Rivers State Adopts International Public Sector Accounting Standards

The Rivers State Government in southern Nigeria has implemented the International Public Sector Accounting Standards (IPSAS) and revised its revenue codes, marking a significant step toward strengthening fiscal governance, transparency, and accountability. This move aligns the state's financial management practices with global standards, aiming to support sustainable economic growth. The launch of the reforms was led by Vice Admiral Ibok-Ete Ibas, who emphasized the need for a transparent and accountable financial system to address systemic weaknesses in the state's revenue architecture.

Key Takeaways:

• The Rivers State Government has adopted the International Public Sector Accounting Standards (IPSAS) to strengthen fiscal governance and align its financial management practices with global standards.
• The implementation of IPSAS and revised revenue codes is expected to promote transparency, accountability, and efficiency in the state's financial management.
• 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).
• The reforms are expected to unlock billions of naira in revenue that were previously lost or underreported, positioning Rivers State as a credible destination for investment and international credit.
• The adoption of IPSAS will enable the state's financial records to be comparable, credible, and globally acceptable, significantly boosting confidence among investors and international development partners.
• The reforms are expected to pave the way for a more prosperous future for all Rivers people, with significant growth potential in key sectors such as tourism, commerce, agriculture, real estate, and technology.
• Vice Admiral Ibok-Ete Ibas emphasized the need for sustainability of these reforms, urging stakeholders to consolidate the gains for the lasting benefit of the state.

Statistics:

• The implementation of IPSAS and revised revenue codes is expected to unlock billions of naira in revenue.
• The new revenue codes will deepen the tax net and substantially enhance Internally Generated Revenue (IGR).
• 100% of Rivers State's financial records will be comparable, credible, and globally acceptable after adopting IPSAS.
• The reforms are expected to position Rivers State to access international funding and grants from institutions like the World Bank and the United Nations.

Sources:

• The Voice of Nigeria, 17 September 2025