THE AUDITOR-GENERAL FOR THE FEDERATION
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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized THE AUDITOR-GENERAL FOR THE FEDERATION LAGOS OFFICE: HEADQUARTERS: 5, Sir Mobolaji Bank Anthony Street. Audit House. Plot 273, Samuel Ademulegun Street, P.M.B Central Business District, Lagos. Nigeria P.M.B. 128,Garki-Abuja, Nigeria Tel:+234(0) Tel:+234(0)9 Ref No.Date... 0t. Feb., The Coordinating Minister of the Economy/ Honourable Minister of Finance, Federal ministry of Finance, Central Business District, Abuja. REPORT ON THE AUDIT OF THE FIRST AGRICULTURE DEVELOPMENT POLICY FINANCING (AqDPO1) FROM FEBRUARY, 2014 TO DATE 1.0 BACKGROUND The Federal Republic of Nigeria received financing of SDR66,300,000 equivalent to the sum of $101.7 million for the First Agriculture Development Policy Financing (DPF) from the International Development Association as provided in the World Bank Program Document dated June 4, The Government of Nigeria entered into a Financing Agreement with the Association dated September 9, The Federal Ministry of Finance (vide letter Ref. No.: F11373/S.34/C.643/T1/174 dated February 4, 2015,) requested the Office of the Auditor General for the Federation to audit the expenditure of the Loan Account with the objective of expressing professional opinion(s) on the Dedicated Account for the DPF and on funds received into and payments made out of the Dedicated Account for the relevant accounting period. 2.0 SUMMARY TERMS OF REFERENCE The Terms of Reference for the Audit cover: (a) The Accuracy and true and fair nature of the Summary of Transactions of the Dedicated Account (i.e. summarized statement of receipts and payments in this account), including the accuracy of exchange rate conversions. 1
2 (b) (c) (d) (e) Confirmation that the Dedicated Account was used only for the purposes of the operation (i.e. no other amounts are deposited into this account). Confirmation that no payments out of the Dedicated Account were made for Excluded Expenditures as defined in the Financi.ng Agreement. Description of the steps taken to transfer DFA proceeds from the Dedicated Account to a commercial bank account and assessment of whether relevant GoN rules, policies and procedures were followed in this process. Confirmation that the totality of the DFA proceeds, including any interest earned, was credited to the Consolidated Revenue Fund Account used to finance budgeted expenditures. 3.0 RESPONSIBILITIES The Office of the Accountant-General of the Federation responsibility for selecting and applying accounting policies and for the preparation of Summary of Transactions of the dedicated account, including adequate disclosure. The Office of Auditor-General has responsibility for forming and expressing an audit opinion on the Summary of Transactions of the Dedicated Account of the Agriculture DPF. 4.0 BASIS OF OPINION We have carried out the audit in accordance with relevant ISSAls and ISA 800. The assignment was carried out by visiting the relevant government agencies involved in the programme i.e. the Office of the Accountant- General of the Federation and the Federal Ministry of Agriculture and Rural Development where we obtained relevant documents and information required to carry out the assignment. has 2
3 5.0 FINDINGS OF THE AUDIT The following findings were made from the documents and information obtained from the respective government agencies. (a) The audit team was able to confirm the receipts of the sum of US$101,761, in to Central Bank of Nigeria (CBN) Account CBN/AGRIC DRAWDOWN IDA CREDIT SDR66M ACCOUNT number on 28th February, (b) Based on a mandate of the Accountant-General of the Federation dated 2 0 th January 2014, the DFA proceeds of $101,761, was then transferred to a domiciliary account in Zenith Bank Account with the following account details: > Account Name: FMARD First Agriculture Transformation Development Policy Account; > Account Number: ; >o Branch: Maitama, Abuja Branch. (c) The opening of the domiciliary account in the Commercial bank (Zenith Bank plc) in the name of the Federal Ministry of Agriculture and Rural Development was made under the authority of the Accountant-General of the Federation in line with Financial Regulation no 701 which made the Accountant-General of the Federation the sole authority for the opening of commercial bank accounts by MDAs. (d) Two withdrawals totaling US$21,444, were made from the Domiciliary Account with Zenith Bank Account No by the Federal Ministry of Agriculture and Rural Development for certain activities as follows: > US$15,444, on 19/06/2014; and > US$6,000, on 16/09/2014. This then brought the balance in the domiciliary account down to US$80,317, CR as at 17 th October, 2014 as against US$101,761, (e) The procedure/authorization for the withdrawal/transfer of the sum of $21,444, from the domiciliary account with Zenith bank 3
4 appeared not to be in line with the Financing Agreement and the Accountant General's procedures in managing the DPF funds. (I)Howver oninstructionl the Federal Ministry of Finance, the FMARD (f)later n of US$21,444,0n0tFe to make up the balance to $101,761, (g) The interest generated on the domica a th the Zenith ane totaling US$42 4, was alsoe Dedicated Account at the CBN. dated IIth of November 2014 to thsfer De the Dedicated Account to ) It was also confirmed that the transf fmtheriediad ant to (h te Commercial bank account was duly authorized and mandated by the AccountantGeneral of the Federation in line with provisions of Finncil Rguatins hesum also appropriately acknowledged Financial Regulations and the suk through the credit advices sent to the AccountantGeneral of the Federation and the Director of Finance in the FMARD, respectively. (i) No other deposits were made intothe Dedicatedh aount e both the CBN Account No and the f the From available records no disbursement was m t ofe Dedicated Account for any expenditures and no payments were md out of it for any excluded expenditures as defined in the Financing Agreement, as the whole sum of $102,185, ($101,761, $424,011.98) in the account were fully accounted for up till the time of audit. (k) it was affirmed at the Federal Ministry of Agriculture & Rural Development by the Director of Finance and Accounts that though activities for the programme has commenced, no disbursements has been made so far from the Dedicated Account. (I) it was confirmed that the naira equivalent of the totality of the DFA proceeds in CBN/Agric Drawdown IDA Credit SDR66M Account No ncluding the interest earned were remitted into the 5o830e8d09 und (CRF) Account No as Consolidated Revenue Fu follows: 4
5 (i) US$ 101,761,332.45, which translated to N16,994,142, (remitted on 24/12/2014); and (ii) US$ 424,011.98, which translated to W70,180, (remitted on 13/02/2015). These sums have therefore been accounted for in the Budget Execution System of the Federal Government of Nigeria having entered the CRF account with CBN and available to finance budgeted expenditures. (in) It is therefore confirmed that the totality of the DFA proceeds of US$101,761, plus the interest earned of US$424, (i.e. a total naira equivalent of N17,064,952, ) was credited to the Consolidated Revenue Fund Account and available to be used to finance budgeted expenditures. 6.0 SUMMARY OF TRANSA OF THE DEDICATED ACCOUNT The summary of transactions in the Dedicated Account is as detailed below: Summary of transactions Total US $ equivalent disbursed by WB to CBN Account and further transferred to Zenith Bank Interest earned on the deposit with Zenith Bank Total Funds to be Accounted for made by FMARD Expenditures refunded by FMARD US$424, US$102,185, (US$21, ) US$21,444, US US$i02185, Total Amount credited in the CBN Account Noi US$102,185, Total Naira equivalent transferred to the CRF - N17,064,952, (Naira Account-No ) 7.0 CONCLUSION The audit exercise confirmed the presence of the IDA proceeds in the Dedicated CBN Account number for the Federal Ministry of Agriculture and Rural Development (FMARD) for the sum of US$101,761,
6 It appears there was a misunderstanding of the concept of the budget support Financing at the sectoral level, as FARD had impression that the funds could be earmarked for their sole use, making them withdraw the sum of $21,444, for their activities, which they later refunded. It is evident from above that the transaction was not in line with the provisions of the Financing Agreement and a breach on the purpose of the utilization of the domiciliary account. This should be avoided in future transaction in the AgricDPO. There was no evidence of any fraudulent activities with regards to the utilization of the funds only a lack of understanding of the purpose of the DPO Financing Agreement. The internal control mechanism need to be strengthened to allow the Accountant General of the Federation be in full charge of all disbursement activities under the DPO Financing, to avoid the type of iisunderstarnding leading to withdrawal from the domiciliary account as earlier highlighted. 8.0 OPINION It is our audit opinion that: The summary of transactions of the Dedicated Account represents a True and Fair view of the receipts and payments into the Dedicated Account of the DPF for the period February 2014(the date of first disbursement) to date. * The Dedicated Account was only used for the purposes of the stated operation as in the financing agreement. * No payments out of the dedicated Account were made for excluded expenditures as defined in the Financing Agreement. * The totalities of the DFA proceeds of US$101,761, , plus interest earned of US$424, were credited to the Consolidated Revenue Funds Account with CBN and available to finance budgeted expenditures as at the time of audit. Samuel, T. Ukura, JP, OFR, FCA Auditor-General for the Federation 6
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