The document is the financial report of the Accountant-General of Ekiti State for the year ended December 31, 2010. It includes the statement of accounting policies, an audit certificate from the Auditor General stating the financial statements give a true and fair view of the state's finances, and various notes and statements about revenues, expenditures, assets, liabilities and debts. The Accountant General expresses appreciation to the officers involved in preparing the report and the Auditor General's office for their cooperation.

1. FINANCIAL REPORT OF
THE ACCOUNTANT- GENERAL
EKITI STATE
FOR THE YEAR ENDED
31ST
DECEMBER, 2010

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 4: 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 ii): Political Office Holders’ Salary……………………21
19 Note Number 6(a iii): Furniture Allowance………………………………21
20 Note Number 6(a iv): Teachers’ Salary…………………………………..22
21 Note Number 6(b): Pension and Gratuity………………………………….22

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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………………….30
25 Note Number 10: Capital Releases to Min/Depts……………………………31
26. Note Number 11: Expenses of General Nature………………………………35
27 Note Number 12A: Accountant General’s Cash Book Balances…………….36
28 Note Number 12B: Call Deposit Accounts Balances………………………..38
29 Note Number 13: TCO Balances……………………………………………..39
30 Note Number 14: Schedule of Govt. Investment…………………………….41
31 Note Number 15: Sundry Staff Advances …………………………………...42
32 Note Number 16: Operating Liabilities over Assets………………………...43
33 Note Number 17: Multilateral Debts………………………………………...44
34 Annexure I: Five – years Financial Summary………………………………..45
34 Annexure II: Summary of Revenue and Expenditure………………………..46
35 Annexure III (a): Bar Charts Showing Summary of Revenue………………..47
36 Annexure III (b): Bar Charts showing Summary of Expenditure…………….48

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REPORT OF THE ACCOUNTANT GENERAL,
EKITI - STATE OF NIGERIA WITH
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST DECEMBER, 2010.
INTRODUCTION
In line with this administration’s policies of transparency and accountability, I have the
honour to present the audited annual report on the accounts of the Government of Ekiti State of
Nigeria for the year ended 31st
December, 2010 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, 2010.

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RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
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 and its operations for the year ended 31st
December.
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.
O.O. OWOLABI
AG. ACCOUNTANT GENERAL
EKITI STATE
APRIL, 2011

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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 Statements of Assets and Liabilities of Ekiti State
Government as at 31st
December, 2010 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, 2010 subject to the observations in my
Reports.
A.G. Ajayi,
Auditor General,
Ekiti State