The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, has launched the adoption of the International Public Sector Accounting Standards (IPSAS) alongside new revenue codes for the state’s Internal Revenue Service.
Speaking during the official launch at the Government House in Port Harcourt, Ibas said the new system will enable the Rivers State Internal Revenue Service (RSIRS) to capture previously untapped revenue streams, expand the tax base, and significantly improve Internally Generated Revenue (IGR). He noted that the reforms will also enhance transparency and position the state to access international funding and grants from institutions such as the World Bank and the United Nations.
Chairman of the RSIRS, Israel Egbunefu, described the fiscal reforms as a transformative step that would unlock growth in strategic sectors, including tourism, commerce, agriculture, real estate, and technology.
