THE WORLD BANK GENERAL-HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) (NATIONAL BUREAU OF STATISTICS) FINANCIAL STA TEMENTS FOR THE PERIOD ENDED 3Isr DECEMBER, 2018 AUDITED BY OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION Plot 273, Samuel Ademulegun Street, Central Business District, Abuja CONTENT PAGE(S) CORPORATE INFORMATION 2-3 REPORT OF THE PROJECT MANAGEMENT TEAM 4 STATEMENT OF THE PROJECT MANAGEMENT 5 RESPONSIBILITIES REPORT OF THE AUDITORS 6-8 STATEMENT OF FINANCIAL POSITION 9 STATEMENT OF FINANCIAL PERFORMANCE 10 CASHFLOW STATEMENT 11 NOTES TO THE ACCOUNT 12-13 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER, 2018 CORPORATE INFORMATION Project Name: MIGERIA - GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) Project ID: TF0A0264 Total Project Cost: US$2.6 million Commitment Amount: US$1.3 million Responsible Agency: NATIONAL BUREAU OF STATISTICS ABUJA Project Management Team * MR ISIAKA A. OLAREWAJU - PROJECT DIRECTOR * MR. ADEBISI A. TUNDE - PROJECT COORDINATOR * MR. AUDU 0. OLOKPO - HEAD PROCUREMENT * MR. OLIVER A. ODIONYE - PROJECT ACCOUNTANT * MRS. NONGO THERESA - PROJECT INTERNAL AUDITOR 2 Project Beneficiaries: NATIONAL BUREAU OF STATISTICS FEDERAL MINISTRY OF BUDGET AND NATIONAL PLANNING Bankers: CENTRAL BANK OF NIGERIA CITI BANK (LONDON) Auditors: OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION, ABUJA Project Development Objective: To support the revised General Household Survey (GHSP) through: * Improving the production of household-level agricultural statistics linked with non-agricultural dimensions of households welfare and behaviour and * Fostering the dissemination and use of GHS data. 3 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER, 2018 REPORT OF THE PROJECT MANAGEMENT TEAM The Project Management Team has the pleasure of presenting this report and accounts for the year ended 31st December, 2018. Progect overview The project overview is to Improve the production of household-level agricultural statistics linked with non-agricultural dimensions of households welfare and behaiour and foster the dissemination and use of GHS data. Functions of the Team The Project Team is to ensure the maintenance, at all times during the implementation of the Project, the NBS with staffing in line with terms of reference and resources satisfactory to the World Bank, to be responsible for coordinating and facilitating the implementation of the Project. Funding of the Project The GHSP total project cost was USD2.6 million which is a grant from the International Development Association (IDA) Expenditure of the Project Disbursements to the project in line with the provisions of the PAD is designed WAVES consisting of POST-PLANTING SEASON. 4 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS FINANCIAL STATEMENT FOR THE PERIOD ENDED 31ST DECEMBER, 2018 STATEMENT OF PROJECT MANAGEMENT TEAM'S RESPONSIBILITIES There is a dedicated Project Implementation Unit (PIU) which is responsible for the day to day running of the project and is headed by a project coordinator who reports to the project Director and the Statistician General of The Federation on project activities. In addition to its fiduciary (safeguard, financing Management, and Procurement) responsibilities, the PIU's main function is to ensure that the projects work plans are properly coordinated and implemented by the unit (PIU). The PIU is strengthened by relevant Bank Staff from time to time as the case may be. The PIU is also responsible for the preparation and submission of Financial Management Reports (FMR), Interim Financial Management Reports (IFR) and other reports required by the Bank in the Project Appraisal Document (PAD). MR. ADEBISI ADEBAYO TUNDE MR ODIONYE OLIVER. (PROJECT COORDINATOR) (PROJECT ACCOUNTANT) DATE:.. DATE:. determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Entity's_ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the project or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the entity's financial reporting process. Auditor's Responsibility for the Audit of the Financial Statements My objectives is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with (ISSAls), will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Financial Audit Methodology (FAM), which is consistent with the Fundamental Auditing Principles (ISSAls 100-999) of the international Standards for Supreme Audit Institutions, 1 exercise professional scepticism throughout the audit. I also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control. * Evaluate the appropriateness of accounting policies uses and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence, obtained, whether a 7 THE AUDATOR-GENERAL FOR THE FEDERATION Audit House, Plot 273, Samuel Ademulegun Street, Central Business District, PM.B. 128, Gari - Abuja, Nigeria. The Project Coordinator, General Household Survey Panel (GHSP), Plot 762, Independence Avenue, Central Business District, Abuja. AUDIT OF THE GENERAL HOUSEHOLD SURVEY PANEL (GHSP) PROJECT PERFORMED BY THE AUDITOR GENERAL FOR THE FEDERATION AUDITOR'S REPORT Opinion I have audited the financial statements of General Household Survey Panel (GHSP) for the year ended 31st December, 2018. These financial statements comprise the Statement of Financial Position, Statement of Financial performance, Cashflow Statement and Statement of Net Assets/Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. In my opinion, the accompanying financial statements present fairly, in all material respects; the financial position of the Entity as at 31st December, 2018, and of its financial performance and its cash flows for the year then ended in accordance with International. Public Sector Accounting Standards (IPSAS). Basis for Opinion I conducted the audit in accordance with International Standards for Supreme Audit Institutions (ISSAls). My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements Section of my report. I am independent of the entity in accordance with the Code of Ethics for Supreme Audit Institutions together with the ethical requirements that are relevant to my audit of the financial statements and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics. I believe that the audit evidences obtained are sufficient and appropriate to provide a basis for my opinion. Responsibilities of Management and Those Charqed with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with IPSAS, and for such internal control as management 6 material uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be brought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or, when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. A. M. 4YINE, FCA Auditor-deneral for the Federation June 28, 2019 8 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2018 2018 2017 ASSETS Notes 14 N CURRENT ASSETS Inventories Cash and Bank Balances 2 23,222,866.56 Receiva bles Prepayments Total current assets 23,222,866.56- NON-CURRENT ASSETS Office Equipment Furniture/Fittings Motor Vehicle TOTAL NON-CURRENT ASSETS - TOTAL ASSETS 23,222,866.56 NET ASSETS AND FUNDS Payables (Unremitted deductions) 23,222,866.56 Financed By: Accumulated Fund-Surplus/(Deficit) 4 23,222,866.56 TOTAL LIABILITIES & NET ASSETS/FUNDS 23,222,866.56- TUNDE ADEBISI OLIVER ODIONYE (PROJECT COORDINATOR) PROJECT OUNTANT DATE: ..... Z .... DATE 9 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS STATEMENT OF FINANCIAL PERFORMANCE FOR THE PERIOD ENDED 31ST DECEMBER, 2018 NOTE 2018 2017 N N Income Revenue Aid & Grants 3 397,703,950.00 397,703,950.00 Expenditure Training, Tours and Workshop Allowances 5 321,089,400.00 Telephone & Internet Access 6 1,061,000.00 Operating costs 7 52,330,683.44 374,481,083.44 Surplus/Deficit from operating activities 23,222,866.56 10 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS STATEMENT OF CASHFLOW FOR THE PERIOD ENDED 315T DECEMBER, 2018 2018 2017 Cashflows from operating activities inflows: CASHFLOW FROM OPERATING ACTIVITIES Surplus/(Deficit) for the year 23,222,866.56 Items not Involving Movement of Cash Exchange rate Difference Depreciation Working Capital changes Receivable Payables Net Cashflow from Operating Activities 23,222,866.56 Cashflow from investing Activities Property,Plant and Equipment Net cashflow from Investing activities CASHFILOW FROM FINANCING ACTIVITIES IDA Loans CASH AND CASH EQUIVALENT Opening Balance Closing Balance 23,222,866.56 11 NIGERIA-GENERAL HOUSEHOLD SURVEY-PANEL PROJECT (GHSP) NATIONAL BUREAU OF STATISTICS NOTES TO THE ACCOUNTS Principal Accounting Policies The preparation and content of these financial statements are in compliance with the requirement of the International Public Sector Accounting Standard (IPSAS) Accrual Basis (a) Basis of Accounting The financial statements have been prepared under the historical cost convention. (b) Accounting Period The Financial Statement is for the period January to December, 2018 (c) Foreign Currency Transaction GHSP financial statement is presented in Naira as the functional currency, Transaction balances: Transactions in foreign currencies are initially recorded at the functional currency spot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are re-translated at the functional currency spot rate of exchange ruling at the reporting date. Differences arising on settlement or translation of monetary items are recognized in excess or deficit. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the initial transactions. (d) IDA Grant The grant is non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. It is measured by the functional currency spot rate as at the date it is recognized. The grant is recognized as aid and or income to the Project and is treated as such in the preparation of the financial statement. 2 Cash and Bank Balances NGN Exchange rate USD IDA Drawdown Account (Naira) 23,222,866.56 304.4221342 76,285.08 23,222,866.56 12 3 IDA GRANT IDA Deposits 397,703,950.00 304.4221342 1,306,422.58 397,703,950.00 4 Accumulated Fund Surplus /( deficit) for the year 23,222,866.56 23,222,866.56 5 Training, Tours & Workshop Allowances Training Allowances 167,305,500.00 Local Travels and Tours 17,932,000.00 Field and Workshops Allowances 135,851,900.00 TOTAL 321,089,400.00 6 Telephone & Internet Allowances Recharge Cards and Data Bundles 1,061,000.00 TOTAL 1,061,000.00 7 Operating Costs Office Stationery 46,794,143.00 Bank Charges 274,602.00 VAT & WHT remittances 5,001,938.44 Field and Workshops Refreshments 260,000.00 TOTAL 52,330,683.44 13