THE WORLD BANK STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) (FEDERAL MINIS TRY OF EDUCATION) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31Sr DECEMBER, 2018 AUDITED BY OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION Plot 273, Samuel Ademulegun Street, Central Business District, Abuja. I LL STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Contents page Table of Contents i Project Information/Profile 1-3 Key Historical Financial Highlights 4-5 Report of the Auditors 6-8 Statement of Financial Performance 9 Statement of Financial Position 10 Statement of Changes in Net Assets/Funds 11 Statement of Cash Flow 12 Notes to the Financial Statements 13-18 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PROJECT INFORMATIONIPROFILE FOR THE YEAR ENDED 31ST DECEMBER, 2018 PROJECT BACKGROUND The State Education Program Investment Project (SEPIP) is a four-year World Bank assisted programme initiated in March 2013. The project is expected to act as a catalyst to the adoption of results/performance-based approaches by the Government, and scaling-up over time through its own funding. It is a pilot project financed by a US$150 million Specific Investment Credit to the Federal Republic of Nigeria, which in turn disburses part of the funds to the three participating States: Anambra, Bauchi and Ekiti, through subsidiary financing agreements. This supports the design and implementation of educational activities in the three participating States at basic and secondary education level for the period from March 2013 to October 2017. Additional funding amounting to US$100 million was secured in October 2017 which extended the project life to October 2019. The additional funding also brought in Maiduguri, Adamawa, Yobe, Gombe, and Taraba as participating states in addition to the existing trio of Anambra, Bauchi and Ekiti. As at 31st December, 2018, the program had taken off in four (4) north Eastern states of Nigeria. The project supports five critical results (agreed performance indicators) captured by the five Disbursement-Linked Indicators (DLIs) namely: DLI 1: Teachers Development in Rural Areas DLI 2: Teacher Deployment in Core Subjects DLI 3: Assessment of Student Achievement DLI 4: Technical and Vocational Schools DLI 5: School-Based Management Committees (SBMCs) The Project consists of two components. These are: Component 1: A results-based financing component (about 83% of total credit)- aimed at supporting participating State Governments' program priorities through selected disbursement-linked indicators focusing on the achievement of tangible and measurable results over the project period as contained in the Project Implementation Manual. Component 2: Technical assistance component (about 17% of the total credit) - aimed at strengthening the delivering capacity and knowledge of participating States, other States interested in results-based approaches, Federal Ministry of Education, the Universal basic Education Commission, State Universal Basic Education Boards and concerned Educational Institutions. The new Project Development Objective (PDO) with the additional financing (AF) is to strengthen the educational system by supporting: i. Need-based teacher deployment; ii. School level management and accountability; and iii. Measurement of student learning in participating States STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PROJECT INFORMATION/PROFILE FOR THE YEAR ENDED 31ST DECEMBER, 2018 The Project is supervised by National Project Steering Committee under the Chairmanship of the Honourable Minister of Education. MEMBERS OF NATIONAL PROJECT STEERING COMMITTEE 1. The Honourable Minister of Education Chairman 2. The Permanent Secretary, Federal Ministry of Education Vice Chairman 3. Representative of Federal Ministry of Finance Member 4. Director in the Federal Ministry of Education Member 5. Commissioner of Education of all the participating States Member 6. Representative of National Planning Commission Member 7. Representative of Civil Society Organisations Member 8. Executive Secretary, UBEC or Representative Secretary PRINCIPAL OFFICERS OF THE PROJECT 1. Kofi K. Akpan - Project Coordinator 2. Abubakar A. Sambo - Project Accountant 3. Loveth Amaku (Mrs) - Monitoring & Evaluation Officer 4. Dr Celestine Okoye - Information Officer 5. Sarah Leonard Fwa - Project Internal Auditor 6. Abdulazeez Abubakar - Procurement Officer All the Principal Officers held office throughout the year except Mrs. Sarah Leonard Fwa who resumed as the new Project Internal Auditor on 29th June, 2018, to replace Late Mr Adeniji Onayade who died on the 14th December, 2017, and as a result, the position of the Project Internal Auditor became vacant as at 31st December, 2017. AUDITORS Office of the Auditor-General for the Federation, Plot 273, Samuel Ademulegun Street, Central Business District, Abuja. Website: www.oaugf.ng E-mail: info@oaugf.ng PROJECT HEAD OFFICE Federal Ministry of Education Annex Building, Plot 245 Samuel Ademulegun Street, Central Business District, Abuja. sepipfme@yahoo.com 2 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PROJECT INFORMATIONIPROFILE FOR THE YEAR ENDED 31 ST DECEMBER, 2018 PROJECT FINANCIER 1. The World Bank PROJECT IMPLEMENTING AGENCY Federal Ministry of Education BANKERS 1. Central Bank of Nigeria Central Business District, Abuja. 2. First Bank (UK) Ltd 28 Finsbury Circus, London EC2M7DT. 3 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) KEY HISTORICAL FINANCIAL HIGHLIGHTS AS AT 31ST DECEMBER, 2018 Figure 1: Yearly Expenditures Figure 2: Yearly Surplus/(Deficit) Surplus/ Deficit 9524,31052 Figure 3: Yearly Total Assets Figure 4: Yearly Cash & Cash Equivalents : 35,K-4 27 Figure 5 Yearly Net Assets and Funds 4 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) KEY HISTORICAL FINANCIAL HIGHLIGHTS AS AT 31ST DECEMBER, 2018 The State Education Program Investment Project is a World Bank assisted program initiated in March 2013, which is coordinated by the Federal Ministry of Education, Basic and Secondary Education Department to support education programs of the Participating States of Anambra, Bauchi and Ekiti to improve the quality, access and efficiency of their education, and as an emergency response (including other human development interventions) for north east states: Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe, and limited technical assistance to eligible States meeting the criteria for the result-based approach adopted by SEPIP. The Management of SEPIP is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Project and to enable them to ensure that the Financial Statements comply with International Financial reporting Standards (IPSAS) accrual basis and the requirement of World Bank. They are also responsible for the system of prevention and detection of fraud and other irregularities. Statement of Responsibility From the foregoing, the Management hereby confirms to the best of its knowledge that: * The financial statements for year 2018 are prepared in accordance with International Public Sector Standards (IPSAS) Accrual basis as issued by the International Public Sector Accounting Standards Board (IPSASB) and in a manner required by the World Bank; * The financial statement gives a true and fair view of the financial position and cash flows deficit of the Project; * Proper books of accounts were maintained and kept up to date throughout 2018; and * Adequate safeguards are in place to secure as far as possible, the accuracy of accounting records including project's assets. Disclosure of Information to Auditors All information and document sought by the Project's Auditors that are within the confines of the management were been made available to them. Therefore, the Management has taken steps it ought to have taken to provide relevant audit information and to establish that the Project's Auditors are aware of that information. Kofi K. Apan (Project Coordinitor) For: Management 5 THE AUDITOR-GENERAL FOR THE FEDERATION Audit House, Plot 273, Samuel Adernulegun Street, Central Business District, PM.B I28, Garki - Abuja, Nigeria. The Project Co-ordinator, State Education Programme Investment Project (SEPIP), Federal Ministry of Education Annex Building, Plot 245 Samuel Adesujo Ademulegun Street, Central Business District, Abuja. AUDIT OF THE STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PERFORMED BY THE AUDITOR GENERAL FOR THE FEDERATION AUDITOR'S REPORT Opinion I have audited the financial statements of State Education Programme Investment Project (SEPIP) for the year ended 31st December, 2018. These financial statements comprise the Statement of Financial Position, Statement of Financial performance, Cashflow Statement and Statement of Net Assets/Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. In my op'nion, the accompanying financial statements present fairly, in all material respects, the financial rosition of the Entity as at 31" December, 2018, and of its financial performance and its cash flows for the year then ended in accordance with International Public Sector Accounting Standards (IPSAS). Basis for Opinion I conducted the audit in accordance with International Standards for Supreme Audit Institutions (ISSAls). My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements Section of my report. I am independent of the entity in accordance with the Code of Ethics for Supreme Audit Institutions together with the ethicr'! requirements that are relevant to my audit of the financial statements and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics. I believe that the audi~t evidnces obtained are sufficient and appropriate to provide a basis for my opinion. nespon;ibities af Management and Those Chared with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with IPS.XS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 6 In preparing the financial statements, management is responsible for assessing the Entity's_ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the project or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the entity's financial reporting process. Auditor's Responsibility for the Audit of the Financial Statements My objectives is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with (ISSAls), will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Financial Audit Methodology (FAM), which is consistent with the Fundamental Auditing Principles (ISSAls 100-999) of the International Standards for Supreme Audit Institutions, I exercise professional scepticism throughout the audit. I also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control. * Evaluate the appropriateness of accounting policies uses and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence, obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be brought to bear on my independence, and where applicable, related safeguards. 7 From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or, when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. A. M. AYINE, FCA Auditor-General for the Federation June 17, 2019 8 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2018 (Notes) 2018 2017 N N REVENUE 3 148,495.35 72,095.80 EXPENDITURE Consultancy 4 100,824,575.50 87,257,854.50 Training 5 114,682,232.75 176,333,764.75 Goods & Services 6 6,030,570.00 Operating Costs 7 90,534,745.96 92,884,390.97 Depreciation 12 10,667,114.00 9,461,000.00 Amortisation 10 - 2,871,351.57 322,748,328.21 368,808,361.79 Surplus/(Deficit) for the year (322,599,742.86) (368,736,265.99) The notes to the financial statements on pages 13-18jbrin integral part of these financial statements. 9 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2018 2018 2017 (Notes) N N ASSETS CURRENT ASSETS Cash & Cash Equivalents 8 96,831,550.92 28,034,973.12 Receivables 9 21,960,000.00 135.044.953.70 Total Current Assets 118,791,550.92 163,079,926.82 NON-CURRENT ASSETS Others -Intangible 10 2,871,351.57 Property, Plant & Equipment 12 12,459,456.00 17,096,000.00 Total Non-Current Assets 12.459,456.00 17,096,000.00 Total Assets 131,251,006.92 180,175,926.82 LIABILITIES & NET ASSETS CURRENT LIABILITIES Payables 11 7,715,432.50 8,069,908.70 Total Current Liabilities 7,715.432.50 8,069,908.70 NET ASSETS/FUNDS Accumulated Surplus/(Deficit) (989,313,203.78] (666,713,460.92) FME Funding (MV) 15,570,000.00 15,570,000.00 Exchange Difference (cumulative) 21,444,432.37 10,210,511.16 IDA Credits/Funding to date 12 1,075,834,345.83 813,038,967.88 Net Assets/Funds 123,535,574.42 172,106,018.12 Total Liabilities & Net Assets/Funds 131.251,006.92 180,175,926.82 Kofi K. Akpan (Project Coordinator) Ll Abubakar A. Sambo (Project Accountant] . . . The notes to the financial statements on pages 13-18 form integral part of these financial statements. 10 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF CHANGES IN NET ASSETS/FUNDS FOR THE YEAR ENDED 31ST DECEMBER, 2018 FME Funding Exchange (Notes) IDA Credit (MV) Surplus/Deficit Difference Total 2018 N ;4 4 N As at 1st January 813,038,967.88 15,570,000.00 (666,713,460.92) 10,210,511.15 172,106,018.11 Prior year receivables (2017) (135,044,953.70) - (135,044,953.70) Receivable (2018) 9 21,960,000.00 - 21,960,000.00 For the year 2018 375,880,331.65 - (322,599,742.86) 11,233,921.22 64,514,510.01 As at 31st December 2018 1,075,834,345.83 15,570.000.00 (989,313,203.78) 21,444,432.37 123,535,574.42 Exchange (Notes) IDA Credit FME Funding Surplus/Deficit Difference Total 2017 N -4N N N As at 1st January 554,965,331.53 - (297,977,194.93) 880,825.03 257,868,961.63 PPE -Motor vehicles - 15,570,000.00 - - 15,570,000.00 Prior year receivables (2016) (169,274,325,95) - (169,274,325.95) Receivable (2017) 135,044,953.70 - 135,044,953.70 For the year 2017 292,303,008.60 - (368,736,265.99) 9,329,686.12 (67,103,571.27) As at 31st December 2017 813,038,967.88 15,570,000.00 (666,713,460.92) 10.210.511.15 172.106.018.11 The notes to the financial statements on pages 13-18 form integral port ofthese financial statements. 11 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31sr DECEMBER, 2018 Statement of Cash Flow 2018 2017 Cash Flow From Operating Activities Surplus/(Deficit) for the year (322,599,742.86) (365,864,914.42) Items not involving movement of Cash Depreciation 10,667,114.00 9,461,000.00 Amortization Exchange difference (11,233,921.22) (9,329,686.12) Prior year adjustment (7,562,066.27) Working capital changes Receivables 21,960,000.00 34,229,372.25 Payables 7,715,432.50 4,769,744.19 Net cash flow from operating activities (301,053,183.85) (326,734,484.10) Cash Flow From Investing Activities Property, Plant and Equipment (6,0)30,570.00) (4,550,000.00) Other non-current assets Net cash flow from investing activities 6,030,570.00 4,550.000.00 Cash Flow From Financing Activities IDA Credit 375,880,331.65 292,303,008.60 FME Funding (15570000.00 Net cash flow from financing activities 375,880.331.65 276.733,008.60 Net cash changes for the year 68,796,577.80 (54,551,475.50) Cash and cash equivalent @a) the beginning of the year 28,034,973.12 82,586.448.62 Cash and cash equivalent @ the end of the year 96,831,550.92 28,034,973.12 Reconciliation of cash and cash equivalents 2018 2017 Special Accounts (IJSD) at year end per hank statement 235,817.14 70,104.09 Translated to Naira @ N305/$1 N305/$1 N N Special Account (Naira Equivalent) 71,924,227.70 21,381,747.45 Draw-Down Account - Naira Account 24,907,323.22 6,653.225.67 Total 96,831550.92 28,034,973.12 The notes to thefinancial statements on pages 13-18jforo integral part of these financial statements. 12 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 1. Statement of compliance with IPSAS The preparation and contents of these Financial Statements are in compliance with the requirements of the International Public Sector Accounting Standards (IPSAS) accrual basis, except that Statement of Budget and Actual of SEPIP was excluded because it has not been made publicly available as required by IPSAS 24. 2. Accounting Policies The following is the summary of the significant Accounting Policies adopted in the preparation of the Project's Financial Statements: a. Basis of preparation The Financial Statements have been prepared under the historical cost convention and in accordance with International Public Sector Accounting Standards (IPSAS) b. Principal Activities The Project, which does not have profit motive, principally engaged in the following activities: * Technical assistance to support key policy reforms * Training and capacity building * International study tours * Provision of policy guidance for smooth project implementation * Implementation support missions * Engaging deeply with the participating States and UBEC in ensuring the achievement of the Disbursement Linked Indicator (DLI) targets. c. Funds All contributions are by the financier (i.e. World Bank) and are only recognized when they become receivable and capitalized as IDA Credit/Fund. Also, assets transferred to the Project by the Federal Ministry of Education (FME) are recognized as counterpart fund. These funds are subsequently increased or reduced by surplus or deficit from the statement of financial performance. d. Recognition of Revenue & Expenditure Revenue and expenditures are recognised when they become receivable or payable/incurred. e. Non-current Assets 1. Non- current assets acquired during the year (if any) were stated at cost. 2. Depreciation/Amortization 13 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Depreciation/Amortization is provided on the non-current assets on a straight line basis in order to write off their costs over their estimated useful economic lives as follows: SN Asset Rate i. Plant 20% ii. Equipment 20% iii. Furniture & Fittings 20% iv. Motor Vehicles 25% v. Intangibles - Others 25% 3. In the opinion of the Principal Officers, non-current assets (if any) will be transferred to the Implementing Agency - Federal Ministry of Education at the end of the Project's life. f. Reporting/Foreign Currency The financial statements were prepared using the Nigerian Naira as the reporting currency. Transactions in foreign currency were translated at the rate of exchange ruling at the transaction date while all foreign accounts balances were translated at the rate of exchange at the reporting dates i. e. N305/$1 in both 2016, 2017 and 2018 reporting dates. Exchange difference arising from the translation was recognised as either addition or reduction to the existing one. At the expiration of the Project's life, balance, if any, shall be written off to the statement of financial performance. g. Deferred Taxation No provision was made for deferred taxation because the Project is exempted from payment of income tax by law. 14 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Notes 2018 2017 3 Revenue N Interest on Naira account (per bank statement) 1,013.00 Interest on Dollar account (per bank statement 148495.35 71.08280 148,495.35 72,095.80 4 Consultancy Student Assessment - 1,950,000.00 Educational Management Information System 6,062,450.00 Educational Development 5,570,000.00 4,151,700.00 Financial Management 14,141,700.00 - Monitoring & Evaluation 71,613,875.50 70,258,312.50 Technical Service & Support 630,000.00 - Fiduciary-Consultancy 8,869,000.00 4,835,392.00 100,824,575.50 87,257,854.50 5 Training Educational Management Information System 600,000.00 Project Management -Training 114,082,232.75 166,179,780.75 Project Management -Others 8,948,984.00 8,948,984.00 Reversal of Project Management -Others (8,948,984.00] Project Management -Good 1,205,000.00 11468221325 76333.764.75 6 Goods and Services ICT & Office Equipment 6,030,570.00 - 7 Operating Cost Project Management -Operating Cost 90,422,415.96 79,546,321.86 Project Management -Others - 6,758,724.17 Fiduciary - Goods 2,124,450.75 Unremitted VAT & WHT in 2017 - 7,610,058.70 Reversal of 2016 VAT - (3,155,164.51) Bank Charges 121,330.00 90,543,745.96 92,884,390.97 15 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 8 Cash & Cash Equivalents 2018 2017 Special Accounts (USD) @ yr end per bank statement 235,817.14 70,104.09 Translated to Naira @ N305/$1 N305/$1 Special Account (Naira Equivalent) 71,924,227.70 21,381,747.45 Draw-Down Account - Naira Account 24,907323.22 6,63,225.67 Total 96,831,550.92 8,034,973.12 9 Receivables Balance as at 1st January 135,044,953.70 169,274,325.95 During the year (IDA Credits) (135,044,953.70) (169,274,325.95) Re-imbursements of 2017 received in 2018 Re-imbursements of 16/01/2018 - 111,559,953.70 Re-imbursements of 26/03/2018 - 23,485,000.00 Re-imbursernents of 2018 received in 2019 2018 IDA Credits received in 2019 21 960000 00 - Converted at N305 to $1 - Receivables 21,960,000.00 135-044,953.70 10 Intangible - Other Non-Current Assets Others - Project Management Works - 11,485,406.28 Amortization @ 25% for 2014 - 2015 (prior year) 5,742,703.14 Amortization @ 25% for 2016 (2,871,351.57) Amortization @ 25% for 2017 2,871,351.57 11 Payables -Unpaid obligations at year end Creditors-Local 314,850.00 Unremitted VAT & WHT in 2016 681,982.50 3,155,164.51 Operating Cost - reversal of VAT & WHT - (3,155,164.51) Unremitted VAT & WHT in 2017 1,447,500.00 7,610,058.70 Unremitted VAT & WHT in 2018 5,730,950.00 - Unpaid DTA in 2016 145,000.00 Reversal of Unpaid DTA in 2016 (145,000.001 Total Current Liabilities 7,715,432.50 8,069,908.70 16 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Note 12 - Property, Plant & Equipment Schedules As at 31st December, 2018 Motor Plant Equipment Furniture Vehicles Total Cost N N N N N At 1st January, 2018 4,610,000.00 7,180,000.00 1,652,500.00 27,090,000.00 40,532,500.00 Additions during the year - 6,030,570.00 6,030,570.00 Disposals - At 31st December, 2018 4.610000.00 13.210,570.00 1,652,500.00 27,090,000.00 46,563,070.00 Depreciation At 1st January, 2018 3,688,000.00 3,206,000.00 1,130,000.00 15,412,500.00 23,436,500.00 For the year 922,00.00_ 2- 4211-4).0 330,500.00 6772,500.00 10.667,114.00 At 31st December, 2018 4,610,000.00 5,848,114.00 1,460,500.00 22,185,000.00 34,103,614.00 Carrying Amount At 31st December, 2018 7,362,456.00 192,000.00 4,905,000.00 12,459,456.00 As at 31st December, 2017 Motor Plant Equipment Furniture Vehicles Total Cost N N 4 N At 1st January, 2017 4,610,000.00 2,950,000.00 1,332,500.00 11,520,000.00 20,412,500.00 Additions during the year - 4,230,000.00 320,000.00 15,570,000.00 20,120,000.00 Disposals At 31st December, 2017 4,610,000.00 7,180,000.00 1652.500.00 27,090,000.00 40,532,500.00 Depreciation At 1st January, 2017 2,766,000.00 1,770,000.00 799,500.00 8,640,000.00 13,975,500.00 For the year 922,000.00 1,436000.00 330,500.00 6,772,500.00 9,461,000.00 At 31st December, 2017 3,688,000.00 3,206,000.00 1130.000.00 15,412,500.00 23,436,500.00 Carrying Amount At 31st December, 2017 922,000.00 3,974,000.00 522,500.00 11,677,500.00 17,096,000.00 17 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPI) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Note 13 - Schedule of IDA Credits/Funding 2018 2017 A $ N S Balance B/f 813,038,967.88 3,599,874.12 IDA Credit received in 2018 (per client connection) 375,880,331.65 1,232,394.53 IDA (redit of 2017 received in 2018 (per Client Connection) 13 5044953.70 442 770 341 IDA Credit received to date as at 31st December 2017 1053,874,345.83 4,389,498.31 Receivables in 2018 Re-imbursements of 2018 received in 2019 Re-imboUrsements of 12/02/2019 21,960,000.00 72,000.00 Converted at N305 to $1 - Receivables 21,960,000.00 72,000.00 As at 31st December 2018 1,075,834,345.83 4,461,498.31 Re-imbursements of 2016 received in 2017 IDA Credits received in 2017 (per client Connection) 292,303,008.60 958,370.52 IDA Credits of 2016 received in 2017 (per client Connection) (169,274 325.95) L5 7 1 790) Converted at N305 to $1 - Prior Year 123,028,682.65 403372.73 Re-imbursements of 2017 received in 2018 Re-imuIrsemtents ofl 6/01/2018 111,559,953.70 365, 770 34 Re-imbursements of 26/03/2018 23,485,000.00 77,000.00 Converted at N305 to $1 - Receivables 135,044,953.70 442 77041 Total IDA Credits 258,073,636.35 442,770.34 N $ N $ Cumulative of IDA Credits since inception Period to 31st Dec. 2014 255,21 7,25(.66 1,593,943.72 255,2 17,250.66 1,593,943.72 Jan, to Dec. 20)15 95,488,257.17 490,08299 95,488,257.17 490,082.99 2015 IDA Credits received in 2016 34,985,497.75 114,706.55 34,985,497.75 114,706.55 2016 IDA Credits received in 2017 169,274,325.95 554,997.79 169,274,325.95 554,997.79 2017 IDA Credits received in 2017 123,028,6082.65 403,372.73 123,028,682.65 403,372.73 2017 IDA Credits received in 2018 135,044,953.70 442,770.34 135,044,953.70 442,770.34 2018 IDA Credits received in 2018 240,835,377.95 789,624.19 -- 2018 IDA Credits received in 2019 - Receivables 21,960,000.00 72,00.00M Total Funding to date 1.075.834.345.83 4AA61A9.131 813,038,967.8 3,599.874.12 18