Here’s 22 Conditions state governors must meet to access FG’s N90bn loan

According to Finance Minister, Kemi Adeosun, here is a list of all the 22 conditions state governors have to fulfill to access the Federal government’s N90 billion loan. The conditions include;

nigerian governors

  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
  21. 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
  22. 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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12 Comments

  1. At long last we have a government that is obviously serious about implementing effective government accountability,unlike in the past where the term “checks and balances” was a mere idle talk

  2. Very well said. This will finally bring discipline and accountability into the financial dealings of the States in this Country.

  3. Owo ree, iku ree. Which gov would first present himself as Guinea pig for the experiment. These governors are caricature of cankerworms, that feed fat on their host. Perhaps Mimiko would be bold enough to make the first touch of round leather game between FG and Govs. Bitter cake for honey monks in Nigerian states.

  4. AMEN!!!!!

    Accountability is the name of the game!
    Any government that does not want to comply has skeleton in their cupboard and wardrobe…………………and most of them need this at this time.

    THERE IS NO THIRD WORLD COUNTRY, ONLY THIRD WORLD PEOPLE!
    if we do what advanced countries do, we would enjoy what advanced countries enjoy.

  5. Trust those rogues (Governors), it won’t take them weeks to cook up figures in order to access the loan bcos they’re fantastically corrupt

    • I THINK FINANCIAL INTELLIGENCE OFFICERS WOULD BE SENT TO EACH STATE,FROM THE FEDERAL MINISTRY OF FINANCE, TO ACTUALLY LOOK AT THIER BOOKS, IF THEY ARE FOUND WANTING, THE ACCOUNTANT AND THE AUDITOR GENERAL OF EACH STATE WILL SUFFER FOR IT, WHILE THE GOVERNOR WILL BE ENJOYING. SO IF YOU ARE THE PROFESSIONAL ACCOUNTANT OR AUDITOR AND YOU ALLOW YOUR SELF TO BE USED BY THE ROGUES GOVERNOR, NA YOUR OWN BE DAT.

  6. Dumbass Amala and ewa aghoin governor, oya lets see you comply with these easy conditions, abi maybe na Fayemi prepare the Terms and Conditions.

    You never tell your people how much of their money you spend for your jamboree gbeborun trip to China o. Where you go take foto for train station. Thank God say we dey travel too. Olodo. As dem don open Koro yansh so, make you begin dey fear o. All the money you take rig election, Koro don dey beg now. Dem go soon carry that IJesah man wey follow kill the Cicero.

    The current cataclysm will soon sweep you off your feet. Na small small we dey drink hot akamu.

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