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

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List Of 23 Conditions States Must Meet To Access New Bailout Fund (See List)
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
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
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
16. Introduce a system of continuous
audit (internal audit)
17. Create a fixed asset and liability
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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