NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (NFCPFP) (FEDERAL MINISTRY OF ENVIRONMENT) (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (NFCPFP) (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 CONTENT PAGE REPORT OF FEDERAL PROJECT MANAGEMENT UNIT (FPMU) 1-3 MANAGEMENT COMMITTEE'S RESPONSIBILITY STATEMENT 4 AUDITORS’ RESPONSIBILITY STATEMENT 5 REPORT OF INDEPENDENT AUDITORS 6-7 THE PROJECT AND ITS ACCOUNTING POLICIES 8-9 BALANCE SHEET 10 STATEMENT OF CHANGES IN NET ASSETS/EQUITY 11 STATEMENT OF CASHFLOW 12 STATEMENT OF SPECIAL ACCOUNTS 13 NOTES TO THE FINANCIAL STATEMENTS 14 - 18 Nigeria Forest Carbon Partnership Facility Project Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 REPORT OF FEDERAL PROJECT MANAGEMENT UNIT (FPMU) The Federal Project Management Unit submits herewith its report together with the financial statements for the year ended 31st December, 2022 OPERATING RESULTS The operating results of the project for the year ended 31st December, 2022 are set out on pages 10 to 11 of the Accounts. EFFECTIVE DATE The date of participation agreement was signed by the Federal Government of Nigeria on October 5th 2014 while the date of participation agreement was signed by International Development Agency on October 3rd 2014 PROJECT INFORMATION PROJECT BACKGROUND The Nigeria Forest Carbon Partnership Facility (NFCPF) is 3 years grants for REDD+ Readiness Preparation support to Nigeria. The NFCPF grant will complement activities initiated and completed with the UN-REDD Programme financing to enhance REDD+ Readiness in both National and States. The UN-REDD Programme provided support to REDD+ readiness at the National level and Cross River State, while Fund from NFCPF will provide further support to National level REDD+ readiness and State-level REDD+ Readiness in Nasarawa and Ondo states, also completing REDD+ readiness in Cross River State, Nasarawa State and Ondo states were selected because the forest in these states has high biodiversity and carbon value and the state will help to bridge the need for credible temporal base line in developing projections for Forest Cover Change that is fundamental to REDD+ readiness project development PROJECT DEVELOPMENT OBJECTIVE The project development objective for the Readiness preparedness support is to support Nigeria design a socially and environmentally sound strategy to reduce emissions from deforestation and forest degradation KEY RESULTS 1 REDD+ Readiness arrangements fully functional (disaggregated by national and sub- national level; 2 A National REDD+ Strategy prepared and Validated through a Consultative process; 3 A National Environmental and Social Management Framework develop and validated through a national Strategic Environmental and Social Assessment process; 4 A National Reference Emission Level established; 5 Direct project beneficiaries Nigeria Forest Carbon Partnership Facility Project 1 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 PROJECT ID P153732 COUNTRY Nigeria Project Title Nigeria Forest Carbon Partnership Facility (NFCPF) Location Federal, Cross River, Nasarawa, Ondo, Ogun, Edo, Plateau, Kaduna Grant: Federal Ministry of Finance Executive Agency: Federal Ministry of Environment Project Grant No: Trust Fund No. TFA8327 Project The objective for the Readiness preparation support is to support Development Nigeria design a social and environmentally sound strategy to reduce Objective emissions from deforestation and forest degradation Implementation 1st July, 2021 - 31st December, 2022 (18 months) Period: Project Cost Four Million Nine Hundred and Forty Thousand Dollars PROJECT COMPONENTS The project has four components summarised below: R-PP Activities for FCPF Funding Component Strengthen National and State Level Readiness Component 1: Management Arrangements. The objective of this component is to support national and state-level coordination and monitoring of the Objective REDD+ process, including the project management costs. The component has three sub-components: 1.1 National Readiness Management Arrangements 1A 1.2 State Level Readiness Management Arrangements 1A Monitoring and Reporting for REDD+ Readiness 6 1.3 process Component 2: Develop REDD+ Strategies and Conduct SESA The objective of this component is to carry out analytical work feeding into formulation of a National REDD+ Strategy and State REDD+ Strategies (including on benefit sharing) in two new pilot states and CRS, develop the strategies themselves, to undertake the SESA tht will assess the potential Objective environmental and social risks and impacts, both positive and negative, of the proposed REDD+ strategy and produce national level safeguards instruments (ESMF, RPF, and PF), and state level ESMF for CRS. The compoent has two sub-components: Nigeria Forest Carbon Partnership Facility Project 2 Audited Financial Statements Improve Analyticl Work and Develop REDD+ Strategy 2 2.1 at National and Staate Levels. 2.2 Develop SESA and Safeguards Instruments 2 Component 3: Develop Reference Emissions Levels 3 The objective of this component is to develop Nigeria's Objective national REL taking into account the national circumstances and UNFCCC guidance Enhance Stakeholder Engagement, Communication, Component 4: Consultation and Feedback for REDD+ Readiness Process. The objective of this component is to ensure broad stakeholder engagement in REDD+ process, establish and maintain participatory stakeholder structures at the state-level in two new states, support Objective communication on REDD+, conduct consultations on specific issues related to the REDD+ Readiness process, and design and establish a feedback and grievance redress mechanism. The component has four sub- components: 4.1 Participatory structures and stakeholder engagement 1B 4.2 Communication on REDD+ 1C 4.3 Consultations on REDD+ 1C 4.4 Feedback and Grievance Redress Mechanism 1C MANAGEMENT COMMITTEE Members of the Management committee of the Federal Project Management Unit for the year ended 31st December, 2022 are as follows: (1) DR. MOSES AMA - NATIONAL PROJECT COORDINATOR (2) TIJANI AHMMAD - SAFEGUARDS OFFICER (3) KINGSLEY NWAWUBA - MONITORING & EVALUATION OFFICER (4) AUWA UMAR - GENDER AND LIVELIHOOD OFFICER (5) ABDULLAHI YAKUBU - STAKEHOLDER ENGAGEMENT OFFICER (6) CHINWE ADINDU - COMMUNICATION OFFICER (7) KAMIYO OLUWAFEMI - PROCUREMENT OFFICER (8) IKEH AUGUSTUS - STORE OFFICER (9) ABDULAZIZ ABUBAKAR - FINANCIAL MGT SPECIALIST (10) KEHINDE OLUYEMI - ASST PROJECT ACCOUNTANT FPMU OFFICE ADDRESS Plot 393/394, Augustus Aikhomu Way, Utako District - Abuja AUDITORS Messrs Fred Okonta & Co. have indicated their willingness to continue in office as auditors in accordance with the Companies and Allied Matters Act 2020. BY ORDER OF THE MANAGEMENT COMMITTEE Nigeria Forest Carbon Partnership Facility Project 3 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 MANAGEMENT COMMITTEE'S RESPONSIBILITY STATEMENT ON THE FINANCIAL STATEMENTS The following statement, which should be read in conjunction with the auditors’ responsibility statement on page 5 is made to distinguish the responsibilities of the Management Committee for the financial statements from those of the auditors. The Management committee of the Federal Project Management Unit is required by the Companies and Allied Matters Act 2020 Section 377 to prepare financial statements which give a true and fair view of the state of affairs of the project as at the end of the financial year. The financial statements must be prepared on a going concern basis unless it is inappropriate to presume that the project will continue in business. The Management committee members have responsibility for ensuring that the project keeps accounting records which disclose with reasonable accuracy, the financial position of the project and which enables them to ensure that the financial statements comply with the requirements of the Companies and Allied Matters Act 2020. The Members also have a general responsibility of taking such steps as reasonably open to them to safeguard the assets of the project and to prevent and detect fraud and other irregularities. Members of the Management Unit consider that in preparing the financial statements on pages 10 to 13 they have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed. Nigeria Forest Carbon Partnership Facility Project 4 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 AUDITORS’ RESPONSIBILITY STATEMENT The Auditors are responsible for forming an independent opinion on the financial statements presented by the project, based on their audit, and for reporting their opinion to the appropriate parties. They also have the responsibility under the Companies and Allied Matters Act 2020 to report to the appropriate parties if particular requirements are not met. These requirements are: - - That the project has maintained proper books of account. - That the financial statements are in agreement with the accounting records and give the information required by the Companies and Allied Matters Act 2020 in the manner so required and give a true and fair view, in the case of the balance sheet, of the state of financial affairs of the project at the financial year end. - That the financial statements have been properly prepared in accordance with the provisions of the Companies and Allied Matters Act 2020 so as to give a true and fair view of the state of affairs of the project. - That the auditors have obtained all the information and explanations, which, to the best of their knowledge and belief, were necessary for the purpose of the audit. Nigeria Forest Carbon Partnership Facility Project 5 Audited Financial Statements HEAD OFFICE: FRED F Left Wing, 2nd Floor, Labour House Plot 820/821, Central Business District OKONTA & CO P.O.Box 6211 Garki Post Office, Abuja Chartered Accountants Tel: +234 (0) 803 601 1008 E-mail: bluefokonta@gmail.com REPORT OF THE INDEPENDENT AUDITORS ON THE FINANCIAL STATEMENTS OF THE NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT We have audited the accompanying financial statements of the project set out on pages 10 to 13 which have been prepared on the basis of signifant accounting policies on page 8 - 9 and notes to the financial statements on pages 14 - 18. RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE AND AUDITORS: The Management Committee of the Federal Project Management Unit coordinates the activities of the project and is responsible for the preparation of the financial statements and for such internal control system as members of the management committee determine is necessary to ensure the preparation of the financial statement that are free from material mistatement whether due to fraud, error or omission. As auditors our responsibility is to express an independent opinion based on our audit on these financial statements. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing and World Bank guidelines. These standards and World Bank guidelines require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the estimates and judgments made by the management committee in the preparation of the financial statements, and of whether the accounting policies are appropriate to the project's circumstances, consistently applied and adequately disclosed. An audit also involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making these risk assessment, the auditor considers internal control relevant to the project's preparation and fair presentation of the financial statements 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 project's internal control. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free of material mis-statement, whether caused by fraud, other irregularities or errors. Nigeria Forest Carbon Partnership Facility Project 6 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 In forming our opinion, we also evaluated the overall adequacy of the presentation of the information on the financial statements with a view to obtaining evidence. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our audit opinion. OPINION In our opinion, the financial statements give a true and fair view of the Nigeria Forest Carbon Partnership Facility Project as at 31st December, 2022 and of its financial performance and its cashflow for the year then ended. The Project has kept proper books of accounts which are in agreement with the financial statements, in the manner required by the Companies and Allied Matters Act CAP C20 Law of Federal Republic of Nigeria (LFN) 2004 and International Accounting Standards. The Statements of Expenditure (SOE) are in agreement with the books of account and adequate supporting documentation have been maintained to support claims to the World Bank for reimbursements of expenditures incurred; and which expenditures are eligible for financing under the credit agreement. The Statement of Special Account (SA) of the project on pages 13 has been prepared on the basis of cash deposits and withdrawals in line with the credit agreement and give a fair view of the beginning and ending balances and financial transactions for the year ended 31st December, 2022. ………………………………………………… FRED OKONTA, B.Sc., FCA, FCTI, ACIPM, MNIM FRC/2013/ICAN/00000004483 For: FRED OKONTA & CO. (Chartered Accountants) Date: 05/06/2023 Nigeria Forest Carbon Partnership Facility Project 7 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 THE PROJECT AND ITS ACCOUNTING POLICIES THE PROJECT The Nigeria Forest Carbon Partnership Facility (NFCPF) is a 3 years grant for REDD+ Readiness Preparation support to Nigeria. The NFCPF grant will complement activities initiated and completed with the UN-REDD Programme financing to enhance REDD+ Readiness in both National and States. The UN-REDD Programme provided support to REDD+ readiness at the National level and Cross River State, while Fund from NFCPF will provide further support to National level REDD+ readiness and State-level REDD+ Readiness in Federal, Cross Rivers, Nasarawa, Ondo, Ogun, Edo, Plateau, Kaduna, also completing REDD+ readiness in Federal, Cross Rivers, Nasarawa, Ondo, Ogun, Edo, Plateau, Kaduna were selected because the forest in these states has high biodiversity and carbon value and the state will help to bridge the need for credible temporal base line in developing projections for Forest Cover Change that is fundamental to REDD+ readiness project development. STATEMENT OF ACCOUNTING POLICIES The following are the significant accounting policies adopted by the Authority in the preparation of the financial statements. 1 Basis of Preparation The Financial Statements are prepared under the historical cost convention. No adjustments have been made in respect of effects of inflation and rising prices. 2 Fundamental Accounting Concepts The following fundamental accounting concepts form the basis of preparation of the financial statements: a Accrual basis concept; b Going concern concept; c Consistency concept d Understandability; e Materiality, f Relevance; g Prudence; h Completeness etc. 3 Reporting Currency The Financial Statements are prepared in the Nigerian Naira. Nigeria Forest Carbon Partnership Facility Project 8 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 4 Principal Statements in the Financial Statements a Balance Sheet b Cashflow Statement c Statement of Special Accounts d Notes to the Financial Statements 5 Notes to the Finacial Statements Notes to the Financial Statements are presented in a systematic manner. The Items in a the Statements are cross referenced to any related information in the Notes. 6 Comparative Information The Financial Statements disclosed all numerical information relating to previous period. 7 Foreign currency transactions: Foreign currency transactions throughout the year are converted into Nigerian Naira at a the ruling (Central Bank of Nigeria – CBN) rate of exchange at the dates of the transactions. Foreign currency balances, as at the year end, are valued at the exchange rates b prevailing on that date. 8 Fixed Assets These are stated at cost 9 Depreciation Fixed assets and civil works are not depreciated inline with the Project's policy Nigeria Forest Carbon Partnership Facility Project 9 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 BALANCE SHEET AS AT 31ST DECEMBER, 2022 Note 2022 2021 N N ASSETS Current Assets Cash & Bank Balances 1 - 250,403,067 Total current assets - 250,403,067 Non Current Assets Goods and Services 2 840,315,228 736,336,969 Consultancy 3 1,399,640,261 958,561,202 Operating Cost 4 739,984,825 469,290,439 Total non current assets 2,979,940,314 2,164,188,610 Total Assets 2,979,940,314 2,414,591,677 Liabilities Current Liabilities Payables 5 - (59,486,969) Total Current Liabilities - (59,486,969) Total Liabilities - (59,486,969) Net Assets 2,979,940,314 2,355,104,706 NET ASSETS/EQUITY International Development 6 2,979,940,314 2,355,104,707 Association (IDA) Total Net Assets/Equity 2,979,940,314 2,355,104,707 …………………..................... Project Coordinator …………………..................... Project Accountant Nigeria Forest Carbon Partnership Facility Project 10 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 STATEMENT OF CHANGES IN NET ASSETS/EQUITY IDA Total Balance as at Jan 1 2022 2,355,104,707 2,355,104,707 Addition 624,835,607 624,835,607 Balance as at Dec. 31 2022 2,979,940,314 2,979,940,314 Nigeria Forest Carbon Partnership Facility Project 11 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 CASH FLOW STATEMENT AS AT 31ST DECEMBER, 2022 2022 2021 Source of Cash N N International Development Association 624,835,607 786,544,657 (Decrease)/Increase in Current Liabilities (59,486,969) 51,455,765 TOTAL SOURCE OF CASH 565,348,638 838,000,422 Application of Cash Increase in Expenditure on Goods (103,978,259) (281,173,620) Increase in Expenditure on consultancy services (441,079,059) (173,126,163) Increase in Expenditure on Operating Cost (270,694,386) (291,192,080) TOTAL APPLICATION OF CASH (815,751,704) (745,491,863) Net increase in cash and cash equivalents (250,403,067) 92,508,559 Cash & cash equivalents at the beginning of the year 250,403,067 157,894,508 Cash & cash equivalents at the end of the year 0 250,403,067 REPRESENTED BY: CASH & BANK BALANCES 0 250,403,067 Nigeria Forest Carbon Partnership Facility Project 12 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY INTENRATIONAL DEVELOPMENT ASSOCIATION - IDA- ASSISTED PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 STATEMENT OF SPECIAL ACCOUNT AS AT 31/12/2022 2022 USD$ Balance Brought forward as at 1/1/2022 OPENING BALANCE 500,000 500,000 ADD RECEIPTS (1/1/2022 to 31/12/2022) JANUARY Inflow from World Bank and Bank Interest 450,334 FEBRUARY Inflow from World Bank and Bank Interest 0 MARCH Inflow from World Bank and Bank Interest 0 APRIL Inflow from World Bank and Bank Interest 0 MAY Inflow from World Bank and Bank Interest 497,863 JUNE Inflow from World Bank and Bank Interest 580,990 JULY Inflow from World Bank and Bank Interest 0 AUGUST Inflow from World Bank and Bank Interest 0 SEPTEMBER Inflow from World Bank and Bank Interest 0 OCTOBER Inflow from World Bank and Bank Interest 0 NOVEMBER Inflow from World Bank and Bank Interest 0 DECEMBER Inflow from World Bank and Bank Interest 0 1,529,186 TOTAL INCOME 2,029,186 Less: Payments (1/1/2022 to 31/12/2022) JANUARY Sales of forex & Bank Charges 450,334 FEBRUARY Sales of forex & Bank Charges 0 MARCH Sales of forex & Bank Charges 326,224 APRIL Sales of forex & Bank Charges 171,638 MAY Sales of forex & Bank Charges 455,990 JUNE Sales of forex & Bank Charges 625,000 JULY Sales of forex & Bank Charges 0 AUGUST Sales of forex & Bank Charges 0 SEPTEMBER Sales of forex & Bank Charges 0 OCTOBER Sales of forex & Bank Charges 0 NOVEMBER Sales of forex & Bank Charges 0 DECEMBER Sales of forex & Bank Charges 0 2,029,186 SUB TOTAL 2,029,186 LESS 2,029,186 TOTAL 0 Financed By: BALANCE AS AT 31/12/2022 0 0 Nigeria Forest Carbon Partnership Facility Project 13 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS NOTE 1 CASH AND BANK BALANCES CODE 2022 2021 N N 32101 SPECIAL ACCOUNT TSA- A - 7,968,267 32102 SPECIAL ACCOUNT TSA- B - 191,224,243 32301 DRAW DOWN ACCOUNT TSA- A - 45,245,471 32302 DRAW DOWN ACCOUNT TSA- B - 5,965,086 0 250,403,067 Nigeria Forest Carbon Partnership Facility Project 14 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 2022 2021 NOTE 2 GOODS AND SERVICES N N CODES DESCRIPTION Operation of the National REDD+ Secretariat : 35,071,320 35,071,320 21111 REC Operation of the National REDD+ Secretariat : 14,008,138 14,008,138 21113 Recruitment Operation of the National REDD+ Secretariat : 14,642,250 11,707,500 21114 Recruitment Support to Nigeria International Engagement on 8,233,183 8,233,183 21121 Rec Operation of the National REDD+ Secretariat : 181,556,069 150,197,686 21131 Purchase Operation of the National REDD+ Secretariat : 91,672,340 91,672,340 21132 Purchase Operation of the National REDD+ Secretariat : 293,087,339 269,056,123 21161 Training 23221 Forest Data Collection 5,031,250 5,031,250 23222 Synthesis of Nigeria's REDD+ Readiness Package 13,526,275 13,526,275 65,854,702 65,854,702 23231 Procurement of Field Equipment for Carbon Date 23232 Forest Carbon Inventory Field Mission 67,869,850 37,659,500 37,573,266 25,965,953 23233 Procurement of Communication IEC Materials National and New State Level Information 12,189,248 8,353,000 24261 Campaign TOTAL 840,315,228 736,336,969 Nigeria Forest Carbon Partnership Facility Project 15 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS NOTE 3 CONSULTANCY 2022 2021 N N CODES DESCRIPTION 21112 Project Audit & External Audit Exercise 74,061,879 39,736,847 21311 Design of M & E Framework 7,854,228 7,854,228 21341 Mid Term Report 26,893,557 26,893,557 Development of National REDD+ Strategy: Consultant to 121,500,358 35,096,742 22112 Support 22117 Consultancy for developing safeguards and Multiple 20,977,700 11,925,375 22118 Consultancy services for designing Nigeria's REDD+ Fi 25,386,875 13,432,125 22211 Analytical Work on SESA- National level 210,897,550 210,897,550 22213 Development of ESMF- CRS 611,460 611,460 Development of PF: Review and Finalisation of 8,643,750 8,643,750 22215 Resettlement Collection of relevant Data for REDD+ REL/RLs 11,687,380 11,687,380 23112 Development 23113 Preparation of Forest Base Map, Assessment of HIS 311,168,216 311,168,216 23141 National level Analysis of Existing Data Set 10,493,276 10,493,276 23211 Consultant to support NFI 16,697,461 16,697,461 23311 Consultancy to Dev & Operationalise the National Forest 220,779,393 49,090,314 24111 Stakeholder Mapping to define Key Stakeholder group 1,575,000 1,575,000 24123 Support to Participation of Local and State Government 3,450,000 3,450,000 24141 Multi- Stakeholder Consultations and Participation 17,298,250 17,298,250 24142 Organisation of Awareness Workshop & Outreach 7,246,217 7,246,217 24143 Community Stakeholders Capacity Building 5,000,000 0 24144 Livelihood Enhancement through Capacity Building 67,967,304 0 24211 Consultancy to develop, archive and airing of REDD+ 64,417,345 9,730,392 24311 Consultation on REDD+ 75,290,418 75,290,418 24411 Assessment of Existing Grievance Mechanisms 3,545,168 3,545,168 24412 Strengthening & Support appropriate grievance MAC 86,197,478 86,197,478 TOTAL 1,399,640,261 958,561,202 Nigeria Forest Carbon Partnership Facility Project 16 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) CONSOLIDATED STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTE 4 OPERATING COSTS Note 2022 2021 CODES N N 21152-001 Bank Charges 352,159 256,467 21152-002 Monitoring Activities 10,444,420 0 21152-003 Printing and Publicity 12,474,033 12,474,033 21152-004 Local Training 87,400,642 87,400,642 21152-005 Office Equipment 58,614,800 58,614,800 21152-006 Fuelling 33,579,127 29,430,680 21152-007 Salaries & Allowance 8,681,000 7,331,000 21152-008 Advertisement 3,905,988 3,905,988 21152-009 Stationeries & Office consumable 10,262,754 6,262,754 21152-010 Cleaning Services 4,382,400 4,382,400 21152-011 Procument of Office Equipment 115,379,862 79,066,932 21152-012 Office Renovations and Maintenance 13,850,299 442,094 21152-013 Motor Vehicle Maintenance 18,792,435 18,792,435 21152-014 Upgrading of Accounting Software 19,448,485 19,448,485 21152-015 Meetings 34,037,268 18,895,168 21152-016 Workshops 161,472,634 93,911,846 21152-017 Internet Services 8,514,000 0 21152-018 Procurement of Solar Drill for Tomato Processing 85,610,385 0 21152-019 Insurance 2,867,052 0 21152-020 Consultancy for Safety and Security Management 6,640,366 0 21151-002 State REDD+ Fuelling & Maintenance 27,200,000 12,600,000 21231 State Unit: Purchase of Office Equipment 4,390,250 4,390,250 24413 Secretariat Staff Retreat 11,684,467 11,684,467 TOTAL OPERATING COSTS 739,984,825 469,290,439 REVENUE Sales of tender documents 0 0 Interest received (Dollar Acct.) 0 0 Interest received (Naira Acct.) 0 0 Miscellaneous receipts 0 0 TOTAL REVENUE 0 0 NET OPERATING COST 739,984,825 469,290,439 Nigeria Forest Carbon Partnership Facility Project 17 Audited Financial Statements NIGERIA FOREST CARBON PARTNERSHIP FACILITY PROJECT (INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) ASSISTED PROJECT) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS CODES 2022 2021 NOTE 5 PAYABLES N N 12453 VAT DEDUCTIONS - (26,521,941) 12454 WITHHOLDING TAX - (32,965,028) - (59,486,969) NOTE 6 10100 IDA GRANT 10100-001 Advance/Replenishyment 2,506,715,562.68 1,881,879,955.59 10100-002 Direct Payment 473,224,751.70 473,224,751.70 2,979,940,314.38 2,355,104,707.29 Nigeria Forest Carbon Partnership Facility Project 18 Audited Financial Statements