Obviously, one of the very dangerous cankerworm that has eaten deep into the skin of our country is corruption. If you ask a five year old today, they know what that is. But it is also a good thing to know that steps are being taken to put a stop to it.
In a bid to curb financial embezzlement and increase lucidity and better transparency in the financial sector of Nigeria’s economy, the Federal Government, through the Ministry of Finance has launched an accounting software portal which is known as ‘OneBook’.
This newest development would help improve the efficiency at which all levels of government – Federal, state and Local governments – handle public funds, improving Public financial management. It is focused on enhancing efficiency, accountability, and transparency of government finances. The software was launched at the Federation Account Allocation Committee (FAAC) meeting for March 2017.
According to the honorable minister of finance, Mrs. Kemi Adeosun, “OneBook is tailored for the public sector, It’s everything from budgeting, warrant issuance, payments, reconciliations and reports”.
The software is suitable for every state in Nigeria, this is because OneBook provides a portal through which both local and state governments can manage and report their finances on an accrual basis, thereby every state can subscribe to it. One very importance of it is the fact that it’d surely improve transparency in government. Quite what the country needs, and it is very encouraging to know that technology is providing a solution and way out open this case.
Mrs. Adeosun Kemi also went further to say that “‘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.”
This software, ‘OneBook’ would surely help to put the public sector on it toes, while it would also intensify financial well management and reportage as well. When this is done continuously for sometime, confidence in the public sector could begin to rise again. Thumbs up to the Ministry of Finance. And remember, Tech answers all.