Departments and Agencies (MDAs) of the State.”