THE federal, states and the 774 local governments are to adopt a uniform budget process in 2013, in accordance with the provisions of the International Public Sector Accounting Standards (IPSAS), a sub-committee of the Federal Allocation Account Committee (FAAC) has said.

Secretary of FAAC, sub-committee on IPSAS, Mr James Nongo, disclosed this in Ibadan, Oyo State, on Tuesday, at a two-day sensitisation workshop on the roadmap for the implementation of IPSAS in the country, organised by the committee for critical stakeholders in the field of accounting in the South-West geopolitical zone.

Nongo said the harmonisation process would be achieved through the use of a common chart of accounts system for the three tiers of government, after approval by all relevant stakeholders in the budgetary system and financial management.

In an opening remark on the occasion, the Accountant-General of the Federation, Mr J.O. Otun-la, who was represented by Mr Adeseye Senfuye, said steps were being taken to ensure Nigeria joins the list of countries that had adopted the international best practice in accounting and financial regulation.

According to him, other countries had adopted IPSAS because of the inherent benefits of promoting transparency and accountability, stressing that Nigeria could not afford to be left behind in the international best practice.

The Accountant-General said the FAAC sub-committee was set up to provide roadmap for the implementation of the provisions of the International Financial Reporting Standards (IFRS) and IPSAS for the private and public sectors respectively, following the approval of the Federal Executive Council (FEC) late last month.

On the purpose of the workshop, he said the need for all stakeholders to understand the globally accepted standards was key to the successful adoption of IPSAS by the three tiers of government, adding that the workshop, which had been held in three other geopolitical zones, would be taken to the remaining zones.

The chairman of the opening session of the workshop, Mr Adetunji Adepeju, said the wholesale adoption of IPSAS in the country by 2015 would prevent future altercation between the Federal Government and the National Assembly over implementation of budget.

Adepeju said the National Economic Council, the Nigeria’s Governors Forum and other key stakeholders had been sensitised, adding that building capacities for hitch-free implementation was now the next phase of the programme implementation.

Comments (1)

Show/hide comments

Mr
written by Patrick Agbobu, August 08, 2012

How much of this is earmarked for capital projects? If a very large proportion of this is not spent on capital expenditure then it is of no use to the general public. at the end of the day almost 89% of this will be for recurrent expenditure, to pay the wages, salaries and extacodes of less than 4% of the population of Nigeria. With such senario will you tell me how Nigeria can make progress? A nation that spends almost 89% of its earnings, to pay the salaries and wages of less than 4% of its population is a failed nation.

• 
• +0
• 
• 

Show/hide comment form

Name

Email

Website

Title

Comment

smaller | bigger

Subscribe via email (registered users only)

I have read and agree to the Terms of Usage.

Add Comment