Kwara, A Shining Example in Financial Transparency, Says FG

The Kwara State Government on Thursday got an accolade from the Federal Government for being transparent in the handling of public funds and in compliance with the International Public Sector Accounting Standards (IPSAS).

A statement by the Press Secretary, Ministry of Finance, Babatunde Abdulrasheed, revealed that the Accountant General of the Federation (AGF), Dr Oluwatoyin Madein, gave the commendation in Ilorin at the 44th Retreat of the Federal Account Allocation Committee (FAAC’s) Sub-committee on IPSAS’ implementation.

IPSAS is an acronym of the International Public Sector Accounting Standards, which the Federal Government approved for adoption with effect from July 28, 2010.

The AGF specifically praised Governor AbdulRahman AbdulRazaq for his commitment to public financial management that she noted serves as a model.

She said the choice of Kwara for the retreat was based on the exemplary performance of the state government, which she said has 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 states of the federation in being compliant with the IPSAS,” she said. 

“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 be able to achieve this milestone.”

Madein, who is equally the Chairman of the Sub-committee for FAAC on IPSAS implementation, said the programme was aimed at reviewing the performance of all three tiers of government in Nigeria with respect to compliance to IPSAS realization, expressing satisfaction on 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.

AbdulRazaq, in his remarks, said the progress made by his administration on IPSAS is a product 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 financial management systems of the administration.

“The implementation of IPSAS has provided us with a standardized 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 his Special Adviser and Counselor, Alhaji Sa’adu Salau.

“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.”

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 Commissioner for Finance, Dr Hauwa Nuru, said it is a big win for the administration to have been rated high in terms of compliance with the IPSAS implementation.

She thanked the governor for supporting her team from the ministry and office of the Accountant General of the state to achieve this great success.

The retreat attracted various dignitaries comprising government officials and financial experts from within and outside the state, including the Special Adviser to the Governor on Media, Alhaji Bashir Adigun; Senior Special Assistant on Religion (Islam), Ibrahim Danmeiromu; and the Accountant General of the State, AbdulGaniyu Sani.