The diversity in reformed governmental financial information systems created a need for harmonized international accounting standards, resulting in the elaboration of the International Public Sector Accounting Standards. International accounting literature provides evidence that accounting quality has economic consequences such as costs of capita, similarly Financial reporting by public sector entities providing concepts that will underpin the development of international public sector accounting standards and recommended practice guidelines. Likewise, Gross National Product is the market value of all the products and services produced in a year by Labor and property supplied by the citizens of a country, unlike gross domestic product which defines production based on the geographical location of production. In Nigeria inadequate economic growth is the main cause of poverty, economy has a very narrow and weak base, depending most on exploration of petroleum crude oil as a major source of income. The findings indicated that the development of the private sector depends largely on the activities in the public sector in developing countries as Nigeria. It is concluded that there is a great number of poverty which was among due to high and growing unemployment that exacerbated the level of poverty. It is recommended that private sectors should not depend on the activities in the public sector; they should improve their own activities by training and retraining, organize workshop and agricultural sector which was ignored to be revived into life.