The Lagos State Ministry of Finance is a ministry of the Government of Lagos State, Nigeria, with responsibility for planning and implementing the state's financial policies.

History

The Ministry of

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

and Economic Development was established in April 1968. Economic Development was separated from the Ministry of Finance in 1995, and the Ministry of Economic Planning and

Budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmenta ...

was formed. 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. 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 A state government is the government that controls a subdivision of a country in a federal form of government, which shares political power with the federal or national government. A state government may have some level of political autonomy, or ...

, was upgraded and given semi-autonomous status in order to improve revenue production,

transparency Transparency, transparence or transparent most often refer to: * Transparency (optics), the physical property of allowing the transmission of light through a material They may also refer to: Literal uses * Transparency (photography), a still ...

, and

accountability Accountability, in terms of ethics and governance, is equated with answerability, blameworthiness, liability, and the expectation of account-giving. As in an aspect of governance, it has been central to discussions related to problems in the publ ...

. 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.

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.

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.

References