THE WORLD BANK STATE EMPLOYMENT AND EXPENDITURE FOR RESULT PROJECT (SEEFOR) (WORLD BANK ASSISTED) CONSOLIDA TED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 AUDITED BY OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION Plot 273, Samuel Ademulegun Street, Central Business Distct, Abuja TABLE OF CONTENT Table of Contents 1 Abbreviations and Acronyms 2-3 Project Key Information 4 Project Key Officers 4 introduction 5 State Employment and Expenditure for Result (SEEFOR) Proj. 5 Project Objectives 5 Project Categories/Components 6 Financial Report 6 Financial Summary 6 Project Expenditure Heads 7 Statement of Accounting Policies 7 Sources of Project funding 9 Explanation on the Consolidated Annual Financial Statements 9 Sources and Uses of funds by project Category 9 Consolidated Uses of Funds by Project Activities 10 Project Accounting and Financial Reporting Package 12 Overall Project Implementation 13 Statement of Project Management Responsibilities 14 Report of the Auditor 15-17 Sources and Uses of funds 18-19 States and Cumulative Sources and Uses of funds 20-22 Summary of IDA Credit/other Receipts and Expenditure Bayelsa 23-25 Summary of IDA Credit/other Receipts and Expenditure Delta 26-28 Summary of IDA Credit/other Receipts and Expenditure Edo 29-32 Summary of IDA Credit/other Receipts and Expenditure NPCU Abuja 33-35 Summary of IDA Credit/other Receipts and Expenditure Rivers 36-42 Table on the Uses of Funds by Project Activities 43-47. STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 ABBREVIATIONS AND ACRONYMS AEA- Activities Executing Agencies Dollar- Official currency of the project EU- European Union Euro- Official Currency of the European Union FMOF- Federal Ministry of Finance FPFMD- Federal Project Financial Management Division GCCC- Government Counterpart Contribution OAGF- Office of the Accountant General of the Federation IFRs- Interim Financial Reports IDA- International Development Association MDAs- Ministries, Departments and Agencies M&E- Monitoring and Evaluation MNDA- Ministry of Niger Delta Affairs. NPCU- National Project Coordinating Unit PFS - Project Financial Statement PPA- Project Preparatory Advance PPF- Project Preparatory Fund PFM- Project Financial Management SA- Special Account SEEFOR - State Employment & Expenditure for Result Project SOE- Statement of Expenditures 2 SPCU- State Project Coordinating Unit VAT- Value Added Tax W/A- Withdrawal Applications 3 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 PROJECT KEY INFORMATION Name of project: State Employment and Expenditure for Results (SEEFOR) Project Credit No: 50220 Project ID: P121455 Bankers: CBN, Zenith UK, Zenith, Mainstreet and FCMB Period Covered by the Report: January - December, 2018 External Auditors: External(Federal)Auditors(OAuDGF) KEY PROJECT OFFICERS: National Project Coordinator Mr. Gregory S. Onu Project Officer NPCU Project Accountant NPCU Mr. Yahaya Saidu State Project Coordinator Bayelsa State Mr. Anyens Adogu State Project Coordinator Delta State Mr. Akpokwu Frank State Project Coordinator Edo State Mr. Toju Onaiwu State Project Coordinator Rivers State Mr. Kelcious Amos 4 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 INTRODUCTION This Consolidated Annual Financial Statements for the SEEFOR project is prepared in line with the World Bank financial reporting guidelines and frameworks to provide information on the progress of the project's activities as regards the funds received and disbursement made for the year ended 31st December, 2018. STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT The Government of Federal Republic of Nigeria has obtained financial facility (Credit) of $200,000,000 from the World Bank and complementary Grant of 80Million Euro from EU (European Union) for implementation of the State Employment and Expenditure for Results (SEEFOR) project through the National Project Coordinating Unit of the State Employment and Expenditure for Results (SEEFOR) project in the National Planning Commission, Abuja. OBJECTIVES: The significant thrust of the project is the enhancement of opportunities for employment and access to socio-economic services and improvement of public expenditure management systems in the four (4) participating States of Bayelsa, Delta, Edo and Rivers. 5 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 PROJECT COMPONENTS: In order to realize the above objectives, the project is structured in three (3) components with Component 'A' focusing on 'Youth Employment and Access to Socio-Economic Services through small Public Works'; Component 'B' focusing on ' Public Financial Reforms' through carrying major reforms in the participating states' public procurement and financial management systems and Component 'C' focusing on' Project Implementation Support and Coordination' providing project support and coordination at Federal, States and Ministry of Niger Delta Affairs in development of investment strategy for the Niger Delta Region and strengthening capacity of the Ministry in Monitoring and Evaluation. FINANCIAL REPORT The Consolidated SEEFOR Project Financial Statement on pages ... to ... with the accompany notes, have been prepared in line with the International Accounting Standards (IAS) to provide information on the progress of the project with regards to funds received and disbursements made in relation to the project for the year ended 31st December, 2018. FINANCIAL SUMMARY IDA CREDIT EU TF GCCC OTHERS TOTAL PARTICULARS (N) (N) (N) (N) (N) 19,645,402,o65.6o Funds Received 13,252,702,169-44 5,777,508,295.60 590,322,396.00 24,869,204.56 Payments/ 20,351,520,023.31 Expenditure _ 13,024,972,814.92 7,326547,208.39 o.o 0 00.00 6 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2018 PROJECT CATEGORIES AND EXPENDITURE HEADS FOR SEEFOR PROJECT: The financial transactions of this project are categorized into: * Works * Goods, Equipment & Vehicles * Consultancy Services * Training/Workshop * Operating Costs * Grants * PPF Funds STATEMENT OF ACCOUNTING POLICIES: The accounting policies adopted by SEEFOR project in preparing this Semester's financial reports is based on the following: * Bases of Accounting: The accounts are prepared on the historical cost convention and cash accounting; * Fixed Assets: Fixed assets are stated at their historical cost. No depreciation is charged. * Debtors: It is cash account. No provision for doubtful debts or accrual. 7 iv Foreign Currency Exchange: * Transaction in foreign currencies are recorded in the books in Naira after conversion using the prevailing exchange rate at the date of the transaction. * All assets in foreign currency are converted to Naira at the prevailing exchange rate on the balance sheet date. 8 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFORI PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 SOURCES OF PROJECT FUNDING The Project sources of funds is mainly from the $200,000,000.00 credit facility obtained from the World Bank and the complementary grant of E80,000,000.00 from the European Union. These funds are drawn by the Project Implementing Units i.e NPCU and SPCUs through Withdrawal Applications in client connection with the corresponding Statement of Expenditures. The activities which characterized the Receipt and Disbursement made for the year ended 31st December, 2018 are reported below: EXPLANATION/COMMENT ON THE CONSOLIDATED ANNUAL FINANCIAL STATEMENT In connection with the financial report, the following information are given with respect to the various project activities. Moreover, these would provide further information on the sources and uses of funds by categories as well as uses of fund by project components. Similarly the analysis of budget implementation stated in pages 10 of the report is to show the overall percentages of the implementation by each PIU. SOURCES AND USES OF FUNDS BY PROJECT CATEGORIES This focuses on the funds received from IDA and GCCC and their corresponding expenditures during the reporting period. As a result, the total receipts for the year ended 31st December, 2018 stood at Nineteen Billion, Six Hundred and Forty Five Million, Four Hundred and Two Thousand and Sixty Five Naira Sixty Kobo (N19,645,402,o65.6o) only while the corresponding expenditures during the year stood at 9 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Twenty Billion, Three Hundred and Fifty One Million, Five Hundred and Twenty Thousand and Twenty Three Naira Thirty One Kobo (N20,351,520,023.31) only. On the other hand, the cumulative fund received for the project life, from inception to 31s December, 2018 amount to Fifty Four Billion , Fifty Six Million, Seven Hundred and Forty Three Thousand , Four Hundred and Forty Six Naira Seventy Four Kobo (%54,056,743,446.74) only while the corresponding cumulative expenditure for the period under review amount to Forty Nine Billion, Nine Hundred and Forty Million, Seven Hundred and Thirty Nine Thousand, One Hundred and Seventy Four Naira Nineteen Kobo (N49,940,739,174.19) only. Nevertheless, the difference between the total cumulative receipts over total expenditure for the financial year 2018 is (N54,056,743,446.74) - N49,940,739,174.19) = N4,116,004,272.55 for the SEEFOR PIUs. 10 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER, 2018 CONSOLIDATED USES OF FUNDS BY PROJECT ACTIVITIES [BUDGET, EXPENDITURE & VARIANCE ANALYSIS] This focuses on the Planned or budgeted activities against the Actual activities implemented to establish the percentage of budget execution while the difference is the variance. However, total actual expenditure for the year ended 31s December, 2018 remained Twenty Billion, Three Hundred and Fifty One Million, Five Hundred and Twenty Thousand, Twenty Three Naira Thirty One Kobo (N20,351,520,023.31) only, as reflected in the above consolidated uses of funds by category. There is however, a need to point out that out of the total expenditure of Twenty Billion Three Hundred and Fifty One Million Five Hundred and Twenty Thousand and Twenty Three Naira Thirty One Kobo (*20,351,520,023.31) only, for the financial year 2018, the SEEFOR's PIUs incurred the following respectively : * NPCU - N227,661,950.40 representing 1.12% * BAYELSA - N3,723,053,654.22 representing 18.29% * DELTA - N 3,704,733,945.70 representing 18.20% * EDO - N6,506,554,314.54 representing 31.97% * RIVERS - N6,188,966,146.00 representing 30.42% This reflect the percentages of implementation by each PIU. 11 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T DECEMBER, 2018 PROJECT ACCOUNTING AND FINANCIAL REPORTING PACKAGE Flexible Accounting Software remained the official accounting package recommended for the SEEFOR Project both at Federal and States Level for the project's accounting and financial reporting. As the Project implementation progresses, the projects FM Team are now familiar with the flexible accounting package, hence, the financial reports are generated/extracted from the package. 12 STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER, 2018 OVERALL PROJECT IMPLEMENTATION As the project witness sly low disbursement during the period under review, it is interesting to note that the Project implementation has been progressing tremendously with all the states improving in their performance with respect to their disbursement capacity. Also, the procurement processes in connection to the project activities as detailed in the approved 2017 roll over and 2018 work plan are either concluded or on-going. Therefore, we are hoping for a more robust implementation of the project across the participating states in the fiscal year, 2019. 13 STATE EMPLOYMENT AND EXPENDITURE, FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT DECEMBER, 2018 STATEMENT OF PROJECT MANAGEMENT RESPONSIBILITIES The responsibility for the preparation of the Project Financial Statements that give a true and fair view of the financial performance and position of the project and compliance with the International Accounting Standards (IAS) is that of the Project Implementing Agencies, that is, the National Project Coordinating Unit (NPCU) at the Federal Level and the State Project Coordinating Unit (NPCU) at the State Level. The NPCU and the SPCUs have responsibility to ensure fair representation and adequate disclosure in the financial statements as well as the selection and application of suitable accounting policies and the establishment of a system of accounting and internal control necessary for the preparation of financial statements that are free from material misstatements, whether due to error, fraud or other irregularities. The Implementing Agencies also have the general responsibility for taking actions open to them and for doing all such things as are reasonably necessary to safeguard the assets of the project and to prevent and detect fraud and other irregularities. The Implementing Agencies and States hereby accept the above responsibilities and confirm that in preparing the financial statements on pages 14 to 26, they have selected and consistently applied appropriate accounting policies and that all applicable accounting standards have been complied with. Dr. reg S. Onu Yahaya Saidu Nati nal Projec oordinator National Projec Accountant 14 Date 14 THE AUDITOR-GENERAL FOR THE FEDERATION Audit House, Plot 273, Samuel Ademulegun Street, Central Business District, RMI.B. 128, Garki - Abuja, Nigeria. The Project Coordinating Unit, State Employment and Expenditure for Result (SEEFOR), Federal Ministry of Budget and National Planning, Plot 421 Constitution Avenue, Central Business District, Abuja. AUDIT OF THE STATE EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT PERFORMED BY THE AUDITOR GENERAL FOR THE FEDERATION AUDITOR'S REPORT Opinion I have audited the financial statements of State Employment and Expenditure for Result (SEEFOR) 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. 15 Matter of Emphasis The Financial Statements are not properly prepared in accordance with Cash basis IPSAS. In particular, note to the Accounts and comparism of Budget and Actual performance were omitted. Responsibilities of Management and Those Charged 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 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, I 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. 16 * 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 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 pu lic interest benefits of such communication. SMA. INE, FCA Auditor-General for the Federation June 28, 2019 ............................. 17 PROJECT INTERIM FANANCIAL Interim Financial Report For the Year Ending December 31 2018 NIGERIA: State Empowerment And Expenditure For Results Project STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Last Period Cumulative to- Current Period Cumulative date Receipts IDA CREDIT 13,252,702,169.44 28,876,160,713.54 42,128,862,882.98 IDA CREDIT (PPF) 0.00 50,902,409.36 50,902,409.36 FEDERAL GOVERNMENT CONTRIBUTION 0-00 38,830,657.44 38,830,657.44 STATE GOVERNMENT CONTRIBUTION 590,322,396.00 2,265,620,658.68 2,855,943,054.68 EU TF GRANT 5,777,508,295.60 3,094,819,069.72 8,872,327,365.32 SALES OF TENDER DOCUMENT 1,290,000.00 40,428,349.55 41,718,349.55 SALES FROM CONSULTANCY 0.00 15,000.00 15,000.00 MISCELLANOUS RECEIPTS 158,119.92 12,907,399.36 13,065,519.28 INTEREST RECEIVED FROM 22,133,943.08 10,609,423.12 32,743,366.20 (DOMICILIARY) BANK ACCT. INTEREST RECEIVED FROM NAIRA BANK 1,287,141.56 21,047,700.37 22,334,841.93 ACCT. Total Receipts 19,645,402,065.60 34,411,341,381.14 54,056,743,446.74 19 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 STATEMENT OF SOURCES AND USES OF FUNDS/Category Expenditure by Category Consolidated Report Currency: NAIRA Gds, Wks, NonCS, CS, Trg&Wks Pt A 12,803,604,335.53 12,819,815,212.64 25,623,419,548.17 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt B 3,185,277,493.95 3,792,999,519.96 6,978,277,013.91 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 757,009,264.99 3,441,940,599.74 4,198,949,864.73 Grants for Subprojects PtsA.2&A.3 3,605,628,928.84 9,226,203,522.98 12,831,832,451.82 PPF REFINANCING 0.00 308,260,295.56 308,260,295.56 Total Expenditure 20,351,520,023.31 29,589,219,150.88 49,940,739,174.19 Receipt Less Expenditure (706,117,957.71) 4,822,122,230.26 4,116,004,272.55 Add: Exchange Rate Difference 1,384,883,374.82 424,553,821.87 1,801,571,061.69 Net Change in Cash 678,765,417.11 5,246,676,052.13 5,917,575,334.24 20 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 Opening Balance SPECIAL ACCOUNT 1 4,830,153,049.70 0.00 0.00 STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA SPECIAL ACCOUNT-3 0-00 0.00 0.00 SPECIAL ACCOUNT EU 97,601,596.29 0.00 0.00 COUNTER-PART ACCOUNT 1 14,827,248.80 0.00 0.00 COUNTERPART ACCOUNT 2 88,668,799-33 0.00 0.00 DRAW-DOWN ACCOUNT 1 185,714,055.06 0.00 0.00 DRAW-DOWN ACCOUNT2 740,109.19 0.00 0.00 INTEREST (NAIRA) BANK ACCOUNT 20,107,164.29 0.00 0.00 INTEREST (DOMICILIARY) BANK ACCOUNT 588,987.60 0.00 0.00 INTEREST EURO BANK ACCOUNT 408,906.88 0.00 0.00 Total Opening Balance 5,238,809,917.13 0.00 0.00 Add: Net Change in Cash 678,765,417.11 5,238,809,917.13 0.00 Net Cash Available 5,917,575,334.24 5,238,809,917.13 0.00 21 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 Closing Balance SPECIAL ACCOUNT1 5,478,712,807.44 4,830,153,049.70 5,478,712,807.44 SPECIAL ACCOUNT-3 0.00 0.00 000 SPECIAL ACCOUNT EU 278,978,546.12 97,601,596.29 278,978,54612 COUNTER-PART ACCOUNTI 2,427,989.56 14,827,248.80 2,427,989.56 COUNTERPART ACCOUNT 2 45,090,618.60 88,668,799.33 45,090,618.60 DRAW-DOWN ACCOUNTI 72,710,998.61 185,714,055.06 72,710,998.61 DRAW-DOWN ACCOUNT2 970,629.19 740,109.19 970,629.19 INTEREST (NAIRA) BANK ACCOUNT 20,106,942.29 20,107,164.29 20,106,942.29 INTEREST (DOMICILIARY) BANK 7,631,879.90 588,987.60 7,631,879.90 ACCOUNT INTEREST EURO BANK ACCOUNT 3,078,787.53 408,906.88 3,078,787.53 Total Closing Balance 5,909,709,199.24 5,238,809,917.13 5,909,709,199.24 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 310, 1Euro= 377.9875 IBRD funds received and all expenditures made are converted at the rate of exchange on the Dat of th ansaction. Closing bnce o SA for reporting' erio: S$= 314, 1Euro= 382.77 Dr. Greg On National Proje oordinator Yahaya Saidu Project Accountant 22 TATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 BA YELSA STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Current Period Last Period Cumulative Cumulative to-date Receipts IDA CREDIT 3,615,811,633.30 5,634,776,150.22 9,250,587,783.52 STATE GOVERNMENT CONTRIBUTION 150,000,000.00 312,554,735.93 462,554,735.93 EU TF GRANT 1,834,584,960.04 1,376,432,614.20 3,211,017,574.24 SALES OF TENDER DOCUMENT 0.00 11,365,000.00 11,365,000.00 MISCELLANOUS RECEIPTS 0.00 3,951,359.45 3,951,359.45 INTEREST RECEIVED FROM NAIRA BANK 0.00 183,000.08 183,000.08 ACCT. Total Receipts 5,600,396,593.34 7,339,262,859.88 12,939,659,453.22 Expenditure by Category Gds, Wks, NonCS, CS, Trg&Wks Pt A 2,389,923,529.12 3,146,090,736.52 5,536,014,265.64 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt B 1,175,956,718.26 426,940,873.20 1,602,897,591.46 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 127,418,266.84 659,010,131.94 786,428,398.78 23 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOUDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 BA YELSA CONT STATEMENT OF SOURCES AND USES OF FUNDS/Category Report Currency: Consolidated NAIRA Grants for Sub-projects PtsA.2&A.3 29,755,140.00 2,409,695,880.10 2,439,451,020.10 Total Expenditure 3,723,053,654.22 6,641,737,621.76 10,364,791,275.98 Receipt Less Expenditure 1,877,342,939.12 697,525,238.12 2,574,868,177.24 Add: Exchange Rate Difference 37,622,430.51 723,177,799.90 760,800,230.41 Net Change in Cash 1,914,965,369.63 1,420,703,038.02 3,335,668,407.65 Opening Balance DORMICILIARY (SPECIAL ACCOUNT) 748,867,604.40 0.00 0.00 SPECIAL ACCOUNT EU 492,723,713.00 0.00 0.00 COUNTER-PART ACCOUNT, FIDELITY BANK PLC 94,997.75 0.00 0.00 COUNTER-PART ACCOUNT, ACCESS BANK PLC 71,802,657.21 0.00 0.00 DRAW-DOWN ACCOUNT- 87,106,901.37 0.00 0.00 INTEREST (NAIRA) BANK ACCOUNT 20,107,164.29 0.00 0.00 24 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 BAYELSA CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Total Opening Balance 1,420,703,038.02 0.00 0.00 Add: Net Change in Cash 1,914,965,369.63 1,420,703,038.02 3,335,668,407.65 Net Cash Available 3,335,668,407.65 1,420,703,038.02 Closing Balance DORMICILIARY (SPECIAL ACCOUNT) 2,137,393,600.58 748,867,604.40 2,137,393,600.58 SPECIAL ACCOUNT EU 1,105,571,889.23 492,723,713.00 1,105,571,889.23 COUNTER-PART ACCOUNT, FIDELITY PLC 94,997.75 94,997.75 94,997.75 COUNTER-PART ACCOUNT, ACCESS BANK PLC 45,532,888.50 71,802,657.21 45,532,888.50 DRAW-DOWN ACCOUNT- 26,968,08930 87,106,901.37 26,968,089.30 INTEREST (NAIRA) BANK ACCOUNT 20,106,942.29 20,107,164.29 20,106,942.29 Total Closing Balance 3,335,668,407.65 1,420,703,038.02 3,335,668,407.65 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 360, lEuro= 380 IBRD funds received and all expenditures made are converted at the rate of exchange on the Date of the transaction. Closing balance of SA for reporting period: 1US$= 359, lEuro= 437 25 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2018 DEL TA STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Current Period Last Period Cumulative Cumulative to-date Receipts IDA CREDIT 1,814,953,032.45 9,806,004,263.34 11,620,957,295.79 IDA CREDIT (PPF) 0.00 50,902,409.36 50,902,409.36 STATE GOVERNMENT CONTRIBUTION 19,976,737.50 600,000,001.00 619,976,738.50 SALES OF TENDER DOCUMENT 1,710,000.00 9,900,305.00 11,610,305.00 MISCELLANOUS RECEIPTS 158,119.92 0.00 158,119.92 INTEREST RECEIVED FROM (DOMICILIARY) 6,825,781.17 5,978,868.09 12,804,649.26 BANK ACCT. INTEREST RECEIVED FROM NAIRA BANK 358,810.32 16,699,667.57 17,058,477.89 ACCT. Total Receipts 1,843,982,481.36 10,489,485,514.36 12,333,467,995.72 Expenditure by Category Gds, Wks, NonCS, CS, Trg&Wks Pt A 1,354,703,999.78 3,580,407,279.92 4,935,111,279.70 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt B 972,776,872.70 956,285,789.90 1,929,062,662.60 26 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 DELTA CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 169,561,618.05 780,079,323,93 949,640,941.98 Grants for Subprojects PtsA.2&A.3 1,207,691,455.17 2,156,695,436.37 3,364,386,891.54 PPF REFINANCING 0.00 142,718,365,75 142,718,365.75 Total Expenditure 3,704,733,945.70 7,616,186,195.87 11,320,920,141.57 Recerpt Less Expenditure (1,860,751,464.34) 2,873,299,318.49 1,012,547,854.15 Add' Exchange Rate Difference 22,087,09231 279,221,41639 300,995,439.70 Net Change in Cash (1,838,664,372.03) 3,152,520,73488 1,313,543,293.85 Opening Balance SPECIAL ACCOUNT- SKYE BANK PLC 3,132,521,298.66 0.00 0.00 COUNTER-PART ACCOUNT 6,775,736.70 0.00 0.00 DRAW-DOWN ACCOUNT II 12,194,361.58 000 0.00 27 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 DELTA CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA PPF ACCOUNT 716,268.94 0.00 0.00 Total Opening Balance 3,152,207,665.88 0.00 0.00 Add: Net Change in Cash (1,838,664,372.03) 3,152,207,665.88 1,313,543,293.85 Net Cash Available 1,313,543,293.85 3,152,207,665,88 1,313,543,293.85 Closing Balance SPECIAL ACCOUNT- SKYE BANK PLC 1,246,779,946.05 3,132,521,298.66 1,246,779,946.05 COUNTER-PART ACCOUNT 1,824,027.47 6,775,736.70 1,824,027.47 DRAW-DOWN ACCOUNT II 63,909,982.39 12,194,361.58 63,909,982.39 PPF ACCOUNT 716,268.94 716,268.94 716,268.94 Total Closing Balance 1,313,230,224.85 3,152,207,665.88 1,313,230,224.85 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 3053, lEuro= 0 IBRD funds received and all expenditures made are converted at the rate of exchange on the Date of the transaction. Cosing balance of SA for reporting period: 1US$= 305.05, lEuro= 0 28 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 EDO STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency- NAIRA Current Period Last Period Cumulative Cumulative to-date Receipts IDA CREDIT 3,341,090,275.46 6,809,968,912.46 10,151,059,187.92 STATE GOVERNMENT CONTRIBUTION 420,345,658.50 1,191,656,588.75 1,612,002,247.25 EU TF GRANT 1,836,208,30875 1,421,674,821.21 3,257,883,129.96 SALES OF TENDER DOCUMENT 0.00 12,885,244.55 12,885,244.55 SALES FROM CONSULTANCY 0.00 15,000.00 15,000.00 MISCELLANOUS RECEIPTS 0.00 1,649,898.75 1,649,898-75 INTEREST RECEIVED FROM (DOMICILIARY) 12,938,188.07 1,618,149.08 14,556,337.15 BANK ACCT. INTEREST RECEIVED FROM NAIRA BANK ACCT 930,376.20 2,551,545.41 3,481,921.61 Total Receipts 5,611,512,806.98 9,442,020,160.21 15,053,532,967.19 Expenditure by Category Gds, Wks, NonCS, CS, Trg&Wks Pt A 5,341,886,033.46 4,098,099,991.21 9,439,986,024.67 Gds, Wks, NonCS, CS, Trg&Wks, Op Cst Pt B 135,524,610.40 862,776,143.22 998,300,753.62 29 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOUDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 EDO CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency NAIRA Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 97,483,791,52 635,537,715.19 733,021,506.71 Grants for Subprojects PtsA.2&A.3 931,659,879.16 2,003,644,097.57 2,935,303,976.73 Total Expenditure 6,506,554,314.54 7,600,057,947.19 14,106,612,261.73 Receipt Less Expenditure (895,041,507.56) 1,841,962,213.02 946,920,705.46 Add: Exchange Rate Difference (42,684,822.76) (251,992,071.36) (302,279,36012) Net Change in Cash (937,726,330.32) 1,589,970,141.66 644,641,345.34 Opening Balance SPECIAL ACCOUNT-STERLING BANK 533,638,800.45 0.00 0.00 SPECIAL ACCOUNT EU 439,218,557.61 0.00 0.00 COUNTER-PART ACCOUNT 7,063,553.07 0.00 0.00 COUNTERPART ACCOUNT 2 22,727,774.66 0.00 0.00 COUNTER-PART ACCOUNT 3 500,000,000.00 0.00 0.00 30 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 EDO CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA DRAW-DOWN ACCOUNT 78,688,864.27 0.00 0.00 INTEREST (DOMICILIARY) BANK ACCOUNT 598.487,40 0.00 0,00 INTEREST EURO BANK ACCOUNT 431,638.20 0.00 0.00 Total Opening Balance 1,582,367,675.66 0.00 0.00 Add: Net Change in Cash (937.726,330,32) 1,582,367,675.66 644,641,345.34 Net Cash Available 644,641,345.34 1,582,367,675.66 644,641,345-34 Closing Balance SPECIAL ACCOUNT-STERLING BANK 271,401,488.30 533,638,800.45 271,401,488.30 SPECIAL ACCOUNT EU 212,445,847.50 439,218,557.61 212,445,847.50 COUNTER-PART ACCOUNT 1,270,990.32 7,063,553.07 1,270,990.32 COUNTERPART ACCOUNT 2 5,631,613.53 22,727,774.66 5,631,613.53 COUNTER-PART ACCOUNT 3 103,525,912.00 500,000,000.00 103,525,912.00 DRAW-DOWN ACCOUNT 30,519,817.79 78,688,864.27 30,519,817,79 INTEREST (DOMICILIARY) BANK 7,631,879.90 598,487,40 7,631,879.90 ACCOUNT INTEREST EURO BANK ACCOUNT 4,611,330.00 431,638,20 4,611,330.00 31 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 EDO CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Total Closing Balance 637,038,879.34 1,582,367,675.66 637,038,879.34 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 315, lEuro= 399 IBRD funds received and all expenditures made are converted at the rate of exchange on the Date of the transaction- Closing balance of SA for reporting period: 1US$= 314, lEuro= 375 32 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOUDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 NPCU STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Current Period Last Period Cumulative Cumulative to-date Receipts IDA CREDIT 79,171,758.43 719,533,588.61 798,705,347.04 FEDERAL GOVERNMENT CONTRIBUTION 0.00 16,600,000.00 16,600,000.00 IDA CREDIT PPF 0.00 110,317,494.44 110,317,494.44 EU TF GRANT 83,695,960.65 0.00 83,695,960.65 SALES OF TENDER DOCUMENT 0.00 75,000.00 75,000.00 MISCELLANOUS RECEIPTS 0.00 8,636,824.60 8,636,824.60 INTEREST RECEIVED FROM DOMICLIARY 0.00 1,321,576.43 1,321,576.43 BANK ACCT. INTEREST RECEIVED FROM NAIRA BANK 0.00 250,412.56 250,412.56 ACCT. Total Receipts 162,867,719.08 856,734,896.64 1,019,602,615.72 Expenditure by Category Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 227,661,950.40 666,763,459.07 894,425,409.47 Grants for Subprojects PtsA.2&A.3 0.00 2,400,000.00 2,400,000.00 33 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 NPCU CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Report Currency: Consolidated NAIRA PPF REFINANCING 0.00 138,612,493.48 138,612,493.48 Total Expenditure 227,661,950.40 807,775,952.55 1,035,437,902.95 Receipt Less Expenditure (64,794,231.32) 48,958,944.09 (15,835,287.23) Add: Exchange Rate Difference (905,390.49) 124,488,268.17 123,582,877.68 Net Change in Cash (65,699,621.81) 173,447,212.26 107,747,590.45 Opening Balance TSA SPECIAL ACCOUNT CENTRAL BANK 164,772,532.05 0.00 0.00 SPECIAL ACCOUNT- STATE EMPLOYT. & EXP. 0.00 0.00 0.00 FOR RESULT SPECIAL ACCOUNT EU 0.00 0.00 0.00 DRAW-DOWN ACCOUNT-STATE EMPLOYT. & 8,674,680.21 0.00 0.00 EXP. FOR RESULT Total Opening Balance 173,447,212.26 0.00 0.00 Add: Net Change in Cash (65,699,621.81) 173,447,212.26 107,747,590.45 Net Cash Available 107,747,590.45 173,447,212.26 107,747,590.45 34 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 NPCU CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Closing Balance TSA SPECIAL ACCOUNT CENTRAL BANK 2,088,056.52 164,772,532.05 2,088,056.52 SPECIAL ACCOUNT- STATE EMPLOYT. & 0.00 0.00 0.00 EXP. FOR RESULT SPECIAL ACCOUNT EU 69,603,300.42 0.00 69,603,300.42 DRAW-DOWN ACCOUNT-STATE EMPLOYT. 36,056,233.51 8,674,680.21 36,056,233.51 & EXP. FOR RESULT Total Closing Balance 107,747,590.45 173,447,212.26 107,747,590.45 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 305, Euro= 0 IBRD funds received and all expenditures made are converted at the rate of exchange on the Date of the transaction. Closing balance of SA for reporting period: 1US$= 305.25, lEuro= 352.8722 35 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 RIVERS .STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Last Period Current Period Cumulative Receipts IDA CREDIT 4,401,675,469.80 5,931,734,721.92 0,333,410,191.72 FEDERAL GOVERNMENT CONTRIBUTION 0.00 22,230,657.44 22,230,657.44 STATE GOVERNMENT CONTRIBUTION 0.00 161,409,333.00 161,409,333.00 EU TF GRANT 2,023,019,066.16 1,673,144,248.51 3,696,163,314.67 SALES OF TENDER DOCUMENT 0.00 6,202,800.00 6,202,800.00 MISCELLANOUS RECEIPTS 0.00 319,215.31 319,215.31 INTEREST RECEIVED FROM (DOMICILIARY) 2,508,839.10 1,691,166.01 4,200,005.11 BANK ACCT. INTEREST RECEIVED FROM NAIRA BANK 3.08 1,488,075.36 1,488,078.44 ACCT. 36 Total Receipts 6,427,203,378.14 7,798,220,217.55 Expenditure by Category Gds, Wks, NonCS, CS, Trg&Wks Pt A 3,716,426,148.90 1,989,050,138.81 5,705,476,287.71 Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt B 901,019,292.59 1,678,953,120.82 2,579,972,413.41 37 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 RIVERS CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Report Currency: Consolidated NAIRA Gds, Wks, NonCS, CS, Trg&Wks, Op Csts Pt C 134,998,250.00 701,892,358.47 836,890,608.47 Grants for Subprojects PtsA.2&A.3 1,436,522,454.51 2,653,768,108.94 4,090,290,563.45 PPF REFINANCING 0.00 26,929,436.33 26,929,436.33 Total Expenditure 6,188,966,146.00 7,050,593,163.37 3,239,559,309.37 Receipt Less Expenditure 238,237,232.14 747,627,054.18 985,864,286.32 Add: Exchange Rate Difference 276,373,769.07 73,845,026.72 350,268,195.79 Net Change in Cash 514,611,001.21 821,472,080.90 1,336,132,482.11 Opening Balance SPECIAL ACCOUNT - UBA 312,135,924.80 0.00 0.00 38 SPECIAL ACCOUNT EU 508,657,053.31 0.00 0.00 COUNTER-PART ACCOUNT ZENITH 963,325.03 0.00 0.00 DRAW-DOWN ACCOUNT UBA (258,662.49) 0.00 0.00 39 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 RIVERS CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Report Currency: Consolidated NAIRA DRAW-DOWN ACCOUNT 23,840.25 0.00 0.00 Total Opening Balance 821,521,480.90 0.00 0.00 Add: Net Change in Cash 514,611,001.21 821,521,480.90 1,336,132,482.11 Net Cash Available 1,336,132,482.11 821,521,480.90 1,336,132,482.11 Closing Balance SPECIAL ACCOUNT - UBA 963,291,492.20 312,135,924.80 963,291,492.20 SPECIAL ACCOUNT EU 404,721,606.87 508,657,053.31 404,721,606.87 COUNTER-PART ACCOUNT ZENITH 963,325.03 963,325.03 963,325.03 DRAW-DOWN ACCOUNT UBA (33,048,902.24) (258,662.49) (33,048,902.24) DRAW-DOWN ACCOUNT 254,360.25 23,840.25 254,360,25 Tota Closing Balance 1,336,181,882.11 821,521,480.90 1,336,181,882.11 40 Notes: The following rates were used for conversion: Opening balances of SA for reporting period: 1US$= 310, lEuro= 343 IBRD funds received and all expenditures made are converted at the rate of exchange on the Date of the transaction. Closing balance of SA for reporting period: 1US$= 314, 1Euro= 382.77 41 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 RIVERS CONT. STATEMENT OF SOURCES AND USES OF FUNDS/Category Consolidated Report Currency: NAIRA Schedule to Sources and Uses of Funds Unremitted Taxes and Unretired Advances Debit UNCLAIMED 12110 ALLOWANCES 0.00 0.00 WITHHOLDING TAX 12454 (FEDERAL) 0.00 12,600-00 WITHHOLDING TAX 12455 (STATE) 0.00 36,800.00 12457 OTHER LEVIES 0.00 0.00 31211-010 HARRISON MIRACLE 0.00 0.00 Total 0.00 49,400.00 Difference as per Sources and Uses of Funds: 49,400.00 42 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 SPECIAL ACCOUNT (SA) ACTIVITY STATEMENT (USD 1) PART 1 1. Cummulative advances to the end of current reporting period 156,575,600.24 2. Cummulative expenditure to the end of last reporting period 102,303,454.94 3. Outstanding advances to be accounted 54,272,145.30 PART 2 4. Opening SA balance at the begining of reporting period 15,581,138.87 5. Add/Subtract: Cummulative adjustments (if any) -2,197,118.77 6. Advances from World Bank during reporting period 40,888,125.20 7. Add lines 5 and 6 38,691,006.43 8. Outstanding advances to be accounted for (add lines 4 and 7) 54,272,145.30 9. Closing SA balance at end of current reporting period 17,448,129.96 10. Add/Subtract: Cummulative adjustments (if any) -2,973,234.97 11. Expenditure for current reporting period 39,797,250.31 12. Add lines 10 and 11 36,824,015.34 13. Add lines 9 and 12 54,272,145.30 14. Difference (if any) line 8 minus line 13 0.00 PART 3 15. Total Forecasted amount to be paid by World Bank 43 16, Less closing SA balance after adjustment 17. Direct payment/SC payment 18. Add lines 16 and 17 19. Cash requirement from World Bank for next two reporting periods (line 15 minus line 18) 44 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 SPECIAL ACCOUNT (SA) ACTIVITY STATEMENT (USD II) PART 1 1. Cummulative advances to the end of current reporting period 3,716,619.46 2. Cummulative expenditure to the end of,last reporting period 3,823,787.82 3. Outstanding advances to be accounted -107,168.36 PART 2 4. Opening SA balance at the begining of reporting period 0.02 5. Add/Subtract: Cummulative adjustments (if any) -107,168.38 6. Advances from World Bank during reporting period 0.00 7. Add lines 5 and 6 -107,168.38 8. Outstanding advances to be accounted for (add lines 4 and 7) -107,168.36 9. Closing SA balance at end of current reporting period 0.02 10. Add/Subtract: Cummulative adjustments (if any) -107,168.38 11. Expenditure for current reporting period 0.00 12. Add lines 10 and 11 -107,168.38 13. Add lines 9 and 12 -107,168.36 14. Difference (if any) line 8 minus line 13 0.00 PART 3 15. Total Forecasted amount to be paid by World Bank 16. Less closing SA balance after adjustment 17. Direct payment/SC payment 18. Add lines 16 and 17 19. Cash requirement from World Bank for next two reporting periods (line 15 minus line 18) 45 STATEMENT EMPLOYMENT AND EXPENDITURE FOR RESULT (SEEFOR) PROJECT CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018 SPECIAL ACCOUNT (SA) ACTIVITY STATEMENT (EURO) PART 1 1. Cummulative advances to the end of current reporting period 23,055,756.87 2. Cummulative expenditure to the end of last reporting period 8,187,581.15 3. Outstanding advances to be accounted 14,868,175.72 PART 2 4. Opening SA balance at the begining of reporting period 258,213.82 5. Add/Subtract: Cummulative adjustments (if any) -4,728.61 6. Advances from World Bank during reporting period 14,614,690.51 7. Add lines 5 and 6 14,609,961.90 8. Outstanding advances to be accounted for (add lines 4 and 7) 14,868,175.72 9. Closing SA balance at end of current reporting period 728,841.20 10. Add/Subtract: Cummulative adjustments (if any) -17,316.94 11. Expenditure for current reporting period 14,156,651.46 12. Add lines 10 and 11 14,139,334.52 13. Add lines 9 and 12 14,868,175.72 14. Difference (if any) line 8 minus line 13 46 PART 3 15. Total Forecasted amount to be paid by World Bank 16. Less closing SA balance after adjustment 17. Direct payment/SC payment 18. Add lines 16 and 17 19. Cash requirement from World Bank for next two reporting periods (line 15 minus line 18) 47