The Federal government has rolled out 22 conditions
for States to access fresh N90 billion naria bail out to enable State
governments pay workers salaries.
Many States, including Imo State, accessed a Central
Bank of Nigeria (CBN) bailout funds in July 2015. Yet most of the states are unable
to pay salaries
.
PREMIUM TIMES said the conditions was posted on the facebook wall of Babafemi Ojudu, President Buhari's Political Adviser,
Below Are The Conditions:
1. Publish audited annual financial
statements within 9 months of financial year end.
2. Introduction and compliance with
the International Public Sector Accounting Standards (IPSAS).
Publish State budget online annually.
Publish State budget online annually.
3. Publish budget implementation
performance report online quarterly.
4. Develop standard IPSAS compliant
software to be offered to States for use by State and Local Governments.
5. 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.
6. Implementation of targets
Implement a centralized Treasury Single Account (TSA) in each State.
7. Quarterly financial
reconciliation meetings between Federal and State Governments to cover VAT,
PAYE remittances, refunds on Government projects, Paris Club and other
accounts.
8. Share the database of companies
within each State with the Federal Inland Revenue Service (FIRS). The objective
is to improve VAT and PAYE collection.
9. Introduce a system to allow for
the immediate issue of VAT / WHT certificates on payment of invoices.
10. Review all revenue related laws
and update of obsolete rates / tariffs.
Set limits on personnel expenditure as a share of total budgeted expenditure.
Set limits on personnel expenditure as a share of total budgeted expenditure.
11. Biometric capture of all States’
Civil Servants will be carried out to eliminate payroll fraud.
12. Establishment of Efficiency
Unit.
Federal Government online price guide to be made available for use by States.
Federal Government online price guide to be made available for use by States.
13. Introduce a system of Continuous
Audit (internal audit).
14. Create a fixed asset and
liability register.
15. Consider privitiation or concession of
suitable State owned enterprises to improve efficeincu and management.
16. Establish a Capital Development Fund to
ring fence capital projects and adopt accounting policies to ensure that
capital reciepts are strictly appled to capital projects.
17. Domestication of Fiscal Responsibilty
Act (FRA)
18. Attainment and maintainace of credit
rating by each state of the federation.
19. Federal Government to encourage States
to acces funds from the capital markets for bankable projects through issuance
of fast track municipal bond guidelines to support smaller issuances and
shorter tenures.
20.Full complinace with the FRA and
reporting obligations, including:
21. No Commercial bank loans to be
undertakn by States
22. Routine submission of updated debt
profile report to the DMO
1. Publish audited annual financial
statements within 9 months of financial year end.
2. Introduction and compliance with
the International Public Sector Accounting Standards (IPSAS).
Publish State budget online annually.
Publish State budget online annually.
3. Publish budget implementation
performance report online quarterly.
4. Develop standard IPSAS compliant
software to be offered to States for use by State and Local Governments.
5. 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.
6. Implementation of targets
Implement a centralized Treasury Single Account (TSA) in each State.
7. Quarterly financial
reconciliation meetings between Federal and State Governments to cover VAT,
PAYE remittances, refunds on Government projects, Paris Club and other
accounts.
8. Share the database of companies
within each State with the Federal Inland Revenue Service (FIRS). The objective
is to improve VAT and PAYE collection.
9. Introduce a system to allow for
the immediate issue of VAT / WHT certificates on payment of invoices.
10. Review all revenue related laws
and update of obsolete rates / tariffs.
Set limits on personnel expenditure as a share of total budgeted expenditure.
Set limits on personnel expenditure as a share of total budgeted expenditure.
11. Biometric capture of all States’
Civil Servants will be carried out to eliminate payroll fraud.
12. Establishment of Efficiency
Unit.
Federal Government online price guide to be made available for use by States.
Federal Government online price guide to be made available for use by States.
13. Introduce a system of Continuous
Audit (internal audit).
14. Create a fixed asset and
liability register.
15. Consider privitiation or concession of
suitable State owned enterprises to improve efficeincu and management.
16. Establish a Capital Development Fund to
ring fence capital projects and adopt accounting policies to ensure that
capital receipts are strictly applied to capital projects.
17. Domestication of Fiscal Responsibilty
Act (FRA)
18. Attainment and maintainace of credit
rating by each state of the federation.
19. Federal Government to encourage States
to acces funds from the capital markets for bankable projects through issuance
of fast track municipal bond guidelines to support smaller issuances and
shorter tenures.
20.Full compliance with the FRA and
reporting obligations, including:
21. No Commercial bank loans to be undertaken by States
22. Routine submission of updated debt
profile report to the DMO
No comments:
Write comments