Business
AGF To Enforce Auditors Compliance With IPSAS

The Auditor-General of the Federation (AuGF), Mr Anthony Ayine, says his office will enforce compliance with the International Public Sector Accounting Standards (IPSAS).
According to Ayine, IPSAS is a requirement for accounting by internal auditors of Ministries, Departments and Agencies (MDAs).
The AGF spoke at the opening of a one-day retreat organised by the Office of the Accountant-General of the Federation (OAGF) in collaboration with the Office of AuGF in Abuja yesterday.
The theme of the retreat was “First year of IPSAS Accrual Basis Implementation in Nigeria: Issues and Prospects.”
Ayine said it had been observed that the internal auditors had not been complying with the accounting standard.
He said non-compliance hindered accountants from sending their reports to the AuGF and the AGF in the required format.
“Maybe they have been sending to the AGF, but for the AuGF, most internal auditors are not complying with this requirement.
“Very soon a circular from our office will go out and we are going to enforce compliance with this requirement because internal auditors have a very critical role to play in the accountability process,” said Ayine.
According to him, the hallmark of IPSAS is transparency and disclosure.
Ayine said it was observed in the 2016 review that it was not enough for figures to be on a financial statement but there should be adequate disclosures to add meaning to the figures.
He advised participants to take the opportunity seriously, adding that they would be better for it and Nigeria would be in a position to compete favourably globally.
The AGF, Mr Ahmed Idris, in his address, said while many showed great concern on government’s ability to implement IPSAS Accrual Basis, some doubted it, while others thought it was impossible.
Idris, who was represented by the Director, Revenue and Investment, Dr Bakari Wadinga, said the implementation was made possible by leveraging on the provision for first time users to make it easier.
He said the Federation Accounts Allocation (FAAC) Sub-Committee on IPSAS implementation in Nigeria had provided a roadmap for IPSAS implementation in the three tiers of government.
Idris said the transiting to IPSAS required a lot of capacity building and commitment by process owners, as there were deficiencies in the first year of implementation.
“The present administration has demonstrated continuous commitment to sustainable policy implementation by providing the needed support and resources for Nigeria to adopt global best practice in financial management.
“This retreat seeks to address practical implementation issues and chart the way forward,” Idris noted.
The Tide source reports that IPSAS is a global accounting standard issued by the International Public Sector Accounting Standards Board (IPSASB) for application by public sector entities in the preparation of financial statements.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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