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List Of 23 Conditions States Must Meet To Access New Bailout Fund (See List)

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Here is a list of all the 23 conditions state governors have to fulfill to access the Federal government’s N90 billion loan that was announced by Minister of Finance, Kemi Adeosun yesterday June 14th. The conditions include;

1. Publish audited annual financial statements within nine months of financial year end.

2. Comply with the International Public Sector Accounting Standards (IPSAS)

3. Publish state budget online annually

4. Publish budget implementation performance report online quarterly

5. Develop standard IPSAS compliant software to be offered to states for use by state and local governments

6. Set realistic and achievable targets to improve independently generated revenue (from all revenue generating activities of the state in addition to tax collections) and ratio of capital to recurrent expenditure

7. Implement targets

8. Implement a centralised Treasury Single Account (TSA) in each state

9. Have quarterly financial reconciliation meetings with federal government to cover VAT, PAYE remittances, refunds on government projects, Paris Club and other accounts

10. Share the database of companies within each state with the Federal Inland Revenue service (FIRS). The objective is to improve VAT and PAYE collection

11. Introduce a system to allow for the immediate issue of VAT/WHT certificates on payment of invoices. Review all revenue related laws and update obsolete rates/tariffs

12. Set limits on personnel expenditure as a share of total budgeted expenditure

13. Biometric capture of all states’ civil servants will be carried out to eliminate payroll fraud

14. Establish efficiency unit

15. Federal government online price guide to be made available for use by states

16. Introduce a system of continuous audit (internal audit)

17. Create a fixed asset and liability register

18. Consider privatization or concession of suitable State-owned enterprises to improve efficiency and management

19. Establish a capital development fund to ring- fence capital receipts and adopt accounting policies to ensure that capital receipts are strictly applied to capital projects

20. Domesticate Fiscal Responsibility Act (FRA) 21. Attainment and maintenance of a credit rating by each state of the federation

22. Federal government to encourage states to access funds from the capital markets for bankable projects through issuance of fast- track Municipal bond guidelines to support smaller issuance and shorter tenures

23. Comply with the FRA and reporting obligations, including: No commercial bank loans to be undertaken by States; Routine submission of updated debt profile report to the DMO.

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