LAGOS SEEKS WIDER USE OF AI IN PUBLIC FINANCIAL MANAGEMENT

The Lagos State Government has called for greater use of artificial intelligence in public financial management to improve efficiency, strengthen internal controls and support better decision-making.

The Accountant-General and Permanent Secretary of the Lagos State Treasury Office, Muyiwa Adetola, made the call at the 17th Annual Public Lecture of the Institute of Chartered Accountants of Nigeria, Lagos State Public Service Chapter.

The lecture, themed “Opportunities and Challenges of Adopting Artificial Intelligence for Accountants in Public Service,” brought together accountants and other stakeholders to discuss the growing role of AI in government operations.

Adetola said AI could help automate repetitive tasks, analyse large volumes of financial data, identify possible irregularities and improve the speed and accuracy of financial reporting.

He called for continued investment in digital infrastructure, data governance, cybersecurity and professional training to prepare public sector workers for increased use of AI.

The 62nd President of ICAN, Queensley Seghosime, also urged public sector accountants to embrace AI while maintaining professional ethics, accountability and sound judgment.

Seghosime identified financial forecasting, auditing, fraud detection, unusual transaction monitoring and automated reporting as areas where AI could support the accounting profession.

She, however, cautioned that the technology also presented challenges involving data quality, privacy, cybersecurity, algorithmic bias and transparency.

She stressed that AI should support, rather than replace, the professional responsibility and judgment of accountants.

The Chairman of the ICAN Lagos State Public Service Chapter, Suarau Oluwatoyin, said the discussion was timely as the accounting profession continues to evolve alongside technological changes.