FG promises to implement standard financial management in 2016

THE Federal Government has said that Nigeria would start implementation of the accrual basis under the International Public Sector Accounting Standards (IPSAS) by January 2016.

Accountant-General of the Federation, Ahmed Idris, disclosed this in Abuja at a book launch: “Government Accounting in Nigeria: An IPSAS Approach” authored by a former Accountant-General of the Federation, Kayode Naiyeju and a lecturer at the University of Lagos, Prof. Eddy Omolehinwa. Idris, who said Nigeria had just started the implementation of the cash basis in 2014 and the country is now transiting into accrual basis, added that the implementation committees, at both the state and national levels, are working really hard to ensure that Nigeria implements the policy latest by January next year.

“There is an implementation committee at the national and state levels and they are working based on a time-frame. So, there is no delay; we are on course. “The accrual basis is scheduled to start in January and by God’s grace, it will. We want to be a global player and that is why we keyed in,” he said. He explained that with the implementation of IPSAS, Nigeria would operate on the same platform with advanced economies.

“We will operate on the same platform with advanced economies in terms of financial accounting reporting, information rendition, services of our financial accounts and so on. “We stand to benefit because we will be rated like any other advanced economy and any other advanced player in the global economy.

It will make information open and transparent.” Earlier, ‎the author, Kayode Naiyeju, said the book is very reach in information about public financial management and would be of great benefit to Nigeria now that the country is moving from cash to accrual basis. According to him, Nigeria cannot just jump from cash basis to accrual basis without taking certain steps.

Also, co-author of the book, Prof. Omolehinwa, said the book would assist government to tackle corruption and check-mate government account. He said: “We need to take government accounting more serious in Nigeria because without proper accounting, we are never going to have accountability and without accountability, we are not going to tackle corruption.”

“And if we don’t tackle the problem of corruption in our country, our country stands being labelled a failure. So, we have written the book because we don’t want this to happen. We want stakeholders to know the roles they are expected to play and if they don’t play this role, the effect would play on public accountability.”