Rivers Embraces International Accounting Standards In Revenue Collection

The former Sole Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, shortly before leaving office launched the adoption of the International Public Sector Accounting Standards (IPSAS) and a suite of new revenue codes.
The launch, which took place at the Banquet Hall of Government House in Port Harcourt, was the culmination of a reform initiative designed to align Rivers State with global best practices in public financial management.
Vice Admiral Ibas stated that the reforms were necessary to address systemic weaknesses in the state’s revenue architecture. “For too long, our revenue system has suffered from weak or imprecise computation, creating loopholes that encouraged leakages, inconsistencies, and outright losses,” he declared.
“This reform ushers in transparency, accountability, and efficiency. Every transaction will be traceable, every payment verifiable, and every process auditable in real time.”
The former Administrator emphasized that the dual implementation of IPSAS and the modernized revenue codes will fundamentally transform the state’s economy. The IPSAS framework will ensure the state’s financial records are “comparable, credible, and globally acceptable,” significantly boosting confidence among investors and international development partners.
The new revenue codes will empower the Rivers State Internal Revenue Service (RSIRS) to capture previously overlooked revenue streams, deepen the tax net, and substantially enhance 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 life,” Ibas explained.
He also highlighted the strategic advantage the reforms provide, positioning Rivers State to more easily access international funding and grants from institutions like the World Bank and the United Nations by demonstrating a proven capacity for transparent and accountable resource management.
He said though his time was short, the legacy he left behind was “one of courage, discipline, and reform. History will judge that every action was taken for the general good of Rivers State.”
The Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption as a transformative step that “globalises 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,” Egbunefu stated. “This will unlock billions of naira in revenue that were previously lost or underreported and positions us as a credible destination for investment and international credit.”