The topics covered during the workshop include IPSAS —
overview, objectives and impact on accountability; IPSAS board strategy and
work programme 2024-2028 — challenges of IPSAS implementation in Nigeria; and
key issues in the preparation of IPSAS-compliant financial statements.
Others include accounting and reporting in a
hyperinflationary economy, public financial management (PFM) in Nigeria —
implementation and challenges, budget implementation in Nigeria and challenges.
Part of the workshop activities also included a courtesy
visit to the high commissioner of the Nigerian high commission in London.
The sessions started at 10am daily and ended at 2:30pm, with
participants departing on March 9, 2023, to their various destinations.
WHY WORKSHOP WAS HELD
IN LONDON
Speaking on the rationale behind holding the workshop in the
UK, Bawa Mokwa, director of press at the accountant-general office, said the
event is organised annually and was not a one-off meeting.
“It is an annual event. The OAGF members present at the
meeting are sub-committees of FAAC,” he said.
“Members of the
implementation committee are commissioners of finance of the 36 states.”
Mokwa said the event was held in the UK because the
facilitators are residents of the country.
“They usually go to the UK to do it annually because the
resource persons are resident in the UK and they implement it to the latter,”
he said.
The spokesperson said the event was approved by the National
Economic Council (NEC).
Nigeria is currently facing a chronic foreign exchange (FX)
crisis that is worsening the plight of businesses — particularly manufacturers
— amid a prolonged economic hardship that began following the introduction of
the petrol subsidy removal and naira float policies by the incumbent
government.
Although significant efforts have been made to clear the $7
billion FX backlog, the country still has about $1.8 billion remaining.
