September 26, 2014 – Consolidated Debt Service Account of the Lagos State Government currently stands at N47.8 billion, Commissioner for Finance, Mr. Ayo Gbeleyi has said.
He made the revelation while speaking at a 3-day conference for accountants working in the Lagos State Public Service. He explained that the money managed by independent trustees is serviced by 15 percent Internally Generated Revenue(IGR).
The commissioner added that Lagos State is in a solid financial position as indicated by the various local and international ratings which have continued to improve over time as a result of the confidence reposed in the present administration.
Citing instance of the migration from the present accounting method, which is Cash Basis Accounting to the Accrual Basis Accounting called International Public Sector Accounting Standard (IPSAS), the commissioner said that accountants must be prepared for the challenges which the adoption and implementation of the new accounting system might pose.
Speaking on the debt profile of Lagos State, the commissioner said that the State Government has been using every loan and bond raised to upgrade infrastructure and capital development in the State.
Gbeleyi said the bond were used to finance the ongoing expansion of Lagos-Badagary expressway, the Blue rail line, Yaba-Oyingbo road, Ijegun-Isheri-Oshun road, Mushin-Isolo road, Isolo-Jakande estate, the network of roads within the Apapa Central Business District, Mile12-Ikorodu road expansion and many more.
Speaking on Transparency and Accountability in Public Sector, the Head of Service, Mrs. Josephine Oluseyi Williams said that the responsibility of an accountant goes beyond writing cheques. According to her, an accountant is an adviser and administrator who does his/her job with integrity and transparency.
She urged accountants not to restrict themselves to calculations and preparing account ledgers but that they must cue into the various reforms going on in the state, stressing that an accountant could also be a good writer.