FG Task MDAs To Comply With IPSAS Implementation Or Face Sanction

By Sarauniya g Usman, Abuja

The Federal Government has warns all finance departments of Ministries Departments and Agencies (MDAs), who fails to implement the International Public Sector Accounting Standards (IPSAS) to face natural sanctions.

The Presiding Chairman, FAAC Sub-Committee on IPSAS implementation, and IPSAS Board member,Mr Chris Etim Nyong,disclosed this on

Wednesday during the opening ceremony of the three-day nationwide capacity building on IPSAS implementation for Finance Directors in the three tiers of government.

According to Nyong for MDAs who fails to comply with IPSAS ,”Nothing will happen to them. But they’ll just find themselves out of tune. Sanctions will come naturally because if you’re unable to implement IPSAS as an MDA, it means your access to public funds will be restricted. It’s a natural sanction.

The Nationwide Capacity Building for Finance Operators in the Three Tiers of Government with the THEME” Continuous Capacity Building On IPSAS Implementation”

IPSAS is aimed at building accountability and transparency in public finance and that is why the program is organised to strategically build capacity to address the challenges of capacity.

To also re-orient public finance Practitioners in our country that have been used to a particular system. Now They’re being called upon to change their approach. “You now see that as a challenge, because you now have the responsibility to re- re-orient people towards the new order”

He mentioned the implementation of manpower capacity and building competencies for those who are expected to implement IPSAS is one of the challenges.

As to whether IPSAS will address corruption challenges faced by the country, he said, IPSAS will be able to address the loopholes that human beings has created for corruption.

In his opening remarks, Director Overseeing office of the Accountant General of the Federation/Chairman,FAAC Sub-Committee on IPSAS,Mr Sylva Okolieaboh, said the programme was meant for the training and re-training of finance operators to improve their competencies and skills in the preparation and presentation of IPSAS accrual accounting compliant General Purpose Financial Statements.

Since the implementation of IPSAS Accrual Basis of Accounting on 1st January, 2016, we have constantly engaged with key stakeholders like we are doing today and we have equally provided support in form of capacity building across the Federal, States and Local Governments for seamless implementation.

It will be recalled that Nigeria began IPSAS innovation in 2016 and now we are still advancing, we are still making progress, so the deadline has already passed.