Ogun assures on efficient public financial management
Ogun State Government is set to adopt and implement the International Public Sector Accounting Standards (IPSAS) in the state, for transparency, effective and efficient public sector financial management.
State Accountant General, Micheal Idowu made this known while declaring open a one-day training for accountants in the State. The theme of the training, organised by the Body of Accountants’ Forum, was, “An overview of International Public Sector Accounting Standards” and was held at Ogun State internal Revenue Hall, Oke-Mosan, Abeokuta.
He said the training would not only ensure financial accountability but also avail participants full grasp of pros and cons of public sector accounting towards ensuring the state was in consonance with the world-class public financial management system.
Idowu explained that it was the responsibility of accountants in the public sector to provide a reliable basis for evaluating the current financial position and past performance, for decision-making purposes, saying the present administration was fully committed to transparency in public financing.
Also, a scheme, to be known as “Adopt a School or Adopt a Primary Health Centre”, will soon be launched to encourage the organised private sector to support the rehabilitation of primary schools and Primary Health Centres across the state. Governor Abiodun who disclosed this when he received in his office in Abeokuta, the management of Great Nigeria Insurance PLC, led by the Group Managing Director, Cecilia Osipitan, said his administration places a high premium on the health and education of the people and would need assistance in realising the objectives.
Idowu enjoined participants to see the training as an avenue to learn and consolidate on what they have known about IPSAS Accrual Accounting, as the government was already moving from the existing method of preparing a budget to the Medium Term Expenditure Framework (MTEF). Resource Person at the training, Taofeek Adebayo, disclosed that the implementation of IPSAS by the government would attract more public participation and inputs in governance, as it would facilitate greater transparency and accountability in government financial reporting.
Governor Abiodun who lauded the company for redeeming its pledge during the launch of the State Security Trust Fund, said they are embarking on the rehabilitation of primary schools and Primary Health Centre in each of the 236 wards, expressing hope that the Insurance firm and other Corporate Organizations, would assist.
Fielding questions from newsmen, Osipitan, said the company decided to identify with the administration as a result of its laudable programmes and to showcase the company’s initiatives, which could add value to the government.