AKHA training on IPSAS, a testament to Udeme Otong’s commitment in enhancing governance, financial accountability

• AKHA Speaker, Rt. Hon. Udeme Otong (m) with participants shortly after the training exercise

By Emmanuel Ebong

Lawmakers in Akwa Ibom State House of Assembly recently embarked on a three-day training exercise that has been hailed as a glowing testament to the commitment of the Speaker, Rt. Hon. (Elder) Udeme Otong, in enhancing governance and financial accountability.

The training, which focused on the implementation of the International Public Sector Accounting Standards (IPSAS) and budgeting, was held at the prestigious Ibom Icon Hotels and Golf Resort Nwanib, Uruan local Government Area.

The proactive step taken by Speaker Udeme Otong to prepare lawmakers for the 2024 budget and foster good governance was highly commendable. The programme aimed to equip participants with a deeper understanding of budgeting, IPSAS implementation, and oversight functions. It sought to provide lawmakers with the necessary skills and knowledge to effectively handle budgetary matters and promote transparency, accountability, and good governance.

IPSAS, being a set of accounting standards for governments and public sector entities, plays a vital role in enhancing transparency, accountability, and comparability of financial statements. Speaker Udeme Otong, while flagging-off the training programme, emphasized the importance of IPSAS implementation for successful budget execution.
The Speaker, could not have declared open the three days training workshop the state lawmakers but for the significance roles of IPSAS in ensuring financial transparency and accountability in the management of public sector of economy.

Addressing participants and resource persons at the occasion, Speaker Otong, expressed appreciation for the timely organization of the programme, describing it as a welcome development for members of the state legislature. He highlighted the significance of oversight functions and the standard knowledge of budgeting for lawmakers. He emphasized that the training would ensure the successful implementation of the 2024 appropriation in the state and enable lawmakers to discharge their statutory mandate effectively. The Speaker also extended his gratitude to Governor Umo Eno for approving the capacity building workshop for the lawmakers.

Furthermore, Speaker Otong reaffirmed the unflinching support of the 8th Assembly to the realization of Governor Umo Eno’s ARISE Agenda in the state. He commended Dr. Itorobong Etim, Chairman of the House Committee on Finance and Appropriations, for organizing the workshop, and hailed the facilitators from the National Institute for Legislative and Democratic Studies (NILDS) Abuja for their partnership in organizing the capacity building workshop for the legislators.

It is noteworthy to state that the recent training session not only enhanced lawmakers’ understanding of budgetary matters but also emphasized the commitment of the Akwa Ibom State House of Assembly to financial transparency and accountability. By implementing IPSAS and promoting budgeting best practices, the state government sent a clear message that it valued transparency and accountability in the use of public funds.

The Director General of the Institute for Legislative and Democratic Studies (NILDS), Professor Abubakar Sulaiman, while delivering a keynote address on the occasion, explained the aim of IPSAS.
Sulaiman, highlighted the need for greater transparency and accountability in public sector financial reporting, especially in the light of the global financial crisis that affected government resources. He emphasized that IPSAS aimed to improve the quality of financial reporting by public sector entities and promote transparency and accountability in resource allocation decisions.

Professor Akpan Hogan Ekpo, a renowned Professor of Economics and Public Policy, urged lawmakers to take their legislative responsibilities seriously. He reminded them that their decisions and actions could significantly impact the state and its people.

Professor Ekpo, a former Vice-Chancellor of the University of Uyo and Director General of the West African Institute For Financial and Economic Management (WAIFEM), emphasized that the destiny of Akwa Ibom State lay in the hands of the lawmakers. He urged them to ensure that the laws they made would advance the wellbeing of the people.

The workshop covered various topics, including an overview of the Akwa Ibom State economy, gender-responsive budgeting, and IPSAS National Chart of Accounts. The sessions aimed to provide lawmakers with a comprehensive understanding of fiscal planning, budget implementation, and the legislative role in ensuring fiscal efficiency and accountability.

Overall, the training exercise initiated by the Akwa Ibom State House of Assembly, under the leadership of Rt. Hon. (Elder) Udeme Otong, was a significant step towards strengthening financial management and accountability in the public sector.

As the 2024 budget estimates totalling N845.632 billion are currently being considered by the lawmakers, the knowledge gained from the IPSAS training will undoubtedly contribute to better decision-making, transparency, and good governance in the state.

In conclusion, the IPSAS training exercise stands as an example of proactive leadership by Speaker Udeme Otong and his unwavering commitment to effective financial management and accountability. The training has equipped lawmakers with the necessary skills and knowledge to fulfill their responsibilities and promote transparency and good governance in Akwa Ibom State.

With their newfound expertise, lawmakers are well-prepared to contribute to the successful scrutiny, passage and implementation of the 2024 budget and the overall development of the state.

• Elder Emmanuel Ebong is Press Secretary to the Speaker, Akwa Ibom State House of Assembly.