Nigeria Commences Independent Audit Of Financial Management In 35 States, Appoints Audit Firms

SAN FRANCISCO, January 10, (THEWILL) – The Federal Government has commenced independent review of State financial management by appointing eight reputable accounting firms to monitor and evaluate the implementation of the bail out funds given to the states.

According to a statement by the Finance Ministry, signed by Salisu Danbatta, Director of Information in the ministry, the audit firms will monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan which specified the conditions under which 35 State Governments in June 2016 started accessing N510 billion Budget Support Facility.

Danbatta added that while monitoring of the states by the Federal Ministry of Finance had been ongoing since June 2016, independent monitoring and verification of the States against agreed milestones will now commence by the eight accounting firms.

The statement disclosed that the firms carrying out the monitoring are PWC, KPMG, Ernst & Young, PKF, Muhtari Dangana & Co/S.S. Afemikhe & Co, Ahmed Zakari and Co/Ijewere & Co.

While announcing their appointment, the Minister of Finance, Kemi Adeosun, said the firms were “expected to vigorously monitor, evaluate and verify the performance of the States against the agreed milestones set by each State Government under the Fiscal Sustainability Plan,” adding that State Governments that fail to implement the action plans, as stated, would be taken off the facility with immediate effect.

THEWILL recalls that the bailout was designed to bring immediate financial relief to state governments and enable them 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.