THE WORLD BANK

TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA(TRIMING)

WORLD BANK ASSISTED)

FINANCIAL STATEMENTSFOR THE YEAR ENDED 31ST DECEMBER, 2018

AUDITED BY

OFFICE OF THE AUDITOR-GENERAL FOR THE FEDERATIONPlot 273, Samuel Ademulegun Street,

Central Business District,Abuja.

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECT-EDERALMI STRY OF WATER RESOURCES)AUDITED FINANCIAL STATEMENT

FOR THE YEAR ENDED 3 1sT DECEMBER 2018

Contents Page

Table of Contents 1

Project Background Information 2-7

Report of the Auditors 8-10

Statement of Financial Position 11

Statement of Financial Performance 12

Statement of Changes in Net Assets/Funds 13

Statement of Cash Flow 14

Notes to the Financial Statements 15-20

TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTf:_EDERA_. . STY OF WATER RESOURCES'

AUDITED FINANCIAL STATEMENTFOR THE YEAR ENDED 31-5 DECEMBER 2018

PROJECT BACKGROUND INFORMATION

1.Project Title: Transforming Irrigation Management in Nigeria (TRIMING) Project

Project ID: P123112Project Credit No.: 55060-NGEffective Date: 16th January, 2015Expected Closing Date: 3 0 th April, 2022Start Date (PPA): 16th April, 2013Sector: Irrigation & drainage (50%), water, sanitation & Flood

protection (50%)

2. Project Development Objective: Improved performance of irrigation and waterresources infrastructure and water institutions intargeted areas.

Proposed Key Performance Indicators (KPI) to measure project success in achievingthe Project Development Objectives may include the following:-

* Areas provided with irrigation and drainage services (improved area & in newarea)

* Number of operational water users associations (improved area & in new area)Number of dams with safety hazard risks to downstream populations, privateproperty and infrastructure reduced to international 'as low as reasonablypracticable' standards.

* NIWRMC has established effective participatory water resources managementand water allocation decision-making institutions in each selected basin.

3. Project components: The project has four components* Water Resources Management and Dam Operation Improvement

* Support to Integrated Water Resources Management* Dam Operations and Safety Improvements

* Irrigation Development and Management* Irrigation and Drainage Investments* Improving Irrigation Management

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* Enhancing Agricultural Productivity and Values Chains* Support to Agricultural Productivity and Market Linkages* Support to innovation and R & D

* Institutional Development & Project Management* Institutional Development and Governance* Project Management and Monitoring & Evaluation

4. Implementing Agency: Federal Ministry of Water Resources.

5. Project Steering Committee: The Project is supervised by Project SteeringCommittee under the Chairmanship of the Permanent Secretary Federal Ministry ofWater Resources.

TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTFEDE=RA_ '' STRY OF WATER RESOURCES)

AUDITED FINANCIAL STATEMENTFOR THE YEAR ENDED 3 1ST DECEMBER 2018

MEMBERS OF NATIONAL PROJECT STEERING COMMITTEE

The Permanent Secretary, Federal Ministry of Water Resources Chairman

* The Permanent Secretary, Federal Ministry of Power Member

* The Permanent Secretary, Federal Ministry of Finance Member

* The Permanent Secretary, Federal Ministry of Agriculture Member

* The Permanent Secretary, Federal Ministry of Environment Member

* Hon Commissioner, Ministry of Water Resources Kano State Member

* Hon Commissioner, Ministry of Water Resources Jigawa State Member

* Hon Commissioner, Ministry of Water Resources Kastina State Member

* Hon Commissioner, Ministry of Water Resources Zamfara State Member

Hon Commissioner, Ministry of Water Resources Sokoto State MemberHon Commissioner, Ministry of Water Resources Gombe State Member

* Executive Director Engineering, Sokoto Rima River Basin Dev* Authority. Member

* Executive Director Engineering, Hadejia Jamaare River Basin* Development Authority Member

* Executive Director Engineering, Upper Benue River Basin Dev* Authority. Member

* The Director, Irrigation and Drainage Federal Ministry of Water* Resources Member

The National Project Coordinator, TRIMING Project Member

CHANGE MANAGEMENT COMMITTEE

The Change Management Committee provides advice both to the Steering Committeeas well as to the Project Management Team. Members include:

* Representatives of Federal Ministry of Water Resources.

* Representatives of Federal Ministry of Agriculture and Rural Development.

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* Representatives of Federal Ministry of Finance.

* Representatives of Federal Ministry of Environment.

* Representatives of Sokoto Rima River Basin Development Authority.

* Representatives of Hadejia Jamaare River Basin Development Authority.

* Representatives of Upper Benue River Basin Development Authority.

* An ad hoc or permanent basis various respected leaders in the field of IrrigationManagement, Dam safety and Agriculture.

PRINCIPAL OFFICERS OF THE PROJECT

Engr. Peter Y. Manjuk - National Project Coordinator

* Engr. Kenneth S. Sunmonu - Water Resources ComponentManager

* Engr. Galadima M. Magaji - Irrigation Component Manager

* Abubakar M. Barka - National Project Accountant

* Abiodoye Kunle Abisoye - Procurement Specialist I

* Dahiru Abdulkareem - Procurement Specialist II

* Engr. Sirika a. Ahmad - Monitoring & Evaluation Specialist

* Onyebankole Agbelusi - Environmental Safeguard Specialist

* Engr. Muhammad Sani Bala - Data & Information Specialist

* Engr Anthea Ochedikwu Udo - Communication Specialist

* Hallai Garba - Agric Business Specialist

* Mamman Modu - Project Internal Auditor

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTS1RY OF WAER RESO RCES)

AUDITED FINANCIAL STATEMENTFOR THE YEAR ENDED 3 1ST DECEMBER 2018

All the Principal Officers held offices throughout the year

AUDITORS

Office of the Auditor-General for the FederationAudit House, Plot 273, Samuel Ademulegun Street,Central Business District,Abuja,Email:Wiebsite wvw. cag

PROJECT HEAD OFFICE

Plot 1402 Abba Kyari Street,Off Adesoji Aderemi Street,Apo Abuja.Tel: +234(0) 92914013, +234(0) 8038391469, +234(0) 8052048706Email: ifo@triinc or"Website: www.triming.org

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECT:RA. ''STRY OF WATER RESOURCES)

AUDITED FINANCIAL STATEMENTFOR THE YEAR ENDED 3 1 DECEMBER 2018

PROJECT FINANCIER

* The World Bank

* The Federal Government of Nigeria

PROJECT IMPLEMENTING AGENCY

* Federal Ministry of Water Resources

BANKERS

Central Bank of NigeriaP;ot 33, Abubakar Tafawa Belewa Way,Central Business District,Cadastral Zone,Abuja.

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THE AUDITOR-GENERAL FOR THE FEDERATIONAudit House, Plot 273, Samuel Ademulegun Street, Central Business District,

PM.B. I28, Garki - Abuja, Nigeria.

The National Project Coordinator,Transforming Irrigation Management in Nigeria (TRIMING) Project,Federal Ministry of Water Resources,Plot 1402 Abba Kyari Street,Off Adesoji Aderemi Street,Apo, Abuja.

AUDIT OF THE TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING)PROJECT PERFORMED BY THE AUDITOR GENERAL FOR THE FEDERATION

AUDITOR'S REPORT

OpinionI have audited the financial statements of Transforming Irrigation Management in Nigeria(TRIMING) Project for the year ended 31st December, 2018. These financial statementscomprise the Statement of Financial Position, Statement of Financial performance, CashflowStatement and Statement of Net Assets/Equity for the year then ended, and a summary ofsignificant 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 performanceand its cash flows for the year then ended in accordance with International Public SectorAccounting Standards (IPSAS).

Basis for OpinionI conducted the audit in accordance with International Standards for Supreme AuditInstitutions (ISSAls). My responsibilities under those standards are further described in theAuditors Responsibilities for the Audit of the Financial Statements Section of my report. I amindependent of the entity in accordance with the Code of Ethics for Supreme Audit Institutionstogether with the ethical requirements that are relevant to my audit of the financial statementsand I have fulfilled my other ethical responsibilities in accordance with these requirements andthe Code of Ethics.

I believe that the audit evidences obtained are sufficient and appropriate to provide a basis formy opinion.

Responsibilities of Management and Those Charged with Governance for the FinancialStatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with IPSAS, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

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In preparing the financial statements, management is responsible for assessing the Entity'sability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting unless management either intendsto 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 reportingprocess.

Auditor's Responsibility for the Audit of the Financial StatementsMy objectives is to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor'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 detecta material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence 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 consistentwith the Fundamental Auditing Principles (ISSAls 100-999) of the International Standards forSupreme 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 tothose risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for my opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal controls.

* Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Entity's internal control.

* Evaluate the appropriateness of accounting policies uses and the reasonableness ofaccounting estimates and related disclosures made by management.

* Conclude on the appropriateness of management's use of the going concern basis ofaccounting and, based on the audit evidence, obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Entity'sability to continue as a going concern. If I conclude that a material uncertainty exists, Iam required to draw attention in my auditor's report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify my opinion. Myconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However, future events or conditions may cause the Entity to cease to continueas a going concern.

* Evaluate the overall presentation, structure and content of the financial statements,including the disclosures, and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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I communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including any significantdeficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied withrelevant ethical requirements regarding independence, and to communicate with them allrelationships 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 thosematters that were of most significance in the audit of the financial statements of the currentperiod and are therefore the key audit matters. I describe these matters in my auditor's reportunless law or regulation precludes public disclosure about the matter or, when, in extremelyrare circumstances, I determine that a matter should not be communicated in my reportbecause the adverse consequences of doing so would reasonably be expected to outweighthe public interest benefits of such communication.

A. Mf . AYINE, FCAAuditorGeneral for the FederationJune 17 2019

TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTfEDIERAL I fJ'STRY OF WATER RESOURCES§

STATEMENT OF FINANCIAL POSITION AS AT 3 1 ST DECEMBER 2018

2018 2017Notes N '000 N' 000

CURRENT ASSETS

Cash and Cash Equivalents 3 18,846,870 7,742,712Inventory 13 319,713 263,339Receivables & Prepayments 4 - 212,811

Total Current Assets (a) 19,166,583 8,218,862Non-Current AssetsProperty, Plant and Equipment 16662,590 609,306Total Non-Current Assets_(b) 662,590 609,306

CURRENT LIABILITIESAccounts Pavable 1 17418Total Current Liabilities (c) - 14418

Net Assets (d) = (a) + (b) - (c) 19,829,173 8,826,750

NET ASSETS/FUNDS OR EQUITY

World Bank IDA Credit No 55060 14 17,513,933 8,999,262World Bank IDA Proiect Preparatory Fund 986,451 986,451FGN Counterpart Fund 15_ 7,567,529 601,690

General Reserve 5 6,238,740 0,653Prior Year Adustment

Total Net Assets/ Equ 8,826,750

National Project Coordinator: Engr. Peter Y. Manjuk

National Project Accountant: Mr. Abubakar M. Barka

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTRA SRY OF WA"ER, ESOR!CES

STATEMENT OF FINANCIAL PERFORMANCEFOR THE YEAR ENDED 3 1ST DECEMBER 2018

2018 20SNotes N '000 N '000

Revenue (a) 6 57,099 i 12,333Expenditure

Irrigation Devel oment and Management 9 3,358,882 1,935,672Consultancy 10 102,980 108,613Project Management 11 844,228 570,720Monitoring and Evaluation 12 21,270 56,687Depreciation 16 211,088 139,987Finance Charges 8 2,241 1,669Total Expenditure 4,540,689 2,813,348Surpluses/Deficit from Operating Activities for period(ci ta)-(b) __ ___ ___________ 4,483,590 2,801,015Exchange Gain/(loss) activities 5,503 (17,828)

Total Surplus/(Deficit) for the Period (e) = (c)+(d) (4,478,087) (2,818,843)

TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECT=EDRAL M'S-RY OF WATER RESO'URCESi

STATEMENT OF CHANGES IN NET ASSETIEQUITYFOR THE YEAR ENDED 3 1sT DECEMBER 2018

Capital Grant Accumulated Total

Surpluses/(Deficit)N '000 N' 000 N '000

Blneat 1 st January, 2018 - 10,587,403 (1,760,653) 8 ,8 2 6 ,7 5 0Prior year adjustment ____________________________

Additional Grant/Fund 8,514,671 8,541671FGN Counterpart Fund 6,965,838 6,965,838Surpluses for Period from OperatingActivities (4,478,087 (4,478,087)i

Balance at 31st December, 2018 26,067,912 6,238,740) 19,829,172Balance at 31st December, 2017 10,587,403 (1,760,653) 8,826,750

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTLFED~ERAL O STRY OF WATER RESOURCES)

STATEMENT OF CASH FLOWFOR THE YEAR ENDED 3 1ST DECEMBER 2018

___ __ ___ _ _ ___ ___ ___2018 2017

IN '000 N'000CASH FLOW FROM OPERATING ACTIVITIESInflows:

Revenue from exchange transactions A24 (Exchange Rate Difference) 5, 503 (17,828)Revenue from Non- Exchange transactionsInterest Received 55,727 4,273Proceed from Sale of Bid Documents 1,372 8,060Total_Inflows from operating activities 62,602Outflows:

Irrgaton eveopentandMangemnt3,358,882 1,935,672Consultancy 102,980 108,613Project Management 844,228 570,720Monitorig and Evaluation 21,270 56,687Financial Charges 2,241 1,669Total outflows from operating activities 4,329,601 2,673,361Net Cash Inflow/(Outflow) from Operating activities a),666

CASH FLOW FROM INVESTING ACTIVITIESAcquisition of Assets-PPE (264,372) 284,402)Inventory (56,374) (263,339)Prior Year AdjustmentNet Cash Flow from investing Activities (b) (320,746) (547,741)CASH FLOW FROM FINANCING ACTIVITIESWorld Bank IDA Credit 8,514,671FGN Counterpart Fund 6,965,839 130,990Decrease /(Increase in Accounts Recevableeivable 211204,246(Decrease) /Increase in Accounts Payable (1,418) 1,418

Net Cash Flow from Financing activities (c 15,691,903 71,838

Net Cash Flow for the year (JD - a+ c 11,104,158 (3,298,435)

Cash & Cash Equivalent at 1st January _(e) 7,742,712 11,041,147

Cash & Cash Equivalent at 31st December f(d (e) 18,846,870 7,742,712Reconciliation of Cash & Cash Equivalent @ 31st December, 2018

Bank Balances 18,846,870 7,742,712

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TRANSFORMING IRRIGATION MANAGEMENT IN NIGERIA (TRIMING) PROJECTrEDERAL -S1Y OF WATER RESOURCES)

NOTES TO THE FINANCIAL STATEMENTFOR THE YEAR ENDED 3 1ST DECEMBER 2018

Note 1: Statement of ComplianceThe Financial Statements has been prepared in accordance with the accrual basis of InternationalPublic-Sector Accounting Standards (IPSAS).Note 2: Statement of Accounting PoliciesThe following is the summary of the significant Accounting Policies adopted in the preparation of theProject's General Purpose Financial Statements.a. Basis of PreparationThe Financial Statements have been prepared under the historical cost convention and in accordancewith the accrual basis of International Public-Sector Accounting Standard (IPSAS).b. Principal Activities

The project, which does not have profit motive, is principally engaged in the following activities:Improvement of access to Irrigation and Drainage services and to strengthenInstitutional arrangements for integrated water resources management and agriculturalservice delivery in selected large-scale public schemes in Northern Nigeria as pilotschemesc. Funds

All contributions by the financier were only recognized when received and capitalized asIDA Credit/Fund and Federal Government contribution as Counterpart Fund.This fund is subsequently increased or reducedby surplus or deficit from the statement of financial performance. A breakdown of the funds receivedby the project to date is as follows:

Donor Contribution - N18,500,384,271.95FGN Counterpart Fund- N7,567,528,571,21

d. Recognition of Revenue & ExpenditureRevenues and expenditures were recognised when they become receivables orpayable or incurred.

Revenues was recognised for the period it is earned.e. Non-Current Assets

i Non-Current assets acquired during the year (If any) were stated cost.ii Depreciation: Depreciation was provided on the non-current assets at a reducing

balance method at rate of 25% annual charge.iii. In the opinion of the principal Officers, non-current assets will be transferred to the implementing Agency -in Federal Ministry of Water Resources at the end of the Project's life, at net book

value.f. Reporting/Foreign Currency

The financial statement was prepared using the Nigerian Naira as the reporting currency.

Transactions in foreign currency were translated at the rate of exchange ruling at the transaction datewhile all foreign accounts balances were translated at the rate of exchange at the reporting dates i.e.N304.80/$ and N305.00 in 2017 and 2018 reporting dates respectively. Exchange difference arising fromtrans:ation was recognised

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g. Deferred TaxationNo provision was made for deferred taxation because the Project is exempted from payment ofincome tax by law.

NOTES 3: Cash and Cash Equivalent_ _______ 018 2017

N'000 N'000Special Account -CBN A 11,525,890 6 ,9 3 2 ,0 0 1Coun7,211,137 482,665Drawdown Account CBN 10983

18 846&8707,471

NOTES 4: Receivables & PrepaymentsAdvance for Supply of Bathymetrv Boat 28,441Universidad Poliltechnica 230CBN - Cash Cover for L/C 175,575(BN- Unidentified entry 85CBN- Unidentified entry

-212 11

NOTES 5: General Reserve

Balance _1st Januar _ 1,760,653 1,058,190Surplus for the Period from operating activities 8 87 (2,818,843)

(62381740( 1760.653)

NOTES 6: RevenueInterest (Domiciliary) Account CBN Account A 55 529 4,255Interest Received from Naira CBN/Eco Bank 198 18Sales of Tender Documents- 8060

NOTES 7: Payable & Accruals

CBN - Unidentified Credit

NOTES 8: FINANCE CHARGESBank Charges 241 1_669

NOTES 9: IRRIGATION DEVELOPMENT AND MANAGEMENTINTEGRATED BASIN RESOURCES PLANNING & WATERRESOURCES 135,032 3,486

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MONITORING SYSTEMS IMPROVEMENTINVESTMENT IN RIVER CHANNEL WORKS AND MAINTENANCE 87,273 60,214OPERATIONAL IMPROVEMENTS OF SELECTED DAMS 128,050 68,227TECHNICAL ASSISTANCE FOR RBDA DAM UNIT TRAINING AND 99,010 25,435STRENGTHENING THE DAM & RESERVOIR OPERATIONSDEPARTMENTS

DAM SAFETY PANEL OF EXPERT 90 335 104,906REHABILITATION OF SELECTED DAMS 62,493 35,947STUDIES & DESIGN REHABILITATION OF 15,000ha IN KRIS 76,913 18,818STUDIES & DESIGN REHABILITATION OF 5,00OhA IN HVIS 26,832 54,844STUDIES & DESIGN FINALIZING 1,000ha IN HVIP 4,973 44,075PPP FEASIBILITY STUDIES AND DETAILED DESIGN &TRANSACTION ADVICE OF 187,105 83,24321,000 ha IRRIGATION AND COMPLETION OF HYDROPOWER-PLANT IN DKISCONDUCT ENGINEERING SUPERVISION, ESIA, ESMP & RAP 266,039 109,119REHABILITATION OF 8,000ha OF INEFFICIENT IRR AREA IN BIS 437,903 408613CONVERT 13,000ha OF ABANDONED SPRINKLER AREA TOGRAVITY IRR. SYSTEM 305,148 193,412WORKS REHABILITATION OF 15,000ha IN KRIS 241,885 77,029WORKS: REHABILIATION OF 5,000ha IN HVIP 295657 42,542WORKS: FINALIZING 1,000ha IN HVIP 209DESIGN & PRODUCTION OF WUA TRAINING PROCESS ANDMULTI-MEDIA TOOLKIT 8 28, 891 9 834

vUA HUMAN CAPITAL & INSTITUTIONAL DEVELOPMENT FORMPROVED SCHEME 64,027 187,995

OPERATIONSESTABLISH FARMERS MANAGEMENT & SERVICE DELIVERYCENTERS AT SCHEME LEVEL 1,261 88,537TA ON FARMERS-MARKET LINKAGE AND ESTABLISHMENT OFFMCS 66,358 30,746INTRODUCTION OF INNOVATION AND DISSEMINATION OF GO3G0AGRICULTURAL PRACT. 569,097 264,921CAPACITY BUILDING AND TRAINING FMWR STAFF 1,518 2,177CONSENSORS BUILDING AND SUPPORTING THE CHANGE21PROCESS 6,011 7,398GENERATION, FEEDBACK AND DISSEMINATION OFINFORMATION 600STRENGTHENING OVERSIGHT AND ACCOUNTABILITY IN THESECTOR 1 13,345

3_ 358,'882 1,935,672NOTES 10: PROJECT MANAGEMENTCONSULTANCY

NOTES 11: PROJECT MANAGEMENTOPERATI ON & MAINTENANCE OF EQUIPEMENT 467 14430OPERATION & MAINTENANCE OF VEHICLE 23,481 10,146

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MAINTENANCE OF FURNITUR & FITTINGS 267 50FUEL & LUBRICANTS 8,198 11025ELECTRICITY, WATER BILL & ACCOMMODATION 12,811 880PUBLICITY/ ADVERTISEMENT & COMMUNICATION 46,192 48,881PRINTER, STATIONARIES & OFFICE CONSUMABLES 6,866 2 4 ,898CHANGE MANAGEMENT COMMITTE ACTIVIES 8,274 3725INSURANCE EXPENSES 20,637 26,329ADVOCAY VISIT 5,643REPAIRS & MAINTENACE OF OFFICE PREMISES 187 15,557TRAVELLING EXPENSES 179,502 126,289SUPERVISION, MISSION VISITS 17,368 7 6 ,908REVIEW VISITS AND EXPENSES 11,089 16,510MEETINGS/LOGISTIC 5,245 1,785BID OPENING EXPENSES 89 4,738TELEPHONE & POSTAGES 499 722SUBSCRIPTIONS 9,732 8, 162RETREAT(PMU 130STEERING COMMITTEE ACTIVITIES 97 117 2,915SECURITY SERVICE 30,603 23,561CLEANING SERVICE 38,220 29,261PROJECT MANAGEMENT: GOODS (CONSUMABLES-_____ 82,692 51,060PROJECT MANAGEMENT: TRAINING AND WORKSHOP 190,149 72,5

844.22850.720

EXCHANGE RATE DIFFERENCE 5,503 7,828)

NOTES 12: MONITORING AND EVALUATION ;t7 56

NOTES 13 INVENTORY

AGRIC EQUIPMENTS 111,527 81,206VARIOUS STORE ITEMS 26,053PERSONAL PROTECTIVE EQUIPMENTS 11,700 11,700PLASTIC CRATES 170,43 17043

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NOTE 14: WORLD BANK IDA CREDIT NO, 55060 _ __

Balance as at January 2018 __ __ ___8,999,262,084

VVB Draw Down to CBN for the year 8,514671,274 8,999.262,084

17,513,933,358 8,999 252,084

NOTE 15: FGN COUNTERPART FUNDBalance as at January 218 101,690,457Total Counterpart Fund for the year 6 965 838,115 601 690,457

7,567,528,571 601,6904457

I 9

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