Saturday 21st October, 2017
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FG appoints 8 accounting firms to monitor states' finances

FG appoints 8 accounting firms to monitor states' finances

The Federal Government has appointed eight ac­counting firms to review States’ financial management as part of the conditions spelt out for states to access the N510 bil­lion Budget Support Facility (BSF).

The Director of Informa­tion, Ministry of Finance, Sal­isu Na’inna Dambatta, disclosed this in a statement on Wednes­day in which he said the BSF is a 12-month standby loan facili­ty designed to bring immediate financial relief to state govern­ments.

The appointed accounting firms include PWC, KPMG, Ernst & Young, PKF, Muhtari Dangana & Co/S.S. Afemikhe & Co, and Ahmed Zakari & Co/Ijewere & Co.

According to the statement, the eight firms would evaluate the implementation of the 22-point Fiscal Sustainability Plan (FSP) which specified the conditions under which 35 State Govern­ments in June 2016 started ac­cessing the N510 billion Budget Support Facility (BSF).

The facility will enable state governments meet their finan­cial obligations; with a month­ly amount of N50 billion in the first three months and N40 bil­lion available for the remaining nine months to the 35 states.

The Fiscal Sustainability Plan is a 22-point reform programme which commenced in June, 2016 with requirements including in­creasing internally generated rev­enues, introduction of biometric payroll, publication of audited annual financial statements, and reduction of wastages by estab­lishing efficiency units.