The federal government praised the Kwara State government yesterday for being transparent in handling public funds and for complying with the International Public Sector Accounting Standards (IPSAS).
The accountant-general of the federation, Dr Oluwatoyin Madein, gave the commendation in Ilorin, the state capital, at the 44th retreat of the Federal Account Allocation Committee (FAAC’s) sub-committee on IPSAS’ implementation.
IPSAS is an acronym for the International Public Sector Accounting Standards, which the federal government approved for adoption on July 28, 2010.
Madein specifically praised Governor AbdulRahman AbdulRazaq for his commitment to public financial management, which she noted serves as a model.
She said the choice of Kwara for the retreat was based on the state government’s exemplary performance, which she said had been transparent in the account reporting system.
“Our choice of coming to Kwara to have this retreat is based on the efforts and performance of the Kwara State government in the preparation of financial statements. The government of Kwara has been standing out among other federation states in being compliant with the IPSAS.
“As I mentioned earlier in my opening remarks, Kwara has been wonderful. In fact, I personally put it aside to look at it in handling that of the federal government’s because they’ve really done far and deep. And I commend the executive governor of the state for doing this and for supporting the Ministry of Finance and the accountant-general of the state to achieve this milestone,” she said.
Madein, who is also the chairman of the FAAC subcommittee on IPSAS implementation, said the programme was aimed at reviewing the performance of all three tiers of government in Nigeria concerning compliance with IPSAS realisation, expressing satisfaction with the progress recorded so far.
“IPSAS is a way of boosting the accountability and transparency of the government to the entire world. Once the financial statements are IPSAS compliant it is very easy for it to be used by anybody in the globe because it is in tandem with global practice. That is the main reason why we are working hard to ensure that this is attained by the three tiers of government. And we are happy that we have recorded lots of progress on it,” she said.
In his remarks, Governor AbdulRahman AbdulRazaq said his administration’s progress on IPSAS is the result of hard work, resilience, and the unwavering support of various public officers and other key stakeholders.
He said the retreat is a moment for the government to reflect on its achievements, share experiences, and learn from one another to strengthen the administration’s financial management systems.
“Implementing IPSAS has provided us with a standardised and transparent framework that has improved the accuracy and reliability of our financial reporting. This, in turn, has enhanced our decision-making processes and increased public trust in our governance,” the governor said through the senior adviser and counsellor, Alh Saadu Salahu.
“Our commitment to IPSAS reflects our dedication to transparency, accountability, and efficiency in public financial management. The journey has not been without its challenges, but our commitment to prudent management of public resources has made us achieve notable milestones,” the governor said.
While appreciating the FAAC sub-committee for their support and guidance throughout the journey, AbdulRazaq urged the participants to engage actively, share valuable insights, and collaborate to identify innovative solutions that will advance our IPSAS implementation efforts.
The state commissioner for Finance, Dr Hauwa Nuru, said the administration’s high compliance rating with the IPSAS implementation is a big win.
She thanked the governor for supporting her team from the ministry and the office of the state accountant-general in achieving this great success.