THE WORLD BANK STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) (FEDERAL MINISTRY OF EDUCATION FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 57 DECEMBER, 2017 AUDITED BY OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION Plot 273, Central Business District, Abuja STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2017 Contents page Table of Contents 1 Project Information/Profile 2 Key Historical Financial Highlights 5 Management's Statement of Responsibility for Financial Statements 6 Report of the Auditors 7 Statement of Financial Performance 8 Statement of Financial Position 9 Statement of Changes in Net Assets/Funds 10 Statement of Cash Flow 11 Notes to the Financial Statements 12 Audited by the Office of the Auditor-General for the Federation STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PROJECT INFORMATION/PROFILE FOR THE PERIOD ENDED 31 5T DECEMBER, 2017 PROJECT BACKGROUND The State Education Program Investment Project (SEPIP) is a four-year World Bank assisted programme initiated in March 2013. The project is expected to act as a catalyst to the adoption of results/performance-based approaches by the Government, and scaling-up over time through its own funding. It is a pilot project financed by a US$150 million Specific Investment Credit to the Federal Republic of Nigeria, which in turn disburses part of the funds to the three participating States: Anambra, Bauchi and Ekiti, through subsidiary financing agreements. This supports the design and implementation of educational activities in the three participating States at basic and secondary education level for the period from March 2013 to October 2017. Additional funding amounting to US$100 million was secured in October 2017. Consequently the project life was extended to October 2019. The additional funding also brought in Maiduguri, Adamawa, Yobe, Gombe, and Taraba as participating states in addition to the existing trio of Anambra, Bauchi and Ekiti. As at 31st December, 2017, the programme had taken off in 4 north eastern states of Nigeria. The project supports five critical results (agreed performance indicators) captured by the five Disbursement-Linked Indicators (DL!s) namely: DLI 1: Teachers Development in Rural Areas DLI 2: Teacher Deployment in Core Subjects DLI 3: Assessment of Student Achievement DLI 4: Technical and Vocational Schools DLI 5: School-Based Management Committees (SBMCs) The Project consists of two components. They are: Component 1: A results-based financing component (about 83% of total credit)- aimed at supporting participating State Governments' program priorities through selected disbursement-linked indicators focusing on the achievement of tangible and measurable results over the project period as contained in the Project Implementation Manual. Component 2: Technical assistance component (about 17% of the total credit) - aimed at strengthening the delivering capacity and knowledge of participating States, other States interested in results-based approaches, Federal Ministry of Education, the Universal basic Education Commission, State Universal Basic Education Boards and concerned Educational Institutions. The new Project Development Objective (PDO) with the additional financing (AF) is to strengthen the educational system by supporting: i. Need-based teacher deployment; ii. School level management and accountability; and iii. Measurement of student learning in Participating States. Audited by the Office of the Auditor-General for the Federation 2 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) PROJECT INFORMATION/PROFILE FOR THE PERIOD ENDED 31 5T DECEMBER, 2017 PROJECT FINANCIER 1. The World Bank PROJECT IMPLEMENTING AGENCY Federal Ministry of Education BANKERS 1. Central Bank of Nigeria Central Business District, Abuja. 2. First Bank (UK) Ltd 28 Finsbury Circus, London EC2M7DT. Audited by the Office of the Auditor-General for the Federation 4 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) KEY HISTORICAL FINANCIAL HIGHLIGHTS AS AT 31ST DECEMBER, 2017 Figure 1: Yearly Expenditures Figure 2: Yearly Surplus/(Deficit) Yearly Expenditure Surplus/(Deficit) I 2017 12016 (368,736,26599) D 2015 I Period to 2014 2017 2016 2015 Periodto2014 I Corumltancy I Training Operating Costs I Depreciation IAmortlsation Figure 3: Yearly Total Assets Figure 4: Yearly Cash & Cash Equivalents Total Assets Cash & Cash Equivalents (in Naira) 12017 12016 2015 1 Period to 2014 2017 2016 2015 Period to 2014 t.1cash & Cash Equivalents Figure 5: Yearly Net Assets/Funds Net Assets 300,000,000.00 ea ... I,, ea 250,000,000.00 z 200,000,000.00 ... = ... 150,000,000.00 = = Cl 100,000,000.00 e 50,000,000.00 < r-·---------------s----------- ------ - "" ---- ------------ ·--------------------- ------------------------------------- ' - - - ' ----------,--------, Period to 2017 2016 2015 2014 -------------------------------------~------,- -------------------------------- --------·---------+--------- ----------------- ---------t--------------------------- : i~NetAssets/Funds ' ------------------------··--- ! -----·--·--------------- 172,106,018.12 -------·- - --- -------·-- 257,868,961.63 • 191,535,804.27 i 165,376,974.12 i ~-L--~--------~------- ' _____ _J... ___________________________________ ....,_,. _ _ _ _ _ _ _ _ _ _ _ _ _ _ Audited by the Office of the Auditor-General for the Federation 5 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) MANAGEMENT'S STATEMENT OF RESPONSIBILITY FOR FINANCIAL STATEMENTS The State Education Program Investment Project (SEPIP) is a four-year World Bank assisted programme initiated in March 2013. The project is expected to act as a catalyst to the adoption of results/performance-based approaches by the Government, and scaling-up over time through its own funding. The project supports five critical results (agreed performance indicators) captured by the five Disbursement-Linked Indicators (DLis) namely: DLI 1: Teachers Development in Rural Areas DLI 2: Teacher Deployment in Core Subjects DLI 3: Assessment of Student Achievement DLI 4: Technical and Vocational Schools DLI 5: School-Based Management Committees (SBMCs) The Management of SEPIP is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Project and to enable them to ensure that the Financial Statements comply with International Financial Reporting Standards (IPSAS) accrual basis and the requirements of the World Bank. They are also responsible for the system of prevention and detection of fraud and other irregularities. Statement of Responsibility From the foregoing, the Management hereby confirms to the best of its knowledge that: • the financial statements for year 2017 are prepared in accordance with International Public Sector Standards accrual basis as issued by the International Public Sector Accounting Standards Board (IPSASB) and in a manner required by the World Bank,; • the financial statements give a true and fair view of the financial position and cash flows deficit of the Project; • proper books of accounts were maintained and kept up to date throughout 2017; and • adequate safeguards are in place to secure as far as possible, the accuracy of accounting records including project's assets. Disclosure of information to Auditors All information and documents sought by the Project's auditors that are within the confines of the Management were been made available to them. Therefore the Management has taken the steps it ought to have taken to provide relevant audit information and to establish that the Project's auditors are aware of that information. c=:;-;M,, 'J.-l. l b ) ZJ l 3 Kofi ;A~;an (Project Coordinator) For: Management Audited by the Office of the Auditor-General for the Federation 6 OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATION HEADQUARTERS: LAGOS OFFICE: Audit House. 5, Sir Mobolaji Bank Anthony Street, Plot 273, Samuel Ademulegun Street, P.M.B. 12503 Central Business District, Lagos. Nigeria P.M.B. 128, Garki-Abuja, Nigeria Tel:+234( 1)2632335 Tel: +234(0)92905875 REPORT OF THE INDEPENDENT AUDIT ON THE FINANCIAL STATEMENTS OF THE (WORLD BANK ASSISTED) STATE EDUCATION PROGRAMME INVESTMENT PROJECT TO THE MANAGEMENT (PRINCIPAL OFFICERS) We have audited the financial statements of the (World Bank Assisted) State Education Programme Investment Project (SEPIP) for the period ended 31st December 2017 as set out on pages 8 to 11 which have been prepared on the basis of the Accounting Policies set out in Note 1 on page 12. Management's Responsibility for the Financial Statements The Management of the Project is responsible for the preparation and fair presentation of the Financial Statements in accordance with the International Public Sector Accounting Standards (IPSAS) accrual and also for instituting such internal controls as the Management deems it necessary to enable the preparation of financial statements that are free from material misstatement as shown on page 6. Auditors' Responsibility Our responsibility is to express an independent opinion on the Financial Statements based on our audit. We conducted the audit of SEPIP in accordance with the International Standards of Supreme Audit Institutions (ISSAls) as promulgated by the International Organisation of Supreme Audit Institutions (INTOSAI). These standards require that we comply with ethical requirement, plan and perform the audit so as to obtain reasonable assurance about whether the financial statements free from material mis- statements, whether caused by fraud or other irregularity or error. The procedures selected for obtaining assurance and evidence to support audit opinion depends on the auditors' judgment, including assessment of the risk of material misstatement of the financial statements. In making those risk assessment, we considered the Internal Control relevant to SEPIP's preparation and fair presentation of the financial statements. We also evaluated the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Financial Statements, which are in agreement with the books of account, present a true and fair view of the financial position of State Education Programme Investment Project (World Bank Assisted) as at 31st December, 2017and of its performance of its operations, changes in net assets, its cash flows for the period ended 31st December, 2017 and have been prepared in accordance with the International Public Sector Accounting Standards (IPSAS) accrual, accounting principles generally accepted in Nigeria and in the manner required by the World Bank. ~ ---- ~~' .. ~~ I.A.A~;~ For: Auditor-General for the Federation ~~une, 2017. 7 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF FINANCIAL PERFORMANCE FOR THE PERIOD ENDED 31 5 T DECEMBER, 2017 (Notes) 2017 2016 REVENUE 3 I n,o95.8ol 58,428.851 EXPENDITURE Consultancy 4 87,257,854.50 36,748,575.00 Training 5 176,333,764.75 41,132,783.49 Operating Costs 6 92,884,390.97 9,891,529.31 Depreciation 11 9,461,000.00 4,658,500.00 Amortisation 9 2,871,351.57 2,871,351.57 1368,808,361. 791 I 95,302,739.371 Surplus/(Deficit) for the year 1(368, 736,265.99)1 1(95,244,310.52)1 The notes to the financial statements on pages 12-17 form integral part of these financial statements Audited by the Office of the Auditor-General for the Federation 8 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2017 2017 2016 (Notes) N N ASSETS CURRENT ASSETS Cash & Cash Equivalents 7 28,034,973.12 82,586,448.62 Receivables 8 135,044,953.70 169,274,325.95 Total Current Assets 1163,079,926.821 1251,860,774.571 NON-CURRENT ASSETS Others -Intangible 9 2,871,351.57 Property, Plant & Equipment 11 17,096,000.00 6,437,000.00 Total Non-Current Assets 111,096,000.001 19,308,351.571 Total Assets lrno.115,926.821 1261,169,126.1$ LIABILITIES & NET ASSETS CURRENT LIABILITIES Payables 10 8,069,908.70 3,300,164.51 Total Current Liabilities 18,069,908.70[ 13,300,164.511 NET ASSETS Accumulated Surplus/(Deficit) (666,713,460.92) (297,977,194.93) Exchange Difference (Cumulative) 10,210,511.16 880,825.03 FME - Funding 15,570,000.00 IDA Credit/Funding 12 813,038,967.88 554,965,331.53 Net Assets 172,106,018.121 1257,868,961.631 Total Liabilities & Net Assets 180,175,926.821 I 261.169.126.1j Kofi K. Akpan (Project Coordinator) Abubakar A. Sambo (Project Accountant) The notes to the financial statements on pages 12-17 form integral p Audited by the Office of the Auditor-General for the Federation 9 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF CHANGES IN NET ASSETS/FUNDS FOR THE PERIOD ENDED 31 5T DECEMBER, 2017 Exchange (Notes) IDA Credit FME- Funding Surplus/Deficit Difference Total 2017 N N N N N As at 1st January 554,965,331.53 (297,977,194.93) 880,825.03 257,868,961.63 PPE - Motor Vehicles 15,570,000.00 15,570,000.00 Prior year receivables (2016) (169,274,325.95) (169,274,325.95) Receivables (2017) 11 135,044,953.70 135,044,953.70 For the year (2017) 292,303,008.60 (368,736,265.99) 9,329,686.12 (67,103,571.26) As at 31st December !813,038,967.88! !15,570,000.ool !(666,713,460.92)! [10,210,511.1~ [172,106,018.12! FME Counterpart Exchange (Notes) IDA Credit Fund Surplus/Deficit Difference Total 2016 N N N N N As at 1st January 350,705,507.83 (187,673,181.27) 28,503,477.71 191,535,804.27 Prior year - IDA Credit (2015) 12 34,985,497.75 34,985,497.75 Prior year - Deprn(2014 & 2015) 11 (9,317,000.00) (9,317,000.00) Prior year - Amortization 9 (5,742,703.14) (5,742,703.14) For the year (2016) 169,274,325.95 (95,244,310.52) (27,622,652.68) 46,407,362.75 As at 31st December !554,265,331.53! !(297,977,194.93)1 [880,825.o3! !257,868,961.63! The notes to the financial statements on pages 12-17 form integral part of these financial statements. Audited by the Office of the Auditor-General for the Federation 10 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 31ST DECEMBER, 2017 2017 2016 N N Cash Flow From Operating Activities Surplus/(Deficit) for the year (368,736,265.99) (95,244,310.52) Items not involving movement of cash Depreciation 9,461,000.00 4,658,500.00 Amortization 2,871,351.57 2,871,351.57 Exchange difference (9,329,686.12) (27,622,652.68) Working capital changes Receivables 34,229,372.25 (169,274,325.95) Payables 4,769,744.19 3,300,164.51 Net cash flow from operating activities [(326,734,484.10)[ [(281,311,273.07)[ Cash Flow From Investing Activities Property, Plant and Equipment (4,550,000.00) Other non-current assets Net cash flow from investing activities re 4,550,000,ooJI [-------------------[ Cash Flow From Financing Activities IDA Credit 292,303,008.60 204,259,823.70 FME Funding (Non-cash) (15,570,000.00) Net cash flow from financing activities [276,733,008.60[ [204,259,823.70[ Net cash changes for the year (54,551,475.50) (77,051,449.37} Cash and cash equivalent@ the beginning of the year 82,586,448.62 159,637,897.99 Cash and cash equivalent@ the end of the year [28,034,973.12[ [82,586,448.62[ Reconciliation of cash and cash equivalents 2017 2016 Special Accounts (USD) at year end per bank statement 70,104.09 240,664.45 Translated to Naira@ N305/$1 N305/$1 N N Special Account (Naira Equivalent) 21,381,747.45 73,402,657.25 Draw-Down Account - Naira Account 6,653,225.67 9,183,791.37 Total [28,034,973.12[ [82,586,448.62[ The notes to the financial statements on pages 12-17 form integral part of these financial statements. Audited by the Office of the Auditor-General for the Federation II STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2017 1. Statement of compliance with IPSAS The preparation and contents of these Financial Statements are in compliance with the requirements of the International Public Sector Accounting Standards (IPSAS) accrual basis, except that Statement of Budget and Actual of SEPIP was excluded because it has not been made publicly available as required by IPSAS 24. 2. Accounting Policies The following is the summary of the significant Accounting Policies adopted in the preparation of the Project's Financial Statements: a. Basis of preparation The Financial Statements have been prepared under the historical cost convention and in accordance with International Public Sector Accounting Standards (IPSAS) accrual basis. b. Principal Activities The Project, which does not have profit motive, principally engaged in the following activities: • Technical assistance to support key policy reforms • Training and capacity building • International study tours • Provision of policy guidance for smooth project implementation • Implementation support missions • Engaging deeply with the participating States and UBEC in ensuring the achievement of the Disbursement Linked Indicator (DLI) targets. c. Funds All contributions by the financier (i.e. the World Bank) and are only recognized when they become receivable and capitalized as IDA Credit/Fund. Also, assets transferred to the Project by the Federal Ministry of Education (FME) are recognised as counterpart fund. These funds are subsequently increased or reduced by surplus or deficit from the statement of financial performance. d. Recognition of Revenue & Expenditure Revenue and expenditures are recognised when they become receivable or payable or incurred. e. Non-current Assets 1. Non- current assets acquired during the year (if any) were stated at cost 2. Depreciation/Amortization Depreciation/Amortization is provided on the non-current assets on a straight line basis in order to write off their costs over their estimated useful economic lives as follows: SN Asset Rate i. Plant 20% ii. Equipment 20% iii. Furniture & Fittings 20% Audited by the Office of the Auditor-General for the Federation 12 iv. Motor Vehicles 25% v.. Intangibles - Others 25% 3. In the opinion of the Principal Officers, non-current assets (if any) will be transferred to the Implementing Agency- Federal Ministry of Education at the end of the Project's life. f. Reporting/Foreign Currency The financial statements were prepared using the Nigerian Naira as the reporting currency. Transactions in foreign currency were translated at the rate of exchange ruling at the transaction date while all foreign accounts balances were translated at the rate of exchange at the reporting dates i.e. N305/$1 in both 2016 and 2017 reporting dates. Exchange difference arising from the translation was recognised as either addition or reduction to the existing one. At the expiration of the Project's life, balance, if any, shall be written off to the statement of financial performance. g. Deferred Taxation No provision was made for deferred taxation because the Project is exempted from payment of income tax by law. Audited by the Office of the Auditor-General for the Federation 13 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 5T DECEMBER, 2017 2017 2016 N N 3 Revenue Interest on Naira account (per bank statement) 1,013.00 Interest on Dollar account (per bank statement) 71,082.80 58,428.85 172,095.801 158,428.85! 4 Consultancy Teachers Management Student Assessment 1,950,000.00 Educational Management Information System 6,062,450.00 25,332,785.00 Financial Management Educational Development 4,151,700.00 1,815,790.00 Monitoring & Evaluation 70,258,312.50 4,770,000.00 Budgetary & Policy Framework 4,830,000.00 Fiduciary-Consultancy 4,835,392.00 \ 87,257,854.SO! 1 36.748.szs.oo\ 5 Training Project Management Training 166,179,780.75 41,132,783.49 Project Management - Others 8,948,984.00 Project Management -Goods 1,205,000.00 !176,333,764.75! lfµ32,783.49! 6(a) Operating Cost Project Management -operating cost 79,546,321.86 Project Management - others 6,758,724.17 Fiduciary - Goods (Note 6b) 2,124,450.75 6,591,364.80 Unremitted VAT & WHT in 2016 3,155,164.51 Unremitted VAT & WHT in 2017 (NotelO) 7,610,058.70 Unpaid OTA 145,000.00 Reversal of 2016 VAT & WHT paid but shown as liability (3,155,164.51) !92.884.390.97! 19.891.529.31! Audited by the Office of the Auditor-Genera/for the Federation 14 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2017 2017 2016 N N 6(b) Fiduciary - Goods For the year -per trial bal. & ledger 6,674,450.75 Equipment - Laptop computers and IPADs (4,230,000.00) Furniture (320,000.00) Operating Costs 1 2.124,450.751 I ----------------1 7 Cash & Cash Equivalents Special Accounts (USO) @ year end per bank statement 70,104.09 240,664.45 Translated to Naira@ N305/$1 N305/$1 N N Special Account (Naira Equivalent) 21,381,747.45 73,402,657.25 Draw-Down Account - Naira Account 6,653,225.67 9,183,791.37 Total iza.034,973.121 \82.586,448.62\ 8 Receivables Bal. as at 1st Jan. 169,274,325.95 During the year (IDA Credits) (169,274,325.95) 169,274,325.95 Re-imbursements of2017 in received in 2018 Re-imbursements of 16/01/2018 111,559,953.70 Re-imbursements of 26/03/2018 23,485,000.00 Bal. as at 31st Dec.( at N305 to $1- receivables) 1135,044,953.701 \169,274,325.951 9 Others (Non-Current Assets) Others- Project Management works 11,485,406.28 11,485,406.28 Amortization@ 25% for 2014 & 2015 (prior year) (5,742,703.14) (5,742,703.14) Amortization@ 25% for 2016 (2,871,351.57) (2,871,351.57) Amortization@ 25% for 2017 (2,871,351.57) I 2.871.351.571 10 Payables -Unpaid obligations at year end Creditors-Local 314,850.00 Unremitted VAT & WHT in 2016 3,155,164.51 3,155,164.51 Operating costs - reversal of WHT & VAT (3,155,164.51) Unremitted VAT & WHT in 2017 7,610,058.70 Unpaid OTA in 2016 145,000.00 145,000.00 8,Q69. 908. 701 3,300,164.511 Audited by the Office of the Auditor-General for the Federation 15 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2017 Note 11 - Property, Plant & Equipment Schedules As at 31st December 2017 Motor Plant Equipment Furniture Vehicles Total Cost N- N- N- N- N- At 1st January 2017 4,610,000.00 2,950,000.00 1,332,500.00 11,520,000.00 20,412,500.00 Additions during the year 4,230,000.00 320,000.00 15,S 70,000.00 20,120,000.00 Disposals At 31st December 2017 /4,610,000.00/ /7,180,000.ool /1,652,500.00/ /27,090,000.00/ /4o,s32,soo.ool Depreciation At 1st January 2017 2,766,000.00 1,770,000.00 799,500.00 8,640,000.00 13,975,500.00 for the year 922,000.00 1,436,000.00 330,500.00 6,772,500.00 9,461,000.00 At 31st December 2017 /3,688,ooo.ool /3,206,000.ool 11.130,000.ool /1s,412.soo.ool /23.436,soo.ool Carrying Amount At 31st December 2017 /922,000.ool 13,974,ooo.ool /s22,soo.ool 111,677,500.00[ /17,096,000.00[ As at 31st December, 2016 Motor Plant Equipment Furniture Vehicles Total Cost N- N- N- N- N- At 1st January, 2016 4,610,000.00 2,950,000.00 1,332,500.00 11,520,000.00 20,412,500.00 Additions during the year Disposals At 31st December, 2016 /4,610,000.ool 12,950,000.00/ 11,332,soo.ool /11,szo,ooo.ool /20,412,soo.ool Depreciation At 1st January, 2016 -prior year (2015) 1,844,000.00 1,180,000.00 533,000.00 5,760,000.00 9,317,000.00 for the year 922,000.00 590,000.00 266,500.00 2,880,000.00 4,658,500.00 At 31st December, 2016 /2,766,ooo.ool /1, 110,000.001 /799,soo.ool /a,640,000.ool /13,975,500.00/ Carrying Amount At 31st December, 2016 11,844,ooo.ool 11,rno,000.ool /533,000.ool IZ,880,000.00I l6,4J1,ooo.ool Audited by the Office of the Auditor-General for the Federation 16 STATE EDUCATION PROGRAMME INVESTMENT PROJECT (SEPIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER, 2017 Note 12 - Schedule of IDA Credits/Funding 2017 2016 N $ N Bal. B/f 554,965,331.53 2,753,731.05 IDA Credits received in 2017 (per client connection) 292,303,008.60 958,370.52 IDA Credits of 2016 received in 2017 (per client connection) (169,274,325.95) (554,997.79) IDA Credits received to as at 31st December 2017 J677,994,014.18J J3,157,103.78J Receivables (in 2017) Re-imbursements of 2017 received in 2018 Re-imbursements of 16/01/2018 111,559,953.70 365,770.34 Re-imbursements of 26/03/2018 23,485,000.00 77,000.00 Converted at N305 to $1 - Receivables 135,044,953.70 442,770.34 As at 31st Dec. 2017 j813.038,967 .881 J3.599.874.12J Re-imbursements of2015 received in 2016 Re-imbursements of 28/11/2016 29,983,540.45 98,306.69 Re-imbursements of 13/12/2016 5,001,957.30 16,399.86 Converted at N305 to $1 - Prior year 134,985,497.751 J114,706.55I Re-imbursements of2016 received in 2017 Re-imbursements of 23/01/2017 36,102,505.35 118,368.87 Re-imbursements of 21/03/2017 48,421,409.60 158,758.72 Re-imbursements of 21/03/2017 84,750,411.00 277,870.20 Converted at N305 to $1 - Receivables j169,274,325.95I J554,997.79J Total IDA Credits J204.259.823.7ol 1669.704.341 Cumulative IDA Credits since inception N $ N $ Period to 31st Dec. 2014 255,217,250.66 1,593,943.72 255,217,250.66 1,593,943.72 Jan. to Dec. 2015 95,488,257.17 490,082.99 95,488,257.17 490,082.99 2015 IDA Credits received in 2016 34,985,497.75 114,706.55 34,985,497.75 114,706.55 2016 IDA Credits received in 2017 - Receivables 169,274,325.95 554,997.79 169,274,325.95 554,997.79 2017 IDA Credits received in 2017 123,028,682.65 403,372.73 2017 IDA Credits received in 2018 - Receivables 135,044,953.70 442,770.34 Total Funding to date J813,Q38.967.88J 13.599.874.121 1554,%5.331.531 j2.753.731.Q5J Audited by the Office of the Auditor-Genera/ for the Federation 17