The Statutory responsibilities of the Office according to the Lagos State Public Finance Management Law 2007 includes the following services;
(a) Account for all receipts and payments of the State Government;
(b) Supervise the accounts of the State Ministries, Extra-Ministerial Departments and Agencies (MDAs);
(c) Collate and prepare statutory Financial Statements of the State Government and any other statements of Accounts required by the Commissioner for Finance;
(d) Maintain and operate the accounts of the Consolidated Revenue Fund, Development Fund and other Public Funds and provide cash backing for the operations of the State Government;
(e) Maintain and operate the State Government’s Accounts;
(f) Conduct routine and in-depth inspection of the books of accounts of State Ministries, Departments and Agencies to ensure compliance with rules, regulations, policy decisions and maintenance of accounts codes;
(g) Formulate and implement the accounting policy of the State Government; and
(h) Perform any other functions as contained in the Financial Regulations and or assigned by the Commissioner.
- Ministerial Responsibilities:
The State Treasury Office:
- Maintains and operates the accounts of the Consolidated Revenue Fund, Development Fund and other Public Funds and provide cash backing for the operations of the State Government, while also managing the attributable liquidity risk;
- Formulates and implements the accounting policy of the State Government including Financial Regulations;
iii. Supervises the accounts of the State’s Ministries, Departments and Agencies (MDAs) and conduct routine inspection of the books of the MDAs to ensure compliance with extant rules and financial regulations;
- Accounts for all receipts and payments, collates and prepares statutory Financial Statements of the State Government for Statutory Audit;
- Facilitates the continuous training of Accountants State-wide, thereby enhancing their competence level and quality of service delivery; and
- Takes responsibility for the publication of the State’s Audited Financial Statements in line with Statute.