Imo Assembly urges adoption of IPSAS for 2021 budget implementation
The Imo House of Assembly has advocated the adoption of the International Public Sector Accounting Standards (IPSAS) in the implementation of the state’s 2021 budget estimates.
The house made the resolution after considering a motion by the member representing Aboh Mbaise constituency, Mr. Eddy Obinna.
While moving the motion, Obinna said that the IPSAS codes had been adopted by many countries in their budget implementation.
He also called on the state government to implement its budget in line with international best practices.
The lawmaker said the adoption of the IPSAS code would help to ensure transparency, especially to the World Bank and other interventionist agencies.
He, therefore, prayed the house to urge the governor to direct the state Internal Revenue Service to adopt the codes in the implementation of the 2021 budget.
Supporting the motion, the Deputy Speaker, Mr. Amarachi Iwuanyanwu, who described the motion as “well thought out,” said the state would benefit from it.
Similarly, Mr. Chigozie Nwaneri (APC – Oru East), said that adoption of IPSAS would help to attract grants to the state from international donor agencies.
Following the overwhelming support from the various speakers, the Speaker, Mr Paul Emeziem, ruled in favour of the motion.