Lagos trains 1000 finance and account officers to acquaint them with provisions of the Finance Act of 2020 as amended

Lagos state government has trained 1000 finance and accounts officers through the State Treasury Office (STO) to acquaint them with the provisions of the Finance Act of 2020 as amended. 

The Finance Bill which was assented by President Muhammadu Buhari after it was passed by both arms of the National Assembly is expected to come into force in the Y2021 calender year. 

Commissioner for Finance, Dr. Rabiu Oluwo said that the training became necessary in order to keep the accountants, who are directly involved in the payments and receipts of government expenditures, up-to-date  with the application of the new Act to government transactions. 

He said, 

"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."

Speaking at the training, the State's Accountant-General and Permanent Secretary, State Treasury Office (STO), Dr. Abiodun Muritala, stated that the need to keep the accountants abreast of new trends in the profession made the State Government engage the services of ADRAC Professional Services Limited for the training.

He 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."

He expressed hope that the training would help raise the necessary awareness required to defray public expenditure, support a sustainable increase in public revenue ANS ensure that tax law provisions are consistent with the National tax policy objectives of the federal government of Nigeria.