The Federal Government of Nigeria through the Ministry of Finance has launched an accounting software suite known as One Book to promote efficiency, accountability, and transparency of government finances.
The Minister for Finance, Mrs Kemi Adeosun describing One Book said: “It is a unified accounting and reporting solution” adding that “It is tailored for the public sector and it’s everything from budgeting, warrant issuance, payments, reconciliations and reports.”
The Minister further stated that the software is compatible with the International Public Sector Accounting Standards (IPSAS). Her words: “The International Public Sector Accounting Standards Board (IPSASB) works to improve public sector financial reporting worldwide through the development of IPSAS, international accrual-based accounting standards, for use by governments and other public sector entities around the world.”
OneBook can also be used by states and they can subscribe to it because it provides a portal through which both local and state governments can manage and report their finances on an accrual basis.
Corruption is a huge problem in Nigeria and anything to ensure transparency at all levels of government will be welcomed.
