Politics
Ibas Rolls Out IPSAS, Modern Revenue Codes in Rivers
The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has officially launched the International Public Sector Accounting Standard (IPSAS) and a suite of new revenue codes, describing the initiative as a new economic dawn for the state.
The unveiling ceremony, held on Tuesday at Government House, Port Harcourt, marked the completion of a major fiscal reform drive aimed at aligning Rivers State’s financial management with global best practices.
Speaking at the event, Ibas explained that the reforms were designed to address long-standing weaknesses in the state’s revenue system.
“For too long, our revenue system has suffered from weak or imprecise computation, creating loopholes that encouraged leakages, inconsistencies, and outright losses,” he said.
He emphasized that the introduction of IPSAS and the modernized revenue codes will bring transparency, accountability, and efficiency to financial management in Rivers State.
“This reform ushers in transparency, accountability, and efficiency. Every transaction will be traceable, every payment verifiable, and every process auditable in real time,” Ibas added.
According to him, the dual implementation will ensure Rivers State’s financial records are “comparable, credible, and globally acceptable,” boosting investor confidence and attracting international development partners.
Ibas also noted that the new revenue codes will help the Rivers State Internal Revenue Service (RSIRS) capture overlooked revenue streams, broaden the tax net, and significantly grow the state’s Internally Generated Revenue (IGR).
“For taxpayers, it means convenience. For government, it means more reliable revenue inflows. And for our people, it means resources will be better harnessed to provide infrastructure and services that improve daily lives,” he said.
He further highlighted the strategic advantage of the reforms in positioning Rivers State for international funding and grants from institutions such as the World Bank and the United Nations.
“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,” Ibas stated.
The Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the reform as a transformative step that globalizes the fiscal identity of Rivers State.
“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 reform would help recover billions of naira in previously lost or underreported revenue, while positioning the state as a credible destination for investment and international credit.
He also commended Ibas for his leadership and courage in implementing the reform within a short period and urged stakeholders to consolidate the gains for the long-term benefit of the state.
“This comprehensive fiscal overhaul is expected to unlock significant growth potential in key sectors including tourism, commerce, agriculture, real estate, and technology, paving the way for a more prosperous future for all Rivers people,” he concluded.
