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World Bank lauds Kogi’s 2020 audited financial statement

“The financial statements were prepared on IPSAS accrual basis, and the auditor-general of the state has issued an audit certificate with an unqualified (clean) audit opinion.”

• November 30, 2021
World Bank

The World Bank has commended Kogi on its 2020 audited financial statement, describing the financial report as a standard for transparency and accountability in the public sector.

The bank gave the commendation in a letter addressed to the state’s accountant-general and dated November 21 received by the Kogi accountant-general on November 25.

In its letter to Kogi, the World Bank commended the state for preparing its audited financial statements in line with the accrual basis of the International Public Sector Accounting Standards (IPSAS).

“We note that Kogi state audited financial statements for the year ended December 31, 2020, has been uploaded on the state’s website as per the SFTAS’ eligibility criteria for the financial year 2021,” stated the letter. “The financial statements were prepared on IPSAS accrual basis, and the auditor-general of the state has issued an audit certificate with an unqualified (clean) audit opinion.”

It added that the bank had reviewed the audited financial statement, which was found acceptable for SFTAS programme fiduciary assurance requirements.

It noted that the letter was coming about four months after it was issued commending Governor Yahaya Bello for good leadership. It indicated a refund of a $4.63 million surplus under the Nigeria Erosion and Watershed Management Project. 

It was signed by the States Fiscal Transparency, Accountability and Sustainability Programme (SFTAS) Task Team Leader, Nigeria Country Office, Western and Central African Region, Deborah Isser.

The letter was titled ‘Nigeria: Review of Kogi State Audited Financial Statement for the year ended December 31, 2020, for SFTAS’.

SFTAS is a 750-million dollar programme to reward states for meeting any or all the nine indicators that demonstrate improvements in fiscal transparency, accountability, and sustainability.

The nine indicators are an offshoot of the previous fiscal sustainability plan of the federal government, where states are to be rewarded for meeting up to 22 targets.

The World Bank had supported the federal government to incentivise states to properly achieve the 22-point Fiscal Sustainability Plan, which has now been redesigned as the nine Disbursement Linked Indicators under SFTAS.

The criteria to be achieved are improved financial reporting, budget reliability, increased openness, and citizens’ engagement in the budget process.

Others are improved cash management and reduced revenue leakages through the implementation of the State Treasury Single Account.

Some more are strengthened Internally Generated Revenue collection, biometric registration, and Bank Verification Number used to reduce payroll fraud.

The rest are improved procurement practices for increased transparency and value for money, strengthened public debt management, and fiscal responsibility framework.

The SFTAS programme is part of the federal government’s efforts to further enhance transparency and accountability in using public resources.

This is to be done by implementing the Open Government Partnership, which Nigeria signed in July 2016.

(NAN)

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