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Ekiti State Financial Report for the year 2011

Ekiti State Financial Report of the Accountant General for the year 2011.

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FINANCIAL REPORT OF
THE ACCOUNTANT- GENERAL
EKITI STATE
FOR THE YEAR ENDED
31ST DECEMBER, 2011
Page 2
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……………………………...18
15 Note Number 5a: Foreign Loan Draw Down ………………..…………….19
16 Note Number 5b: Sundry Receipts ……………………………………….19
17 Note Number 6(a i): Civil Servants’ Salary ……………………………….20
18 Note Number 6(a i): Political Office Holders’ Salary………………….….20
Page 3
19. Note Number 6(a ii): Furniture Allowance………………..…………..…..…21
20. Note Number 6(a iii): Secondary School Teachers Salary……….….………22
21. Note Number 6(b): Pension and Gratuity…………………………...…….…22
22. Note Number 7: Overhead Costs…………………………………………….23
23. Note Number 8: Transfer to Other Funds……………………………………28
24. Note Number 9: Grants to Parastatals & Tert. Institutions………………….31
25. Note Number 10: Capital Releases to Min/Depts……………………………32
26. Note Number 11: Expenses of General Nature………………………………36
27. Note Number 12A: Accountant General’s Cash Book Balances…………….37
28. Note Number 12B: Call Deposit Accounts Balances………………………..39
29. Note Number 13: TCO Balances……………………………………………..40
30. Number 14: Schedule of Govt. Investment…………………………………..42
31. Note Number 15: Sundry Staff Advances …………………………………...43
32. Note Number 16: Operating Liabilities over Assets……………….………...44
33. Note Number 17: Multilateral Debts………………………………………...45
34. Note Number 18: Details of local loans...…………………………….……...46
35. Annexure I: Five – years Financial Summary………………………………..47
36. Annexure II: Summary of Revenue and Expenditure……………….………..48
37. Annexure III (A): Bar Charts Showing Summary of Revenue………………..49
38. Annexure III (B): Bar Charts showing Summary of Expenditure…………….50
Page 4
REPORT OF THE ACCOUNTANT GENERAL, EKITI STATE OF
NIGERIA WITH FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER, 2011.
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, 2011 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 stated at cost.
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, 2011.
Page 5
Page 6
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, 2011 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 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.
A. B. OWOLABI
ACCOUNTANT GENERAL
EKITI STSTE

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Ekiti State Financial Report for the year 2011

  • 1. FINANCIAL REPORT OF THE ACCOUNTANT- GENERAL EKITI STATE FOR THE YEAR ENDED 31ST DECEMBER, 2011
  • 2. Page 2 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……………………………...18 15 Note Number 5a: Foreign Loan Draw Down ………………..…………….19 16 Note Number 5b: Sundry Receipts ……………………………………….19 17 Note Number 6(a i): Civil Servants’ Salary ……………………………….20 18 Note Number 6(a i): Political Office Holders’ Salary………………….….20
  • 3. Page 3 19. Note Number 6(a ii): Furniture Allowance………………..…………..…..…21 20. Note Number 6(a iii): Secondary School Teachers Salary……….….………22 21. Note Number 6(b): Pension and Gratuity…………………………...…….…22 22. Note Number 7: Overhead Costs…………………………………………….23 23. Note Number 8: Transfer to Other Funds……………………………………28 24. Note Number 9: Grants to Parastatals & Tert. Institutions………………….31 25. Note Number 10: Capital Releases to Min/Depts……………………………32 26. Note Number 11: Expenses of General Nature………………………………36 27. Note Number 12A: Accountant General’s Cash Book Balances…………….37 28. Note Number 12B: Call Deposit Accounts Balances………………………..39 29. Note Number 13: TCO Balances……………………………………………..40 30. Number 14: Schedule of Govt. Investment…………………………………..42 31. Note Number 15: Sundry Staff Advances …………………………………...43 32. Note Number 16: Operating Liabilities over Assets……………….………...44 33. Note Number 17: Multilateral Debts………………………………………...45 34. Note Number 18: Details of local loans...…………………………….……...46 35. Annexure I: Five – years Financial Summary………………………………..47 36. Annexure II: Summary of Revenue and Expenditure……………….………..48 37. Annexure III (A): Bar Charts Showing Summary of Revenue………………..49 38. Annexure III (B): Bar Charts showing Summary of Expenditure…………….50
  • 4. Page 4 REPORT OF THE ACCOUNTANT GENERAL, EKITI STATE OF NIGERIA WITH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2011. 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, 2011 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 stated at cost. 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, 2011.
  • 6. Page 6 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, 2011 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 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. A. B. OWOLABI ACCOUNTANT GENERAL EKITI STSTE
  • 7. Page 7 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 Statements of Assets and Liabilities of Ekiti State Government as at 31st December, 2011 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. In my opinion, the Statement of Assets and Liabilities 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, 2011 subject to the observations in my Reports. A.G. Ajayi, Auditor General, Ekiti State