In a landmark move set to redefine fiscal governance, Rivers State Sole Administrator Retired Vice Admiral Ibok-Ete Ibas, has launched the adoption of the International Public Sector Accounting Standards (IPSAS) and a suite of new revenue codes, heralding a new era of transparency, efficiency, and economic growth for the state.
The launch, which took place at the Banquet Hall of Government House in Port Harcourt is part of the strategic reform initiated to align Rivers State with global best practices in public financial management.
In his address Retired Vice Admiral Ibas stated that the reforms were necessary to address systemic weaknesses in the state’s revenue architecture.
“This reform ushers in transparency, accountability, and efficiency. Every transaction will be traceable, every payment verifiable, and every process auditable in real time.”
The Sole Administrator emphasized that the dual implementation of IPSAS and the modernized revenue codes will fundamentally transform the state’s economy.
The IPSAS framework will ensure the state’s financial records are “comparable, credible, and globally acceptable,” significantly boosting confidence among investors and international development partners.”
He noted that the new revenue codes will empower the Rivers State Internal Revenue Service (RSIRS) to capture previously overlooked revenue streams, deepen the tax net, and substantially enhance Internally Generated Revenue (IGR).
“For taxpayers, it means convenience. For government, it means more reliable revenue inflows. And for our people, it means resources will be better harnessed to provide infrastructure and services that improve daily life,” Ibas explained.
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While highlighting the strategic advantages of the reforms which is geared towards positioning the State towards easy access to international funding and grants from institutions like the World Bank and the United Nations he noted that it also demonstrates a proven capacity for transparent and accountable resource management.
In his remarks, the Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption as a transformative step that “globalises the fiscal identity of Rivers State.”
“With IPSAS, Rivers State is no longer reporting revenue in isolation. It is speaking a language understood by the World Bank, the United Nations, and global financial institutions,”
“This will unlock billions of naira in revenue that were previously lost or underreported and positions us as a credible destination for investment and international credit.” Sir Egbunefu stated.
Sir Egbunefu praised Sole Administrator Ibas for his leadership and courage in seeing through the complex reform within a short period, calling on all stakeholders to consolidate the gains for the lasting benefit of the state.
