1. FINANCIAL REPORT OF
THE ACCOUNTANT- GENERAL
EKITI STATE
FOR THE YEAR ENDED
31ST DECEMBER, 2014

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TABLE OF CONTENTS
PAGES
1. Introduction…………………………………………………………………4
2. Statement of Accounting Policies…………………………………………..4
3. Audit Certificate…………………………………………………………….7
4. Financial Highlights………………………………………………………...8
5. Statement Number 1:Cash Flow Statement ………………………………...9
6. Statement Number 2: Assets & Liabilities Statement……………………...10
7. Statement Number 3: Consolidated Revenue Funds Statement …………...11
8. Statement Number 4: Capital Dev. Fund Statement……………………….12
9. Note Number 1a: Statutory Allocation………………………………….…13
10. Note Number 1b: Deduction at Source…………………………………...14
11. Note Number 2: Value Added Tax ………………………………………..15
12. Note Number 3a: Internally Generated Revenue (MDAs) …….………….16
13. Note Number 3b: Internally Generated Revenue (Parastatals)………….…17
14. Note Number 4a: Excess Crude Oil Proceeds……………………………...19
15. Note Number 4b: Other Statutory Receipts………………………………...20
16. Note Number 5a: Foreign Loan Draw Down / Grants...…...……………….21
17. Note Number 5b: Proceeds from sales of fertilizer………………………….21
18. Note Number 5c: Sundry Receipts ……………………….………………..21
19. Note Number 6(a i): Civil Servants’ Salary ………………………….…….22
20. Note Number 6(a ii): Political Office Holders’ Salary………….……….….24

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20. Note Number 6(a iii): Secondary School Teachers Salary……….….………25
21. Note Number 6(b): Pension and Gratuity…………………………...…….…25
22. Note Number 7: Overhead Costs…………………………………………….26
23. Note Number 8: Transfer to Other Funds……………………………………33
24. Note Number 9: Grants to Parastatals & Tert. Institutions………………….37
25. Note Number 10: Capital Releases to Min/Depts……………………………38
26. Note Number 11A: Expenses of General Nature…………………………….43
27. Note Number 11B: Public Debt Charges…………………………………….43
28. Note Number 12A: Accountant General’s Cash Book Balances…………….44
29. Note Number 12B: Call Deposit Accounts Balances………………………..46
30. Note Number 13: TCO Balances……………………………………………..47
31 Note Number 13B: Bond Sinking Fund Account Balance…………………...48
32. Note Number 14: Sundry Staff Advances …………………………………..49
33. Note Number 15: Operating Liabilities over Assets……………….…….…..50
34. Note Number 16: Multilateral Debts…………………………………….…..51
35. Note Number 17: Details of local loans...…………………………….……..52
36. Note Number 18: Summary of State Debt Profile………………….……….53
37. Annexure I: Five – years Financial Summary………………………………..54
38. Annexure II: Summary of Revenue and Expenditure……………….……..….55
39. Annexure III (A): Bar Charts Showing Summary of Revenue………………..56
40. Annexure III (B): Bar Charts showing Summary of Expenditure…………….57

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REPORT OF THE ACCOUNTANT GENERAL, EKITI STATE OF
NIGERIA WITH FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER, 2014.
INTRODUCTION
In line with this administration’s policies of transparency and accountability, I have the
honour to present the audited report on the accounts of the Government of Ekiti State of Nigeria
for the year ended 31st
December, 2014 together with notes on the accounts.
STATEMENT OF ACCOUNTING POLICIES
1. ACCOUNTING BASIS
The financial statements are prepared under cash basis on historical cost convention.
2. INVESTMENTS
Shares held under MOFI (Ministry of Finance Incorporated) are managed by Ekiti
Fountain Holding Ltd
3. CAPITAL COSTS
These are recognized in the year of their occurrences only.
4. ASSETS AND LIABILITIES
These are stated at their net values.
5. FOREIGN CURRENCIES
Liabilities denominated in foreign currencies are translated to naira at the rate of
exchange ruling as at 31st
December, 2014.

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RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
These Financial Statements have been prepared in accordance with the provisions of the
Finance (Control and Management) Act 1958 Cap 144 LFN as amended. The Financial
Statements comply with the generally accepted accounting principles and practice and other
government accounting regulation and pronouncements.
The Ekiti State Government Financial Statements include the Financial Highlights,
Statement of Assets and Liabilities, Statement of Cashflows, Consolidated Revenue Fund,
Capital Development Fund, Recurrent Revenue, Capital Receipts, Recurrent Expenditure,
Capital Expenditure, Personnel and Overhead Cost, Investment Reports, Commercial Loans,
Staff Housing Scheme and Notes to the Accounts.
To fulfill accounting and reporting responsibility, the Accountant- General is to establish
and maintain an adequate system of internal control, designed to provide reasonable assurance
that the transactions recorded are within statutory authority and properly record the use of all
public financial resources by the Government.
Efforts were made to ensure that these financial statements fairly reflect the financial
position of Government as at 31st
December, 2014 and its operations for the period ended on that
date.
CONCLUSION
I wish to express my appreciation to all officers of the Main Accounts Directorate for
their loyalty and dedication throughout the reporting period. My gratitude goes to all accounts
officers in the Ministries and the TCO Headquarters who supplied and defended the data. My
gratitude also goes to the Audit Staff of the State Auditor-General’s Office for their co-operation
during the time of this report.
The support of the State Government for the kind consideration of all our requests is
highly appreciated.
O. O. OWOLABI (Mrs.)
ACCOUNTANT GENERAL & PERMANENT SECRETARY
EKITI STATE

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OFFICE OF THE STATE AUDITOR-GENERAL
All Communication should be addressed to the State Audit Headquarters
Auditor-General quoting: P.M.B. 5354,
Our Ref No. Ado-Ekiti,
Ekiti State.
Your ref. No. Nigeria.
TELEGRAMS: EKITI AUDIT 030-250717
AUDIT CERTIFICATE
I have examined the Financial Statements of Ekiti State Government
as at 31st
December, 2014 in accordance with Section 125(2) of the
Constitution of the Federal Republic of Nigeria, 1999. I have obtained
information and explanations that I required for my audit. The preparation
and presentation of the Financial Statements contravened circular No
TRY/A48BA/2013/OAGF/CAD/026/Vol.1/190 of May, 2013 as the
Financial Statements were not IPSAS compliant. In my opinion, the
Financial Statements and the supporting Accounts and Statements give a
true and fair view of the state of affairs of Ekiti State Government as at 31st
December, 2014 subject to further observations in my Reports.
D.A. Kayode,
Auditor General,
Ekiti State