The Ministry of Finance is a unique Agency that provides the financial backbone that helps government translate its vision of providing the dividends of democracy to the teeming population of Lagos State.
Designated the Ministry of Finance and Economic Development at inception in April 1968, the Ministry had Alhaji Chief I. A. S. Adewale as its pioneer Commissioner.
Late in 1995, the Economic Development was separated from Ministry of Finance and merged with Budget to become the Ministry of Economic Planning and Budget while Ministry of Finance stands on its own.
The Finance Ministry then was structured into six Directorates consisting of the three common services Personnel Management, Planning, Research and Statistics as well as Finance and Supplies and three other professional Directorates; Public Finance, Computer Services and Central Internal Audit.
At inception, the Ministry operated through three Agencies: Finance Headquarters, the State Treasury Office, and the Board of Internal Revenue. However, the Board of Internal Revenue, which is saddled with the responsibility of collecting tax-related Internally Generated Revenue (IGR) for the State Government, was upgraded and became semi-autonomous in Year 2006 to enhance revenue generation, transparency and accountability. Also, the PF/DMO, hitherto a Department in the Ministry was equally elevated to an Agency status in 2005 with a Permanent Secretary as head. Later in 2015, due to realignment by the present government, the PF/DMO was merged with Office of Finance to become a Department in the Office, still performing its statutory functions.
The Office of Finance is one of the arms of the Ministry of Finance and is headed by a Permanent Secretary. The Headquarters serves as the coordinating arm of the Ministry. It currently has staff strength of 131 Officers.
VISION STATEMENT: To Transform Lagos State Office of Finance into the Model Manager for Public Finance in Africa.
MISION STATEMENT: 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.