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.