The Ekiti State Government in it’s bid to promoting the public service and good governance has transited from the budgetary system to the International Public Sector Accounting Standards (IPSAS).
The Commissioner for Budget and Economic Planning Mr Femi Ajayi made this known at a workshop on transition from the convectional cash based budgeting system to the IPSAS.
Ajayi maintained that Governor Kayode Fayemi in his avowed commitment to transparency and participating budgetary system has directed that Ekiti budget be IPSAS compliance.
He highlighted the advantages of the new budgetary system among other things to further promote openness in public finance, facilitates completeness, uniformity and comparability of both budget and financial reports in conformity with international standards.
Also the commissioner stated that the new budgetary system is one of the requirements of the Federal Government’s Fiscal Sustainability Programme (FRP) , a condition of accessing grants from development partners.
He further stressed that some development partners have shown interest in assisting Ekiti Government in the aras of critical needs.
Ajayi stated that the objective of the training is to equip Ekiti Director of Finance and Administration, Director of Finance and Supplies and Director, Planning, Research and Statistics whose schedules are related to budget preparation with ample knowledge of the framework of IPSAS complaint budgeting system.
He however charged the participants to take the advantage of the training and make their impact in the development of the state.
The Commissioner for Finance and Economic Planning Hon. Dapo Kolawole while declaring the workshop open described the training as an historic event as it’s another milestone in the second term of Dr. John Kayode Fayemi administration.
Kolawole stated that the IPSAS – complaint budgeting system has been scientifically developed for efficient allocation of resources to ensure greater transparency and accountability.
He said that the 2020 budget preparation is an improvement over 2019 as it shows at a glance, the overview of revenue and expenditure at each MDA’s . This has made it easy to apprehend the budget unlike in 2019 where separate pages for revenue, other changes, transfer to other funds and capital votes of MDA’s were opened.
He explained further that Governor Fayemi has approved the e – general ledger Accounting system and Financial Reporting System in the office of the Accountant General which will hand-shake the e- Budgeting platform in the ministry of Budget.
Min. of Budget & Economic Planning
5th Dec, 2019.