Ibas launches new tax framework, revenue codes in Rivers

…says “It’s a new economic dawn for Rivers”

By Davies Iheamnachor, Port Harcourt

The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has launched the International Public Sector Accounting Standard (IPSAS) and a suite of new revenue codes, describing the initiative as a new economic dawn for the state.

The unveiling, which took place on Tuesday at Government House, Port Harcourt, marks the culmination of a strategic reform drive aimed at aligning Rivers State’s financial management with global best practices.

Speaking at the event, Ibas said the reforms were introduced to address long-standing weaknesses in the state’s revenue system.

“For too long, our revenue system has suffered from weak or imprecise computation, creating loopholes that encouraged leakages, inconsistencies, and outright losses,” he said.

“This reform ushers in transparency, accountability, and efficiency. Every transaction will be traceable, every payment verifiable, and every process auditable in real time.”

Ibas explained that the dual implementation of IPSAS and the modernized revenue codes would transform the state’s economy by ensuring that financial records are “comparable, credible, and globally acceptable,” thereby boosting investor confidence and attracting international development partners.

He noted that the new revenue codes would enable the Rivers State Internal Revenue Service (RSIRS) to capture previously overlooked revenue streams, broaden the tax net, and significantly increase Internally Generated Revenue (IGR).

“For taxpayers, it means convenience. For government, it means more reliable revenue inflows. And for our people, it means resources will be better harnessed to provide infrastructure and services that improve daily lives,” he added.

The Administrator also highlighted the strategic advantage of the reforms in positioning Rivers State to access international funding and grants from institutions such as the World Bank and the United Nations.

“Though my time here is short, the legacy we leave behind is one of courage, discipline, and reform. History will judge that every action was taken for the general good of Rivers State,” he said.

Also speaking, the Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption of IPSAS and the new codes as a transformative step that globalises the fiscal identity of Rivers State.

“With IPSAS, Rivers State is no longer reporting revenue in isolation. It is speaking a language understood by the World Bank, the United Nations, and global financial institutions,” Egbunefu said.

He added that the reform would help recover billions of naira in previously lost or underreported revenue while positioning the state as a credible destination for investment and international credit.

Egbunefu commended Ibas for his leadership and courage in pushing through the complex reform within a short period, calling on stakeholders to consolidate the gains for the lasting benefit of the state.

“This comprehensive fiscal overhaul is expected to unlock significant growth potential in key sectors including tourism, commerce, agriculture, real estate, and technology, paving the way for a more prosperous future for all Rivers people,” he said.

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