Government to ensure full disclosure of financial transactions

The Nigerian government on Tuesday said the adoption of accrual based International Public Sector Accounting Standards, IPSAS, would enable it provide full disclosure of all its financial transactions. IPSAS are a well robust and properly considered set of accounting standards specifically tailored to the needs of the public sector.

The standards help to promote transparency and accountability in government’s public finances. The country had in January this year commenced its full implementation by adopting the accrual-based IPSAS across the three tiers of government.

Speaking on Tuesday in Abuja at a workshop in Abuja for public finance managers in the three tiers of government, the Minister of Finance, Mrs Kemi Adeosun said the adoption of the new set of accounting standards would also boost confidence of the international community in the public sector.

Adeosun who was represented at the event by the Director, Special Project in the ministry of finance, Mohammed Dikwa, said that with the new initiative, the level of corruption and leakages in the management of public finance would be reduced. She said, “IPSAS will ensure a holistic reporting of government financial transactions and position, improve service delivery through value for money, enhance Public-Private-Partnership and increase foreign direct investment

“The commencement of IPSAS accrual basis accounting will no doubt place Nigeria amongst the comity of nations that institutionalized transparency and accountability in governance. The financial statement of government will henceforth provide full information and absolute disclosure of material elements public expenditure.”

Also speaking at the event, the Accountant General of the Federation, Alhaji Ahmed Idris, said the economic challenges facing the country had made it compelling for all managers of public finance to be prudent in the management of government resources. He said in view of its benefits to the country, all the necessary steps had been taken by the government to ensure the successful implementation of IPSAS.