STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CREDIT NUMBER: IDA 50220 UNI NG AUDITED CONSOLIDATED PROJECT FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER, 2019. Chartered Accountants STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31sr DECEMBER, 2019 TABLE OF CONTENTS PAGE 1. Abbreviations and Acronyms 2 2. Key Project Information 3 3. Report of the National Project Coordinating Unit 4 4. Implementing Agencies' Statement of Responsibility 8 5. Independent Auditor's Statement of Responsibility 9 6. Statement of Accounting Policies 10 7. Independent Auditor's Opinion 11 8. Consolidated Statement of Sources and Use of Funds for the year ended 31st December, 2019. 13 9. Consolidated Cumulative Statement of Sources and Use of Funds for the year ended 31st December, 2019. 15 io. Consolidated Summary of Activities in Designated Accounts 21 11. Reconciliation Statement of Disbursement by Bank to Amount Received by the Project 23 12. Schedule of Withdrawals/SOE Reconciliation 24 13. Schedule of Major Assets Purchased with Project Funds 31 1 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31sT DECEMBER, 2019 ABREVIATIONS AND ACRONYMS Naira - Official currency of Nigeria - currency of the SEEFOR Project USD - United States Dollars EU - European Union Euro - Official Currency of the European Union. FMOF - Federal Ministry of Finance IERD - International Economic Relations Department of the FMOF FPFMD - Federal Project Financial Management Division OAGF - Office of the Accountant-General for the Federation AUGF - Auditor-General for the Federation PFS - Project Financial Statements GCCC - Government Counterpart Cash Contribution IFRs - Interim Financial Reports IDA - International Development Association M&E - Monitoring and Evaluation NPCU - National Project Coordinating Unit PPA - Project Preparatory Advance PPF - Project Preparatory Fund PFM - Project Financial Management SPCU - State Project Coordinating Unit MNDA - Ministry of Niger Delta Affairs MDAs - Ministries, Departments and Agencies AEA - Activities Executing Agencies SOE - Statement of Expenditure W/A - Withdrawal Applications SA - Special Account 2 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 315r DECEMBER, 2019 KEY PROJECT INFORMATION Name of Project: State Employment and Expenditure for Result (SEEFOR) Project Credit No. 50220 UNI NG Project Id: P. 121455 Credit Amount: Two Hundred Million Dollars Grant Amount: Eighty Million Euros Bankers: Central Bank of Nigeria FCMB Bank. Fidelity Bank Skye Bank (Polaris Bank) UBA Bank Zenith Bank Access Bank First Bank External Auditors: Ayamba Harcourt & Company (Chartered Accountants) Key Project Officers: Gregory Onu National Project Coordinator Ibrahim Matazu Project Officer, SEEFOR, IERD Yahaya Saidu Project Accountant, SEEFOR, NPCU Anyens Adogu State Project Coordinator, Bayelsa State Frank Apokwu State Project Coordinator, Delta State Toju Onaiwu State Project Coordinator, Edo State Kelcious Amos State Project Coordinator, Rivers State 3 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR TIE YEAR ENDED 31ST DECEMBER, 2019 REPORT OF THE NATIONAL PROJECT COORDINATING UNIT (NPCU) INTRODUCTION The Consolidated Annual Financial Statements of the SEEFOR project are prepared in line with the World Bank financial reporting guidelines and frameworks to provide information on the progress of the project's activities as regards the funds received and disbursements made for the year ended 31st December, 2019. THE PROJECT The Government of the Federal Republic of Nigeria has obtained a financial facility (Credit) of Two Hundred Million Dollars (USD$200,ooo,ooo.oo) from the World Bank and complementary Grant of Eighty Million Euros (C8o,ooo,ooo.oo) from the European Union(EU) for the implementation of the State Employment and Expenditure for Results (SEEFOR) project through the National Project Coordinating Unit of the State Employment and Expenditure for Results (SEEFOR) project in the Ministry of Finance, Budget and National Planning, Abuja. PROJECT OBJECTIVES: The significant thrust of the project is the enhancement of opportunities for employment, access to socio-economic services and improvement of public expenditure management systems in the four (4) participating States of Bayelsa, Delta, Edo and Rivers. PROJECT COMPONENTS: In order to realize the above objectives, the project is structured into three (3) components with Component 'A' focusing on 'Youth Employment and Access to Socio-Economic Services through small Public Works'; Component 'B' focusing on 'Public Financial Management Reforms' through carrying out major reforms in the participating states' public procurement and financial management systems and Component 'C' focusing on 'Project Implementation Support and Coordination' providing project support and coordination at the Federal and State levels, and the Ministry of Niger Delta Affairs in the development of investment strategy for the Niger Delta Region and strengthening capacity of the Ministry in Monitoring and Evaluation. 4 FINANCIAL REPORT The Consolidated SEEFOR Project Financial Statements on pages 13 to 18 with the accompanying notes, have been prepared in line with the International Accounting Standards (LAS) to provide information on the progress of the project with regards to funds received and disbursements made in relation to the project for the year ended 31st December, 2019, and cumulatively from project inception to 31st December, 2019. FINANCIAL SUMMARY PARTICULARS IDA CREDITS EURO GRANTS GCCC OTHERS TOTAL N N N N N SAL B/F - 2018 4,620,832,222.00 1,792,342,644.02 158,596,698.51 143,932,346.22 6,715,703,910.75 FUNDS RECEIVED 3,294,449,338.97 7,452,477,029.84 279,509,666.90 40,550,084.83 11,066,986,120.55 PAYMENTS/EXPENDITURE (6,944,125,483.34) (3,883,389,694.48) (340,855,088.64) (86,980,693.27) (11,255,350,959.73) EXCHANGE DIFFERENCE 507,857,546.01 (258,611,13926) - 249,246,406.75 BAL C/F - 2019 1,479,013,623.64 5,102,818,840.12 97,251,276.77 97,501,737.78 6,776,585,478.32 PROJECT CATEGORIES AND EXPENDITURE HEADS FOR THE SEEFOR PROJECT: The financial transactions of this project are categorized into: i. Works ii. Goods, Equipment & Vehicles iii. Consultancy Services iv. Training/Workshop v. Operating Costs vi. Grants vii. PPF Funds SOURCES OF PROJECT FUNDING The Project source of funding is mainly from the Two Hundred Million Dollars (USD$200,ooo,ooo.oo) credit facility obtained from the World Bank and the complementary grant of Eighty Million Euros (EUR8o,ooo,ooo.oo) from the European Union. These funds are drawn by the Project Implementing Units; that is, the NPCU, the IERD and the SPCUs through Withdrawal Applications in Client Connection with corresponding Statements of Expenditure. The activities which constitute the receipts and disbursements made for the year ended 31st December, 2019 are reported below. 5 EXPLANATION/COMMENT ON THE CONSOLIDATED ANNUAL FINANCIAL STATEMENT In connection with the financial report, the following information is given with respect to the various project activities to provide further clarification on the sources and uses of funds by categories as well as uses of fund by project components. Similarly, the analysis of budget implementation stated on pages 6 to 7 of the report is to show the overall percentages of project implementation by each PIU. SOURCES AND USES OF FUNDS BY PROJECT CATEGORIES This focuses on the funds received from IDA, the EU and GCCC and their corresponding expenditures during the reporting period. As a result, the total receipts for the year ended 31st December, 2019 stood at Eleven Billion, and Sixty Six Million, Nine Hundred and Eighty Six Thousand, One Hundred and Twenty Naira, Fifty Five Kobo (Nit,o66,986,12o.55) only, while total expenditure stood at Eleven Billion, Two Hundred and Fifty Five Million, Three Hundred and Fifty Thousand, Nine Hundred and Fifty Nine Naira, Seventy Five Kobo (Nt1,255,35o,959.75) only. On the other hand, the cumulative funds received for the project life, from inception to 31st December, 2019 amount to Sixty Six Billion, Six Hundred and Thirty Eight Million, Six Hundred and Seventy Two Thousand, Seven Hundred and Forty Eight Naira, Nine Kobo (N66,638,672,748.o9) only while the corresponding cumulative expenditure for the period under review amounted to Forty Nine Billion, and Sixty Eight Million, Nine Hundred and Seventy Six Thousand, Eight Hundred and Twenty Eight Naira, Thirty Kobo (N49,o68,976,828.3o) only. CONSOLIDATED USES OF FUNDS BY PROJECT ACTIVITIES [BUDGET, EXPENDITURE & VARIANCE ANALYSIS] This focuses on the Planned or budgeted activities against the Actual activities implemented to establish the percentage of budget execution while the difference is the variance. This could not be established as the documents submitted by the states as at the time of this reports did not reflect their planned budget. The total actual expenditure for the year ended 31st December, 2019 remained at Eleven Billion, Two Hundred and Fifty Million, Three Hundred and Fifty Thousand, Nine Hundred and Fifty Nine Naira, Seventy Five Kobo (Nt1,255,35o,959.75) only, as reflected in the above consolidated uses of funds by category. There is however, a need to point out that out of the total expenditure of Eleven Billion, Two Hundred and Fifty Million, Three Hundred and Fifty Thousand, Nine Hundred and Fifty Nine Naira, Seventy Five Kobo (N11,255,35o,959.75) only, for the financial year 2019, the SEEFOR's PIUs incurred the following respectively: * NPCU - N 225,000,018.42 representing 2.oo% * BAYELSA - N2,478,687,816.16 representing 22.02% * DELTA - N1,276,758,05o.67 representing 11.34% * EDO - N2,534,876,913-36 representing 22.52% 6 * RIVERS - N4,543,251,845-95 representing 40.37% * IERD - N196,776,315-19 representing 1.75% Ni1,255,350,959.75 ioo% Similarly, the cumulative expenditures incurred by each SEEFOR's PIUs from inception of the project to 31st December, 2019, are as follows: * NPCU - N1,26o,437,921.37 representing 2.57% * BAYELSA - N12,843,479,o92.14 representing 26.17% * DELTA - N12,597,678,192.24 representing 25.68% * EDO - N16,641,489,175.o9 representing 33-91% * RIVERS - N 5,529,116,132.27 representing 11.27% * IERD - N 196,776,315-19 representing 0.40% N49,o68,976,828.3o ioo% This reflects the percentages of project implementation by each PIU. PROJECT ACCOUNTING AND FINANCIAL REPORTING PACKAGE The Flexible Accounting Software remained the official accounting package recommended for the SEEFOR Project both at Federal and States levels for the project's accounting and financial reporting. As the Project implementation progresses, the project's FM Team are now more familiar with the flexible accounting package, hence, the financial reports are generated/extracted from the package with adjustments made to the figures where necessary. Albeit, some challenges are still being encountered with the use of the package and this requires urgent attention in the form of training programmes for users. OVERALL PROJECT IMPLEMENTATION It's interesting to note that the Project implementation has been progressing tremendously with all the states improving in their performance in respect to their disbursement capacity. Also, the procurement processes in connection to the project activities as detailed in the approved work plan for 2019 are either concluded or on- going. Therefore, we are hoping for a more robust/conclusive implementation of the project across the participating states in the fiscal year, 2020. Dr. egory On Na nal Project Coordinator (SEEFOR) 7 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019. THE IMPLEMENTING AGENCIES' RESPONSIBILITY STATEMENT The responsibility for the preparation of Project Financial Statements that give a true and fair view of the financial performance and position of the project and complies with the International Accounting Standards (IAS) is that of the Project Implementing Agencies, that is, the National Project Coordinating Unit (NPCU) at the Federal level and the State Project Coordinating Units (SPCU) at the State level. The NPCU and the SPCUs have responsibility to ensure fair presentation and adequate disclosure in the financial statements as well as the selection and application of suitable accounting policies and the establishment of a system of accounting and internal control necessary for the preparation of financial statements that are free from material misstatements, whether due to error, fraud or other irregularities. The Implementing Agencies also have the general responsibility for taking actions open to them and for doing all such things as are reasonably necessary to safeguard the assets of the project and to prevent and detect fraud and other irregularities. The Implementing Agencies and States hereby accept the above responsibilities and confirm that in preparing the financial statements on pages 13 to 18, they have selected and consistently applied appropriate accounting policies and that all applicable accounting standards have been complied with. Signed: -- ---- - ------ gned.- National Pr ect Coor nator. Project Accountant (NPCU) 8 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 318T DECEMBER, 2019 THE INDEPENDENT AUDITOR'S STATEMENT OF RESPONSIBILITY The independent auditors are responsible for forming an independent opinion on the financial statements presented by the National Project Coordinating Unit (NPCU), based on the audit, and to report their opinion to the NPCU. They have the responsibility to consider and report to the NPCU if certain requirements are not met. These requirements include the following: i.) That the World Bank and EU Financing have been used in accordance with the conditions of the financing agreement. ii.) That the Statements of Expenditure used as a basis for the submission of withdrawal applications to the bank have been verified and can be relied upon as a basis for loan disbursement. iii.) That Government Counterpart Cash Contributions have been provided and used in accordance with the financing agreement. iv.) That Goods, works and services financed with project funds have been procured in accordance with the Financing Agreement and the Bank's approved Procurement Procedures. v.) That the designated accounts have been maintained in accordance with the provisions of the Financing Agreement and funds disbursed out of the accounts were used only for the purpose intended in the financing agreement. vi.) That proper books of accounts have been kept by the project and the Project Financial Statements are in agreement with the books of account. vii.) That all the information and explanations which were necessary for the purpose of the audit have been obtained. The auditor's opinion does not include the report issued by the NPCU (together with matters included therein by reference). However, the auditor will report if the matters contained in the NPCU report are inconsistent with the financial statements. Ayamba Harco Chartered Accountants 9 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31T DECEMBER, 2019. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies which have been adopted by the project in the preparation of its Financial Statements. 1. BASIS OF ACCOUNTING The financial Statements have been prepared under the Historical Cost Convention using the cash basis of accounting. 2. OTHER INCOMES The project recognizes income from bank interests, fees and other charges such as tender fees, etc., as other incomes when received and credited to the related project accounts. 3. FIXED ASSETS Fixed assets are stated at their historical cost. No provision is made for depreciation. 4. FOREIGN CURRENCY TRANSACTIONS Transactions in foreign currencies are recorded in the books at the date of the transactions and translated in naira at the rate of exchange prevailing on the dates of the transactions. Foreign currency balances are translated in naira at the rate of exchange ruling at the year-end/financial statement date. 10 2nd Floor, UAC Building, Plot 2721273 Central Business District * Abuja FCT, Nigeria. Chartered Accountants Phone: +234 803 705 0135 email: info@ayambaharcourt.com Accounting o Audit & Assurance Tax Management Financial Advisory website: www.ayambaharcourt.com INDEPENDENT AUDITOR'S REPORT TO THE NATIONAL PROJECT COORDINATING UNIT (NPCU) OF THE STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT We have audited the Project Financial Statements of the State Employment and Expenditure for Result (SEEFOR) Project on pages 13 to 18 for the financial year ended 31st December, 2019, together with the tables and schedules on pages 19 to 36, which have been prepared on the basis of the accounting policies on page 10. The Responsibility of the Implementing Agencies The Project Implementing Agencies are responsible for the preparation, fair disclosure and presentation of these financial statements in accordance with the International Accounting Standards issued by the International Federation of Accountants. They are also responsible for the selection and adoption of such accounting policies and internal controls as they consider necessary for the preparation of financial statements that are free from material misstatements, whether due to error, fraud or other irregularities. The Responsibility of the Auditors Our responsibility is to form an independent opinion on the financial statements based on our audit, and to report our opinion to you. Our audit is conducted in accordance with the International Standards on Auditing issued by the International Federation of Accountants. These standards require us to comply with ethical requirements and to plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgment made by the Project Implementing Agencies in the preparation and presentation of the financial statements, and of whether the accounting policies are appropriate to the project, are consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary for the purpose of our audit and to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements. We have carried out the audit tests and auditing procedures that we consider necessary and we believe that the audit evidence we have obtained is sufficient and adequate to provide a basis for our audit opinion. 11 Intogrity o pndep don Objectivity Offices at Calabar and Port Harcourt Chartered Accountants Audit Opinion In our opinion, (Q. Proper books of accounts have been kept for funds received and expenditure incurred with respect to the project and the financial statements are in agreement with the books of accounts. We have reviewed the statements of funds received and expenditure incurred and we confirm that expenditure incurred were eligible for financing as provided for in the relevant credit agreement. We further confirm that the Statements of Expenditure (SOE) used as the basis for the submission of withdrawal applications to the bank can be relied upon as the basis for loan disbursements. (2.) The summary of activities in the Designated Accounts on pages 21 and 22 are based on the actual amounts lodged into and withdrawn from the accounts both at the NPCU and the beneficiary States. All withdrawal applications for replenishment complied with the terms of the credit agreement and the summary gives a true and fair view of the activities in the accounts for the period under review. (3.) The financial statements give a true and fair view of the financial position of the SEEFOR project as at 31 December, 2019 and of funds received and expenditure incurred for the financial year then ended and have been prepared in accordance with the World Bank guidelines and relevant International Accounting Standards. Kelly K. Ayamba, FCA L3 G/ICAN FRC/2o13/ICAN/ooooooo5581 U 0631856 For: Ayamba Harcourt & Company Chartered Accountants Abuja - Nigeria. August , 020. 12 Integrity idependience *Objectivity STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019. STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 31ST DECEMBER, 2019. RECEIPTS NPCU ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED NGN NGN NGN NGN NGN NGN NGN IDA Credit 166,290,962.50 - 691,069,412.00 - 2,211,607,557.38 225,481,407.09 3,294,449,338.97 Interest Receipt - Dollar Bank Account - 425,495.12 2,686,156.80 3,498,343,08 282,403.34 6,892,398.34 Interest Receipt - Euro Bank Account - - 4,919,456.25 - 1,572,461.25 - 6,491,917.50 Interest Recei t - Naira Bank Account - 99,834.32 175,934.64 0.03 275,768.99 Miscellaneous Receipts 5,450,000.00 - 5,450,000.00 Sales of Tender Document - 18,640,000,00 1,000,000.00 1,800,000.00 - 21,440,000.00 State Government Contribution - 200,907,905.54 - 78,601,761.36 - 279,509,666.90 EU Grant - 2,462,612,529.79 1,913,182,571.25 - 2,971,655,801.90 105,026,126.91 7,452,477,029.84 TOTAL RECEIPTS 166,290,962.50 2,682,160,435.33 2,610,696,768.94 88,713,852.80 5,188,334,163.64 330,789,937.35 11,066,986,120.55 EXPENDITURE BY COMPONENT Gds, WrIs, NonCS, CS, Trg&Wrks Pt A - 1,538,016,615.49 1,597,391,509.17 168,118,525.82 2,949,889,523.85 - 6,253,416,174.33 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt B- 679,668,892.06 334,418,786.74 398,588,473.65 585,206,168.38 196,776,315.19 2,194,658,636.02 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt C 225,000,018.42 97,628,446.57 113,416,258.51 158,633,403.35 181,942,853.73 - 776,620,980.58 Grants for Subprojects Pts A.2 & A.3 - 163,373,862.04 489,650,358.94 551,417,647.85 826,213,299.99 - 2,030,655,168.82 TOTAL EXPENDITURE 225,000,018.42 2,478,687,816.16 2,534,876,913.36 1,276,758,050.67 4,543,251,845.95 196,776,315.19 11,255,350,959.75 RECEIPTS LESS EXPENDITURE (58,709,055.92) 203,472,619.17 75,819,855.58 (1,188,044,197.87) 645,082,317.69 134,013,622.15 (188,364,839.20) Add: Foreign Exchange Difference 2,505,801.70 (310,026,290.07) (4,188,869.34) 66,642,633.49 506,158,125.89 (11,844,994.92) 249,246,406.75 Net Change in Cash (56,203,254.22) (106,553,670.90) 71,630,986.24 (1,121,401,564.38) 1,151,240,443.58 122,168,627.23 60,881,567.55 OPENING BALANCES 13 13 Govt. Counterpart Contribution A/c 1 94,997.75 1,270,990.32 1,824,027.47 - 3,190,015.54 Govt. Counterpart Contribution A/c 2 - 45,532,888.50 5,631,613.53 716,268.94 - 51,880,770.97 Govt. Counterpart Contribution A/c 3 - - 103,525,912.00 - - 103,525,912.00 IDA Designated Account USD 2,088,056.52 2,137,393,600.58 271,401,488.30 1,246,657,584.40 963,291,492.20 - 4,620,832,222.00 IDA Designated Account EUR 69,603,300.42 1,105,571,889.23 212,445,847.50 - 404,721,606.87 - 1,792,342,644.02 IDA - Draw Down Account 36,056,233.51 26,968,089.30 30,519,817,79 63,330,165.57 (33,048,902.24) - 123,825,403.93 Interest Receipt Account - Naira - 20,106,942.29 - - - 20,106,942.29 TOTAL OPENING BALANCES 107,747,590.45 3,335,668,407.65 624,795,669.44 1,312,528,046.38 1,334,964,196.83 - 6,715,703,910.75 Add: Net Change in Cash (56,203,254.22) (106,553,670.90) 71,630,986.24 (1,121,401,564.38) 1,151,240,443.58 122,168,627.23 60,881,567.55 Net Cash Available 51,544,336.23 3,229,114,736.75 696,426,655.68 191,126,482.00 2,486,204,640.41 122,168,627.23 6,776,585,478.32 Comprising: CLOSING CASHBOOK BALANCES Govt. Counterpart Contribution A/ci - 94,997.75 1,979,032.67 3,389,492.03 5,463,522.45 Govt. Counterpart Contribution A/c 2 - 77,660,285.38 5,631,613.53 716,268.94 - 84,008,167.85 Govt. Counterpart Contribution A/c- - 7,779,586,47 - - 7,779,586.47 IDA Designated Account - USD 2,679,407.25 605,954,624.51 363,542.92 126,754,060.80 667,573,129.62 75,688,858.54 1,479,013,623.64 IDA Designated Account - EUR 3,074,540.19 2,502,465,555.85 683,160,731.25 - 1,871,117,092.59 43,000,920.24 5,102,818,840.12 IDA - Draw Down Account 45,790,388.79 4,215,144.97 (2,487,851.16) 60,266,660.23 (52,485,581.80) 3,478,848.46 58,777,609.49 Interest Receipt Account - Naira - 38,724,128.29 - - 38,724,128.29 TOTAL CLOSING BALANCES 51,544,336.23 3,229,114,736.75 696,426,655.68 191,126,482.00 2,486,204,640.41 122,168,627.24 6,776,585,478.32 The accounting policies on page 1o and the notes on pages 19 to 36 form part of these financial statements. 14 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2019 CUMULATIVE STATEMENT OF SOURCES AND USES OF FUNDS AS AT 31ST DECEMBER, 2019. RECEIPTS NPCU ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED NGN NGN NGN NGN NGN NGN NGN Cumulative Receipts as at 31/12/2018 1,019,602,615.72 12,939,659,453.22 15,053,532,967.19 12,333,467,995.72 14,225,423,595.69 - 55,571,686,627.54 IDACredit 166,290,962.50 - 691,069,412.00 - 2,211,607,557.38 225,481,407.09 3,294,449,338.97 Interest Receipt -DollarAccount - 425,495.12 2,686,156.80 3,498,343.08 282,403.34 6,892,398.34 Interest Receipt -Euro Account - 4,919,456.25 - 1,572,461.25 - 6,491,917.50 Interest Receipt - Naira Account - 99,834.32 175,934.64 0.03 - 275,768.99 Miscellaneous Receipts - 5,450,000.00 - - 5,450,000.00 Sales of Tender Document - 18,640,000.00 1,000,000.00 1,800,000.00 - 21,440,000.00 EU Grant - 2,462,612,529.79 1,913,182,571.25 - 2,971,655,801.90 105,026,126.91 7,452,477,029.84 State Government Contribution - 200,907,905.54 - 78,601,761.36 - - 279,509,666.90 TOTAL RECEIPTS 1,185,893,578.22 15,621,819,888.55 17,664,229,736.13 12,422,181,848.52 19,413,757,759.33 330,789,937.35 66,638,672,748.09 EXPENDITURE BY COMPONENT Cumulative Expenditure as at 31 12/2018 1,035,437,902.95 10,364,791,275.98 14,106,612,261.73 11,320,920,141.57 985,864,286.32 - 37,813,625,868.55 Gds, Wrks, NonCS, CS, Trg&Wrks Pt A - 1,538,016,615.49 1,597,391,509.17 168,118,525.82 2,949,889,523.85 6,253,416,174.33 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt B - 679,668,892.06 334,418,786.74 398,588,473.65 585,206,168.38 196,776,315.19 2,194,658,636.02 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt C 225,000,018.42 97,628,446.57 113,416,258.51 158,633,403.35 181,942,853.73 - 776,620,980.58 Grants for Subprojects Pts A.2 & A,3 163,373,862.04 489,650,358.94 551,417,647.85 826,213,299.99 - 2,030,655,168.82 TOTAL EXPENDITURE 1,260,437,921.37 12,843,479,092.14 16,641,489,175.09 12,597,678,192.24 5,529,116,132.27 196,776,315.19 49,068,976,828.30 RECEIPTS LESS EXPENDITURE (74,544,343.15) 2,778,340,796.41 1,022,740,561.04 (175,496,343.72) 13,884,641,627.06 134,013,622.15 17,569,695,919.79 15 Add: Foreign Exchange Difference 126,088,679,38 450,773,940.34 (326,313,905,36) 366,622,825.72 (11,398,436,986,65) (11,844,994.92) (10,793,110,441.49) Net Cash Available 51,544,336.23 3,229,114,736.75 696,426,655.68 191,126,482.00 2,486,204,640.41 122,168,627.23 6,776,585,478.32 Comprising: CLOSING CASHBOOK BALANCES Government Counterpart Contribution A/c - 94,997.75 1,979,032.67 3,389,492.03 - - 5,463,522.45 Govt. Counterpart Contribution A/C 2 - 77,660,285.38 5,631,613.53 716,268.94 - 84,008,167.85 Govt. Counterpart Contribution A/c 3 - 7,779,586.47 - - 7,779,586.47 IDA Designated Account - USD 2,679,407.25 605,954,624.51 363,542.92 126,754,060.80 667,573,129.62 75,688,858.54 1,479,013,623.64 IDA Designated Account - EUR 3,074,540.19 2,502,465,555.85 683,160,731.25 - 1,871,117,092.59 43,000,920,24 5,102,818,840.12 IDA - Draw Down Account 45,790,388.79 4,215,144.97 (2,487,851.16) 60,266,660.23 (52,485,581.80) 3,478,848.46 58,777,609.49 Interest Receipt Account - Naira 38,724,128.29 - 38,724,128.29 TOTAL CLOSING BALANCES 51,544,336.23 3,229,114,736.75 696,426,655.68 191,126,482.00 2,486,204,640.41 122,168,627.24 6,776,585,478.32 The Financial Statements on pages 13 to 18 were approved by the NPCU on ... .............................and signed on its behalf by: Gregory Onu (National Project Coordinator) .oordinator). Date: .......... Yahaya Saidu (Project Accountant) ......... .................... Date: .... ... The accounting policies on page to and the notes on pages 19 to 36 form part of these financial statements. 16 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENT FOR THE YEAR ENDED 31sT DECEMBER: SEEFOR PROJECT - IERD STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 31ST DECEMBER: RECEIPTS 2017 2018 2019 CUMMULATIVE NGN NGN NGN NGN IDA Credit 76,002,382.80 149,479,024.29 - 225,481,407.09 Interest Receipt - Dollar Bank Account 12,080.88 47,311.94 223,010.53 282,403.34 EU Grant 43,715,806.26 - 61,310,320.65 105,026,126.91 TOTAL RECEIPTS 119,730,269.94 149,526,336.23 61,533,331.18 330,789,937.35 EXPENDITURE BY COMPONENT - Gds, Wrks, NonCS, CS, Trg&Wrks Pt A Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt B 77,280,180.70 44,630,956.81 74,865,177.68 196,776,315.19 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt C - - Grants for Subprojects Pts A.2 & A.3 - - TOTAL EXPENDITURE 77,280,180.70 44,630,956.81 74,865,177.68 196,776,315.19 RECEIPTS LESS EXPENDITURE 42,450,089.23 104,895,379.42 (13,331,846.50) 134,013,62215 Add: Foreign Exchange Difference 131,028.69 3,604,810.97 (15,580,834.58) (11,844,994.92) Net Change in Cash 42,581,117.92 108,500,190.39 (28,912,681.08) 122,168,627.23 17 OPENING BALANCES - IDA Designated Account USD - 25,993,099.62 121,353,581.76 IDA Designated Account EUR - 14,362,917.30 1,837,252.80 - IDA - Draw Down Account - 2,225,101.00 27,890,47376 - TOTAL OPENING BALANCES - 42,581,117.92 151,081,308.32 Add: Net Change in Cash 42,581,117.92 108,500,190,39 (28,912,681.08) 122,168,627.23 Net Cash Available 42,581,117.92 151,081,308.32 122,168,627.24 122,168,627.24 Comprising: CLOSING CASHBOOK BALANCES IDA Designated Account - USD 25,993,099.62 121,353,581.76 75,688,858.54 75,688,858.54 IDA Designated Account - EUR 14,362,917.30 1,837,252.80 43,000,920.24 43,000,920.24 IDA - TSA 2,225,101.00 27,890,473.76 3,478,848.46 3,478,848.46 TOTAL CLOSING BALANCES 42,581,117.92 151,081,308.32 122,168,627.24 122,168,627.24 18 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019. SUMMARY OF IDA CREDIT AND OTHER RECEIPTS RECEIPTS NPCU ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED NGN NGN NGN NGN NGN NGN NGN IDA Credit 166,290,962.50 - 691,069,412.00 - 2,211,607,557.38 225,481,407.09 3,294,449,338,97 Interest Receipt - Dollar Bank Account - 425,495.12 2,686,156.80 3,498,343.08 282,403.34 6,892,398.34 Interest Receit - Euro Bank Account- 4,919,456.25 - 1,572,461.25 - 6,491,917.50 Interest Receipt - Naira Bank Account - 99,834.32 175,934.64 0.03 - 275,768.99 Miscellaneous Receipts -- 5,450,000.00 - - 5,450,000.00 Sales of Tender Document - 18,640,000.00 1,000,000.00 1,800,000.00 - 21,440,000.00 State Government Contribution - 200,907,905.54 - 78,601,761.36 - - 279,509,666.90 EU Grant - 2,462,612,529.79 1,913,182,571.25 - 2,971,655,801.90 105,026,126.91 7,452,477,029.84 TOTAL RECEIPTS 166,290,962.50 2,682,160,435.33 2,610,696,768.94 88,713,852.80 5,188,334,163.64 330,789,937.35 11,066,986,120.55 19 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2019 CONSOLIDATED STATEMENT OF USES OF FUNDS BY COMPONENT EXPENDITURE BY COMPONENT NPCU ABU3A BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED NGN NGN NGN NGN NGN NGN NGN Gds, Wrks, NonCS, CS,Trg&Wrks Pt, A - 1,538,016,615.49 1,597,391,509.17 168,118,525,82 2,949,889,523.85 - 6,253,416,174.33 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt. B - 679,668,892.06 334,418,786.74 398,588,473.65 585,206,168,38 196,776,315.19 2,194,658,636.02 Gds, Wrks, NonCS, CS, Trg&Wrks, Op Csts Pt. C 225,000,018.42 97,628,446.57 113,416,258.51 158,633,403.35 181,942,853.73 - 776,620,980.58 Grants for Subprojects Pts A.2 & A.3 - 163,373,862.04 489,650,358.94 551,417,647.85 826,213,299.99 - 2,030,655,168.82 TOTAL EXPENDITURE 225,000,018.42 2,478,687,816.16 2,534,876,913.36 1,276,758,050.67 4,543,251,845.95 196,776,315.19 11,255,350,959.75 20 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 CONSOLIDATED SUMMARY OF ACTIVITIES IN THE DESIGNATED ACCOUNTS - USD NPCU DEA UA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED DEITAILS ABUJA STERLING NAME OF BANK ZENITH ZENITH BANK SKYE BANK UBA FIRST BANK 100367-USD- ACCOUNT NUMBER 00020026 5070271079 0064948297 3012059223 3001727497 CLBANK-99 $ $ $ $ $ $ $ Opening Balance 6,840.48 5,953,742.62 864,335.95 4,086,731.96 3,067,807.30 - 13,979,458.31 Add: Receipts during the year 511,664.50 - 2,200,858.00 - 7,043,336.17 737,288.38 10,493,147.05 Add: Bank Interest/Other Income - - 1,355.08 8,394.24 11,141.22 923.32 21,813.86 TOTAL RECEIPTS 518,504.98 5,953,742.62 3,066,549.03 4,095,126.20 10,122,284.69 738,211.70 24,494,419.22 Less: Withdrawals during the year 510,260.65 4,263,735.18 3,065,386.68 3,717,464.50 8,256,741.52 490,741.18 20,304,329.71 Less: Bank Charges 2,111.55 4.57 1,633.54 6,007.99 - 9,757.65 Less: Transfer to TSA -- - - Less: Transfer to Interest Account - - -- TOTAL PAYMENTS 510,260.65 4,265,846.73 3,065,391.25 3,719,098.04 8,262,749.51 490,741.18 20,314,087.36 Less Refunds - - - (20,078.28) - (20,078.28) ADJUSTED TOTAL PAYMENTS 510,260.65 4,265,846.73 3,065,391.25 3,699,019.76 8,262,749.51 490,741.18 20,294,009.08 CLOSING BANK BALANCES (USD) 8,244.33 1,687,895.89 1,157.78 396,106.44 1,859,535.18 247,470.52 4,200,410.14 Exchange Rate (NGN/USD) 325.00 359.00 314.00 320.00 359.00 305.85 - CLOSING BANK BALANCES (NGN) 2,679,407.25 605,954,624.51 363,542.92 126,754,060.80 667,573,129.62 75,688,858.54 1,479,013,623.64 21 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 CONSOLIDATED SUMMARY OF ACTIVITIES IN THE DESIGNATED ACCOUNTS - EURO NPCU DETAILS ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED NAME OF BANK FCMB ZENITH STERLING NIL UBA FIRST BANK 100367-EUR- ACCOUNTNUMBER 70004032 5080144736 0065272395 NIL 3002230284 CLBANK-73 c c c NIL c c c Opening Balance 197,247.90 2,529,912.79 566,522.26 - 1,057,349.34 - 4,351,032.29 Add: Receip during theyear - 5,849,976.47 5,101,820.19 - 7,763,554.62 308,478,46 19,023,829.74 Add: Bank Interest/Other Income - - 13,118.55 - 5,173.50 168.92 18,460.97 TOTAL RECEIPTS 197,247.90 8,379,889.26 5,681,461.00 - 8,826,077.46 308,647.38 23,393,323.00 Less: Withdrawals during the year 188,510.00 2,170,150.77 3,859,657.61 - 4,198,15031 189,789.95 10,606,258.64 Less: Bank Charges 25.00 146.54 41.44 - 0.33 24,40 237.71 Less: Transfer to TSA - - - - Less: Transfer to Interest Account - TOTAL PAYMENTS 188,535.00 2,170,297.31 3,859,699.05 - 4,198,150.64 189,814.35 10,606,496.35 Less Refunds - - ADJUSTED TOTAL PAYMENTS 188,535.00 2,170,297.31 3,859,699.05 - 4,198,150.64 189,814.35 10,606,496,35 CLOSING BANK BALANCES (USD) 8,712.90 6,209,591.95 1,821,761.95 - 4,627,926.82 118,833.03 12,786,826.65 Exchange Rate (NGN/EUR) 352.87 403.00 375.00 - 404.31 361,86 1,897.04 CLOSING BANK BALANCES (NGN) 3,074,540.19 2,502,465,555.85 683,160,731.25 - 1,871,117,092.59 43,000,920.24 5,102,818,840.12 22 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf DECEMBER, 2019 RECONCILIATION OF DISBURSEMENT FROM THE WORLD BANK TO AMOUNT RECEIVED BY THE PROJECT - USD Details NPCU ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED (a) Amount Disbursed by the World Bank 511,664.50 - 2,200,858.00 - 7,043,336.17 737,288.38 10,493,147,05 (b) Add: Interest Received - 1,355.08 8,394.24 11,141.22 923.32 21,813.86 (c) Less: Interest Charged (2,111.55) (4.57) (1,633.54) (6,007.99) - (9,757.65) (d) Other items - - - - Total Amount Received by Project 511,664.50 (2,111.55) 2,202,208.51 6,760.70 7,048,469.40 738,211.70 10,505,203.26 RECONCILIATION OF DISBURSEMENT FROM THE WORLD BANK TO AMOUNT RECEIVED BY THE PROJECT - EUR Details NPCU ABUJA BAYELSA EDO DELTA RIVERS IERD CONSOLIDATED ______________________c____ ________ NIL c cc (a) Amount Disbursed by the World Bank - 5,849,976.47 5,101,820.19 - 7,763,554.62 308,478.46 19,023,829.74 (b) Add: Interest Received - - 13,118.55 - 5,173.50 168.92 18,460.97 (c) Less: Interest Charged (25.00) (146.54) (41,44) - (0.33) (24.40) (237.71) (d) Other items - - - -_- - Total Amount Received by Proect (25.00) 5,849,829.93 5,114,897.30 - 7,768,727.79 308,622.98 19,042,053.00 23 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - RIVERS STATE CREDIT NUMBER: 50220 S/N Quarter Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount 1 Quarter 1 JAN - MARI 2019 436,772,952.11 207,170,020.75 35,528,189.77 188,952,841.04 868,424,003.67 2 Quarter 2 APR -JUN, 2019 662,225,106.74 87,977,465.75 57,413,624.93 256,801,476.78 1,064,710,327.20 3 Quarter 3 JUL - SEP 2019 994,631,176.51 106,629,140.65 34,719,152.10 194,729,685.51 1,330,709,154.77 4 Quarter 4 OCT - DEC, 2019 856,260,288.49 183,429,541.23 54,281,886.93 185,729,296.66 1,279,701,013.31 2f949,889,523.85 585,206,168.38 181,942,853.73 826,213,299.99 4,543,251,845.95 Expenses not covered by SOE in 2019 Less: Overstatement in SOE Less: Refund Total IDA Expenditure 4,543,251,845.95 Add: Counterpart Expenditure Total Expenditure for 2019 4,543,251,845.95 24 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31S DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - EDO STATE CREDIT NUMBER: 50220 S/N Quarter Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount 1 Quarter 1 JAN - MAR, 2019 562,669,525.27 7,567,576.00 39,683,638.21 95,275,445.00 705,196,184.48 2 Quarter 2 APR - JUN, 2019 541,957,060.65 66,996,975.00 18,091,594.94 218,616,063.51 845,661,694.10 3 Quarter 3 JUL - SEP, 2019 184,198,623.81 123,382,805.74 32,454,050.01 29,763,481.66 369,798,961.22 4 Quarter 4 OCT - DEC, 2019 221,407,073.26 136,471,430.00 16,160,522.71 145,995,368.77 520,034,394.74 1,510,232,282.99 334,418,786.74 104,483,184.44 489,650,358.94 2,438,784,613.11 Expenses not covered by SOE in 2019 Less: Overstatement in SOE Less: Refund Total IDA Expenditure 2,438,784613.11 Add: Counterpart Expenditure 96,092,300.25 Total Ex enditure for 2019 2,534,876,913.36 25 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT SCHEDULE OF WITHDRAWAL APPLICATIONS - DELTA STATE CREDIT NUMBER: 50220 S/N SOE No Period Covered EXPENDITURE CATEGORY Quarter 1 2 3 4 Total Amount NGN NGN NGN NGN NGN 1 Quarter 1 JAN - MAR, 2019 8,825,695.78 82,930,575.19 28,207,440.84 202,596,198.65 322,559,910.46 2 Quarter 2 APR - JUN, 2019 5,469,271.04 111,756,114.34 9,290,419.40 156,821,486.73 283,337,291.51 3 Quarter 3 JUL - SEP, 2019 48,397,029.51 71,928,948.68 19,060,234.72 138,041,916.34 277,428,129.25 4 Quarter 4 OCT - DEC, 2019 99,834,251.24 124,886,907.44 25,719,361.24 54,081,546.13 304,522,066.05 _ _162,526,247.57 391,502,545.65 82,277,456.20 551,541,147.85 1,187,847,397.27 Expenses not covered by SOE in 2019 Total IDA Expenditure 1,187,847,397.27 Counterpart Expenditure _ 88,910,653.40 Total Expenditure for 2019 1,276,758,050.67 26 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - BAYELSA STATE CREDIT NUMBER: 50220 S/N Quarter Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount 1 Quarter 1 JAN - MAR, 2019 6,738,334.10 83,732,181.48 8t293118.02 - 98,763,633.60 2 Quarter 2 APR - 3UN, 2019 3,248,650.13 228,274,516.29 12,149,722.48 89,188,862.04 332,861,750.94 3 Quarter 3 JUL - SEP, 2019 102,205,484.79 190,998,866.89 6,862,570.74 3,000,000.00 303,066,922.42 4 Quarter 4 OCT - DEC, 2019 1,243,303,317.67 163,186,227.40 11,829,281.15 71,000,000.00 1,489,318,826.22 1,355,495,786.69 666,191,792.06 39,134,692.39 163,188,862.04 2,224,011,133.18 Expenses not covered by SOE in 2019 90,969,273.30 Less: Overstatement in SOE Less: Refund Total IDA Expenditure 2,314,980,406.48 Add: Counterpart Expenditure 163,707,409.68 Total Expenditure for 2019 2,478,687,816.16 27 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - BAYELSA STATE CREDIT NUMBER: 50220 S/N Quarter Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount 1 Quarter 1 JAN - MAR, 2019 6,738,334.10 83,732,181.48 8,293,118.02 -98,763633.60 2 Quarter 2 APR-JUN, 2019 3,248,650.13 228,274,516.29 12,149,722.48 89,188,862.04 332,861,750.94 3 Quarter 3 JUL - SEP, 2019 102,205,484.79 190,998,866.89 6,862,570.74 3,000,00.00 303,066,922.42 4 Quarter 4 OCT - DEC, 2019 1,243,303,317.67 163,186,227.40 11,829,281.15 71,000,000.00 1,489,318,826.22 1,355,495,786.69 666,191,792.06 39,134,692.39 163,188,862.04 2,224,011,133.18 Expenses not covered by SOE in 2019 90,969,273.30 Less: Overstatement in SOE - Less: Refund - Total IDA Expenditure 2314,980,406.48 Add: Counterpart Expenditure 163,707,409.68 Total Expenditure for 2019 2,478,687,816.16 28 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - NPCU ABUJA CREDIT NUMBER: 50220 S/N SOE No Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount NGN NGN NGN NGN NGN 1 JAN - MAR, 2019 - - 34,580,072.10 -34,580,07210 2 - - - - 3 - - - - 4 - - - - - - 34,580,072.10 - 34,580,072.10 Expenses not covered by SOE 190,419,946.32 Less: Refunds Total IDA Expenditure Add: Counterpart Expenditure - Total Expenditure for 2019 225,000018.42 29 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 SCHEDULE OF WITHDRAWAL APPLICATIONS - IERD ABUJA CREDIT NUMBER: 50220 S/N SOE No Period Covered EXPENDITURE CATEGORY 1 2 3 4 Total Amount NGN NGN NGN NGN NGN 1 JAN - MAR, 2019 - 2 APR - JUN, 2019 - - - - 3 JUL - SEP, 2019 - - 4 OCT - DEC, 2019 - Expenses not covered by SOE 196,776,315.19 Less: Refunds - Total IDA Expenditure Add: Counterpart Expenditure Total Expenditure for 2019 196,776,315.19 30 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019 NATIONAL PROJECT CO-ORDINATING UNIT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE S/N ASSET DESCRIPTION QTY ASSETS REMARK/COMMENT 1. Motor Vehicles 5 78,386,641-90 Verified and confirmed 2. Office Equipment Various 2,043,000.00 3. Computers and Accessories Various 3,826,000.00 Camera and Communication 4. Equipment Various 235,000.00 " " " 5. M & E Infrastructure Various 15,826,593-30 Total too,317,235.20 N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be updated. 31 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019 BAYELSA STATE PROJECT CO-ORDINATING UNIT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE S/N ASSET DESCRIPTION QTY ASSETS REMARK COMMENT 1. Motor Vehicles 11 177,347,775.00 Verified and confirmed 2. Office Equipment Various 10,543,500.00 " " i 3. Computers and Accessories Various 24,100,000.00 " " 4. Office Furniture Various 5,557,800.co " " 5. Power Generating Sets 1 2,570,000.00 Camera and Communication 6. Equipment Various 1,336,ooo.oo 7. Internet Equipment Various 2,000,775.00 "_" _" Total 223_455,85o.oo N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be updated. 32 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 EDO STATE PROJECT CO-ORDINATING UNIT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE S/N ASSET DESCRIPTION QTY ASSETS REMARK/COMMENT 1. Motor Vehicles 7 105,900,000.00 Verified and confirmed 2. Office Equipment Various 24,957,8oo.oo "t " " 3. Computers and Accessories Various 269,148,442.30 4. Office Furniture & Fittings Various 13,998,475.00 "4 " " 5. Fire Fighting Equipment - - " " 6. Generator Sets / Inverter 4 24,716,017.00 Camera and Communication 7. Equipment Various 30,o66,029-46 " " " 8. Internet Equipment Various 78,270,691.58 Total 547,057,455-34 N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be updated. 33 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019 DELTA STATE PROJECT CO-ORDINATING UNIT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE S/N ASSET DESCRIPTION QTY ASSETS REMARK/COMMENT 1. Motor Vehicles 10 121,023,000.00 Verified and confirmed 2. Office Equipment Various 77,256,266.38 C 3. Air Conditioner 17 4,677,256.00 4. Office Furniture Various 22 232,662.24 " " Generator (looKVA 5. Soundproof - Diesel) 2 17,159,527.00 Total 242,348,711.62 N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be updated. 34 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2019 RIVERS STATE PROJECT CO-ORDINATING UNIT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE SIN ASSET DESCRIPTION QTY ASSETS REMARK/COMMENT 1. Motor Vehicles 13 224,335,050.45 Verified and confirmed 2. Computers and Accessories Various 94,028,989.54 it 99 it 3. Waste Disposal Carts 20 14,322,450.00 "_ "_ "_ 4. Office Generator 6 15,315,500.00 " " 5. Office Furniture Various 11,1o6,6o.oo " 9 " " 6. Office Equipment 12 56,931,810.00 " " " Total 416,o4o,399.99 N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be updated. 35 STATE EMPLOYMENT AND EXPENDITURE FOR RESULTS (SEEFOR) PROJECT. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 INTERNATIONAL ECONOMIC RELATIONS DEPARTMENT SUMMARY SCHEDULE OF MAJOR ASSETS ACQUIRED WITH PROJECT FUNDS TO DATE. COST OF THE jN ASSET DESCRIPTION QTY ASSETS REMARK/COMMENT 1. Motor Vehicles 1 23,333,333.00 Verified and confirmed 2. Computers and Accessories Various 13,804,688.04 5. Office Furniture Various 21,948,735.00 Total 59,o86,756.o4 N/B: The detailed schedule of the above assets was reviewed and most of the assets physically verified. However, the assets register needs to be maintained and updated regularly. 36