Ibas Introduces Global Accounting Standards In Rivers, Unveils Fresh Revenue Codes

The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd.), has announced that his administration will be remembered for instilling transparency and discipline, following the official launch of the International Public Sector Accounting Standard (IPSAS) and the introduction of new revenue codes in the state.

The unveiling ceremony, held at Government House in Port Harcourt, marked the completion of a series of fiscal reforms aimed at aligning Rivers State’s financial management with global standards.

According to Ibas, the reforms were implemented to close long-standing gaps in the state’s revenue collection, which had been plagued by leakages and inaccurate computations.

“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.

The retired naval chief further explained that the adoption of IPSAS alongside the updated revenue codes would strengthen the credibility of Rivers’ financial records, expand the state’s tax base, and significantly boost Internally Generated Revenue (IGR).

“Though my tenure is brief, the legacy we leave is one of courage, discipline, and reform. History will record that every decision was made in the best interest of Rivers State,” Ibas affirmed.

Also speaking, the Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption of IPSAS as a groundbreaking reform that elevates the state onto the global financial stage.

“With IPSAS, Rivers State is no longer reporting revenue in isolation—it is speaking a language recognised by the World Bank, the United Nations, and international financial institutions,” he said.

Egbunefu noted that the reforms would aid in recovering lost revenue, improve transparency, and attract both investors and global lenders.