Kwara Now ‘A Shining Example’ In Financial Transparency, Management-FG

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).

Babatunde Toyin Abdulrasheed, who is the Press Secretary of Kwara state Ministry of Finance, noted in a statement made available to Team@orientactualmags.com that the Accountant General of the Federation, Dr Oluwatoyin Madein gave this commendation in Ilorin  during 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 28th July, 2010.

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

Madein added that  the decision taken to hold the retreat in  Kwara  was based on the exemplary performance of the state government, which has according to her been transparent in the account reporting system.

‘Our decision to come 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. 

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’ she said.

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 added.

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 , who was represented by his Special Adviser and Counselor, Alhaji Sa’adu Salau, said.

‘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’ he added.

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 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.

Government officials and financial experts from within and outside the state, including the governor’s  Special Adviser  on Media , Alhaji Bashir Adigun; Senior Special Assistant on Religion (Islam) Ibrahim Danmeiromu; and the Accountant General of the State, AbdulGaniyu Sani attended the retreat- Team@orientactualmags.com  Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com.  Thank you