The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd.), has declared that his administration is leaving behind a legacy of transparency and discipline, following the launch of the International Public Sector Accounting Standard (IPSAS) and new revenue codes for the state.
Naijaonpoint reports that the unveiling, held at Government House, Port Harcourt, marked the conclusion of fiscal reforms designed to align Rivers’ financial management with international best practices.
Ibas explained that the initiative was introduced to plug weaknesses in the state’s revenue collection, which he noted had long suffered from leakages and poor computation.
“This reform ushers in transparency, accountability, and efficiency. Every transaction will be traceable, every payment verifiable, and every process auditable in real time,” he said.
The retired naval chief emphasised that the combined adoption of IPSAS and modernised revenue codes would enhance the credibility of Rivers State’s financial records, broaden the tax base, and significantly increase Internally Generated Revenue (IGR).
Ibas further stated, “Though my time here is short, the legacy we leave behind is one of courage, discipline, and reform. History will judge that every action was taken for the general good of Rivers State.”
Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, hailed the adoption of IPSAS as a transformative step that would reposition the state on a global financial platform.
“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,” he said.
Egbunefu added that the reforms would help recover lost revenue, improve credibility, and attract both investors and international lenders.