Nigeria - State of Lagos : State Financial Accountability Assessment
The main elements of government financial management systems are present in Lagos State. They include budgeting, internal control, accounting, Treasury management, financial reporting, and auditing arrangements. The current Lagos State Government i...
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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/03/5104971/nigeria-state-lagos-financial-accountability-assessment http://hdl.handle.net/10986/15712 |
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okr-10986-157122021-04-23T14:03:18Z Nigeria - State of Lagos : State Financial Accountability Assessment World Bank ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING RECORDS ACCOUNTING STANDARDS APPROPRIATIONS AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANK PROCEDURES BANKING SYSTEM BASIC EDUCATION BORROWING BUDGET EXECUTION BUDGET IMPLEMENTATION BUDGET SURPLUS BUDGETING BUSINESS COMMUNITY CASH MANAGEMENT CIVIL SERVICE COMMERCIAL BANKS CONTRACTORS DEBT MANAGEMENT DEPOSITS ELECTRONIC BANKING EXPENDITURES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL REGULATIONS FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL SERVICES FISCAL INFORMATION FISCAL TRANSPARENCY FISCAL YEAR GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT ACCOUNTING GOVERNMENT INTERVENTION HOMELESSNESS INTERNAL AUDIT INTERNAL AUDITORS INTERNAL CONTROLS LAWS LEGAL FRAMEWORK LEGISLATION LOAN GUARANTEES LOCAL GOVERNMENT LOCAL GOVERNMENTS NATURAL RESOURCES PENALTIES PENSIONS PORTS PRIVATE SECTOR The main elements of government financial management systems are present in Lagos State. They include budgeting, internal control, accounting, Treasury management, financial reporting, and auditing arrangements. The current Lagos State Government is reform-oriented. In keeping with this orientation, it already has taken some giant steps to improve FM systems in the State. An Oracle-based financial management system has been procured and is being installed. It will improve the State's budgeting, accounting, and financial reporting arrangements. The computerized system will put the State of Lagos clearly ahead of most, if not all, State Governments in Nigeria in FM system modernization. The State Government has developed and implemented procedures to improve the effectiveness of tax revenue collection and monitoring. These efforts have begun to show marked results. Additional financial management staff has been recruited; many of them are professionally qualified. In addition, accounts that were in arrears for several years under the Military have been brought up to date. However, some critical aspects of financial management still need to be addressed. Financial accountability is weak, and significant risks of misuse of funds and waste remain. There are also risks that financial records do not present accurate records of transactions. The risk arising from the outside environment also is assessed as high. Given such an environment, strong controls are necessary to prevent wrongful use of public funds; but, in reality, controls are weak, leaving dangerous gaps in FM and accountability systems. The overall risk to public funds therefore is assessed as high. The main recommendation made in the report is that the State of Lagos should strengthen its public financial management arrangements. Specific actions regarding the legal framework, budgetary control, debt management, financial reporting and fiscal transparency, internal controls, external audit, Parliamentary oversight, global computerizations, and management of public enterprises are proposed. 2013-09-09T19:22:43Z 2013-09-09T19:22:43Z 2004-03 http://documents.worldbank.org/curated/en/2004/03/5104971/nigeria-state-lagos-financial-accountability-assessment http://hdl.handle.net/10986/15712 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Financial Accountability Assessment Economic & Sector Work Africa Nigeria |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING RECORDS ACCOUNTING STANDARDS APPROPRIATIONS AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANK PROCEDURES BANKING SYSTEM BASIC EDUCATION BORROWING BUDGET EXECUTION BUDGET IMPLEMENTATION BUDGET SURPLUS BUDGETING BUSINESS COMMUNITY CASH MANAGEMENT CIVIL SERVICE COMMERCIAL BANKS CONTRACTORS DEBT MANAGEMENT DEPOSITS ELECTRONIC BANKING EXPENDITURES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL REGULATIONS FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL SERVICES FISCAL INFORMATION FISCAL TRANSPARENCY FISCAL YEAR GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT ACCOUNTING GOVERNMENT INTERVENTION HOMELESSNESS INTERNAL AUDIT INTERNAL AUDITORS INTERNAL CONTROLS LAWS LEGAL FRAMEWORK LEGISLATION LOAN GUARANTEES LOCAL GOVERNMENT LOCAL GOVERNMENTS NATURAL RESOURCES PENALTIES PENSIONS PORTS PRIVATE SECTOR |
| spellingShingle |
ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING RECORDS ACCOUNTING STANDARDS APPROPRIATIONS AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BANK ACCOUNTS BANK PROCEDURES BANKING SYSTEM BASIC EDUCATION BORROWING BUDGET EXECUTION BUDGET IMPLEMENTATION BUDGET SURPLUS BUDGETING BUSINESS COMMUNITY CASH MANAGEMENT CIVIL SERVICE COMMERCIAL BANKS CONTRACTORS DEBT MANAGEMENT DEPOSITS ELECTRONIC BANKING EXPENDITURES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL REGULATIONS FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL SERVICES FISCAL INFORMATION FISCAL TRANSPARENCY FISCAL YEAR GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GOVERNMENT ACCOUNTING GOVERNMENT INTERVENTION HOMELESSNESS INTERNAL AUDIT INTERNAL AUDITORS INTERNAL CONTROLS LAWS LEGAL FRAMEWORK LEGISLATION LOAN GUARANTEES LOCAL GOVERNMENT LOCAL GOVERNMENTS NATURAL RESOURCES PENALTIES PENSIONS PORTS PRIVATE SECTOR World Bank Nigeria - State of Lagos : State Financial Accountability Assessment |
| geographic_facet |
Africa Nigeria |
| description |
The main elements of government
financial management systems are present in Lagos State.
They include budgeting, internal control, accounting,
Treasury management, financial reporting, and auditing
arrangements. The current Lagos State Government is
reform-oriented. In keeping with this orientation, it
already has taken some giant steps to improve FM systems in
the State. An Oracle-based financial management system has
been procured and is being installed. It will improve the
State's budgeting, accounting, and financial reporting
arrangements. The computerized system will put the State of
Lagos clearly ahead of most, if not all, State Governments
in Nigeria in FM system modernization. The State Government
has developed and implemented procedures to improve the
effectiveness of tax revenue collection and monitoring.
These efforts have begun to show marked results. Additional
financial management staff has been recruited; many of them
are professionally qualified. In addition, accounts that
were in arrears for several years under the Military have
been brought up to date. However, some critical aspects of
financial management still need to be addressed. Financial
accountability is weak, and significant risks of misuse of
funds and waste remain. There are also risks that financial
records do not present accurate records of transactions. The
risk arising from the outside environment also is assessed
as high. Given such an environment, strong controls are
necessary to prevent wrongful use of public funds; but, in
reality, controls are weak, leaving dangerous gaps in FM and
accountability systems. The overall risk to public funds
therefore is assessed as high. The main recommendation made
in the report is that the State of Lagos should strengthen
its public financial management arrangements. Specific
actions regarding the legal framework, budgetary control,
debt management, financial reporting and fiscal
transparency, internal controls, external audit,
Parliamentary oversight, global computerizations, and
management of public enterprises are proposed. |
| format |
Economic & Sector Work :: Country Financial Accountability Assessment |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Nigeria - State of Lagos : State Financial Accountability Assessment |
| title_short |
Nigeria - State of Lagos : State Financial Accountability Assessment |
| title_full |
Nigeria - State of Lagos : State Financial Accountability Assessment |
| title_fullStr |
Nigeria - State of Lagos : State Financial Accountability Assessment |
| title_full_unstemmed |
Nigeria - State of Lagos : State Financial Accountability Assessment |
| title_sort |
nigeria - state of lagos : state financial accountability assessment |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/03/5104971/nigeria-state-lagos-financial-accountability-assessment http://hdl.handle.net/10986/15712 |
| _version_ |
1764428820997210112 |