The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has said his administration is leaving behind a legacy of transparency, discipline, and reform, following the launch of the International Public Sector Accounting Standard (IPSAS) and new revenue codes for the state.
The unveiling held at Government House, Port Harcourt, marked the conclusion of fiscal reforms designed to align Rivers State’s financial management with international best practices.
Ibas said the initiative was introduced to tackle weaknesses in the state’s revenue system, which he noted had suffered from leakages and imprecise 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 stated.
He explained that the combined implementation of IPSAS and the modernized revenue codes would strengthen the credibility of Rivers State’s financial records, boost investor confidence, and attract international development partners. He added that the measures would also broaden the tax net and increase Internally Generated Revenue (IGR).
“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 said.
Also speaking at the event, Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption of IPSAS and the revenue codes as a transformative step that positions 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,” Egbunefu said.
He added that the reforms would help recover lost revenue, improve credibility, and strengthen the state’s attractiveness to investors and international lenders.
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