The Akwa Ibom State House of Assembly has taken a proactive step towards enhancing the capabilities of its lawmakers by organizing a three-day training on International Public Sector Accounting Standards (IPSAS).
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| Chairman of the Committee, Dr Itorobong Etim giving her remarks |
The event, held at the luxurious Ibom Icon Hotel and Suites in Uyo, aimed to equip legislators with the necessary skills to develop budgets that align with global best practices.
Speaker of the Assembly, Rt. Hon. Udeme Otong, emphasized the significance of this workshop in his opening address on Friday.
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| Participants at the workshop |
Otong highlighted the importance of lawmakers familiarizing themselves with relevant sections of IPSAS to effectively fulfill their duties, particularly in the areas of budgeting, implementation, monitoring, and oversight.
In his keynote address, Professor Abubakar Olanrewaju Sulaima, the Director General of the National Institute for Legislative and Democratic Studies (NILDD), shed light on the purpose of IPSAS.
According to him, these standards aim to ensure transparent and credible financial reporting, enabling stakeholders to hold governments and public-sector entities accountable.
Sulaiman, who was reprsented by Dr. Francis Ojeh, said: “The aim of IPSAS is to improve the quality of financial reporting by public sector entities, with a view to achieving a better-informed assessment of the resource allocation decisions of governments and promoting transparency and accountability”.
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| Speaker of the House, Rt Hon Udeme Otong giving during the workshop |
Chairman of the House Committee on Appropriations and Finance, Dr. Itorobong Etim, stressed the importance of equipping lawmakers with the necessary tools to fulfill their responsibilities.
Dr Etim said the ongoing training would provide lawmakers with the required knowledge and skills that would help them in the area of scrutinizing executive budget proposals and carrying out oversight functions.
“The need for this programme becomes even more compelling because Akwa Ibom State had since 2014 adopted the International Public Sector Accounting Standards (IPSAS) in its financial management and even migrated from IPSAS (Cash) in 2014 to IPSAS (Accrual) in 2018”, she said.
Professor Akpan Ekpo, a renowned economist and former Vice-Chancellor of the University of Uyo, urged lawmakers to recognize the gravity of their legislative duties.
Ekpo reminded them that their decisions and actions have the power to shape the destiny of Akwa Ibom and its people.
The event also featured goodwill messages from key figures, including the state commissioner for economic development, Mr. Emem Bob, and the commissioner for finance, Dr. Linus Nkan.
Throughout the workshop, participants engaged in discussions on various topics, including an overview of the state’s economy, gender-responsive budgeting, and the role of the legislature in ensuring fiscal efficiency and budget implementation.
These discussions, according to the facilitators, aimed to broaden lawmakers’ understanding of key areas that impact their decision-making process.
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