Kwara govt approves implementation of accountability software
The Kwara State Government, on Friday, approved the implementation of International Public Sector Accounting Standards (IPSAS) in a bid to advance from its current cash basis accounting system to accrual basis accounting system amongst other benefits.
This was contained in a press statement issued by the commissioner for communications, Harriet Afolabi-Oshatimehin.
“The cabinet approved the award of the contract for the provision of comprehensive IPSAS Implementation Support Services to the PAACO-PCL Consortium at the cost of N390,647,500 for a duration of fourty one (41) weeks.”
The Commissioner said the approval would mean the migration of the state from its current cash basis accounting system to accrual basis accounting system.
Other benefits of the software include the timely publication of state budget online, publication of audited annual financial statements within six months, improved transparency and service delivery, streamlining the standard of current financial system operational in the state as the MDAs will be linked to the office of the Accountant General for direct posting and monitoring.
He noted that, “The development of the software is one of the 22-point preconditions for the implementation of fiscal sustainability plan framework which the Kwara State has not complied with over the years, as she sought council’s approval for the award of the contract for the development of the software.”
She said the development of the software would involve setting up a mini-data centre to host the software and serve as the main hub of the state’s digital accounting platform while work stations deployed across MDAs will be linked to the mini-data centre at the accountant general’s office.
Oyeyemi also emphasized that the software would aid the enhancement of Kwara’s portfolio status and its reconsideration for remittance of the Federal Government’s budget support fund, improved confidence of development partners in the state’s financial report, cross border investment and foreign direct investments, among others.
Meanwhile, the cabinet also approved the reversal of the Ministry of Social Development to the Ministry of Women Affairs and Social Development in order for the state to have access opportunities from international development partners
