THE FEDERAL GOVERNMENT HAS ORDERED ALL MDAs TO COMPLY WITH ACRUAL IPSAS OR FACE SANCTION

THE FEDERAL GOVERNMENT HAS ORDERED ALL MDAs TO COMPLY WITH ACRUAL IPSAS OR FACE SANCTION

It is no longer news that the Federal Government of Nigeria has given a matching order to all federal Ministries, Departments, and Agencies MDAs to comply with the International Public Sector Accounting Standards IPSAS, which Nigeria adopted about ten years ago. The order was made known on September 8, 2022, by Mr. Abubakar Sadiq Velkuk, the Director of the Consolidated Account Department in the Office of the Accountant-General of the Federation OAGF through the Director of Audit Monitoring, Mr. Chizea Onochie Peter. On sanctions defaulting MDA will face, part of the statement reads Sanctions will come naturally because if you are unable to implement IPSAS as an MDA, it means your access to funds will be impaired. It is a natural sanction.

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