Nigeria, officially the Federal Republic of Nigeria, is a Federal Constitutional Republic comprising thirty Six States and the Federal Capital Territory. The country is located in West Africa and shares land borders with the Republic of Benin in the West, Chad and Cameroun in the East and Niger in the North. Its coast in the South lies on the Gulf of Guinea on the Atlantic Ocean. The three largest and most influential Ethnic groups in Nigeria are the Yorubas, Igbos and Hausas. In terms of religion, Nigeria is roughly split half and half between Christians and Muslims with a very small minority who practice Traditional religion. The people of Nigeria have an extensive history; archaeological evidence shows that human habitation of the area dates back to at least 9000 BC. The area around the Benue and Cross River is thought to be the original homeland of the Bantu migrants who spread across the most Central and Southern Africa in waves between the 1st Millennium BC and the second Millennium. The name was taken from the Niger River running through the country. This name was coined by Flora Shaw, the wife of Baron Lugard, a British colonial Administrator, in the late 19th century. Nigeria is most populous Country in Africa, the most populous black nation and the seventh most populous in the World. It was listed among the “Next Eleven” Economies and is a member of the Commonwealth of Nations. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. i Benue state is one of the thirty-six states that constitute the Federal Republic of Nigeria. It was created on February 3, 1976 when it was excised from Benue Plateau State. It is situated in the north – central geopolitical zone of the country, and lies between latitude 6° 25’ & 8 8’N and longitudes 7° 47’ & 10° 0’E. Benue State with a land area of 30,955sq, km is surrounded by six States, namely; Nassarawa to the north, Taraba to the north-east, Cross River to the south, Ebonyi and Enugu to the South-West and Kogi to the west. There is also a short international boundary between the State and the Republic of Cameroun along the Nigeria’s South-east border. Benue State has a total landmass of 30,955 square kilometers. The vast coverage of fertile topsoil provides the basis for the extensive form of peasant agriculture, which gives rise to why Benue State is known as the “Food Basket of the Nation”. The brick industry is gradually taking over much of the few fertile alluvial deposits along the rivers and streams thus reducing the few arable lands that in the past had been profitably used for agriculture. River Benue, from which State derives its name, is one of the few large rivers in Nigeria not plagued with waterfalls and rapids. The Katsina- Ala River is the largest tributary, while there are a number of smaller rivers. The flood plains, which are characterized by extensive swamps and ponds, are utilized for dry season irrigated farming. Elsewhere, surface drainage is generally good. Though the Benue State has high drainage density, many of the streams are seasonal. The permanent water table in many parts of the State is very low and there is an acute water shortage in the dry season in some LGAs. The numerous rivers and streams provide a great potential for irrigated agriculture, a source for fresh water fish, hydro – electric power and transport. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. ii TABLE OF CONTENTS 1. Nigeria ……………………………………………………………………………...………….…..i 2. Benue State ………………………………………………….…………….………………….…....ii 3. Table of Contents …………………………………………….…….…….…………......................1 4. Executive Governor of Benue State ……………………….……...................................................2 5. Deputy Governor of Benue State ……………………………….…….................………………..3 6. Secretary to the State Government …………………………….………………………………….4 7. Hon. Commissioner of Finance, Benue State ………………….....................................................5 8. Permanent Secretary, Ministry of Finance, Benue State……..........................................................6 9. Accountant-General, Benue State ………………………………...................................................7 10. Director, Main Account ……………………………………….......................................................8 11. Statement of Accounting Policies …………………………….…………………...........................9-10 12. Auditor-General’s Certificate …………………………………………………………..…………11 13. Five Years Financial Summary ……………………………………………………………......….12-13 14. Financial Statements ………………………………………………………………………………14-17 15. Notes to The Financial Statement ………………………………………………...........................18-70 Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 1 His Excellency CHIEF DR. SAMUEL ORTOM Executive Governor, Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 2 His Excellency ENGR. BENSON ABOUNU Deputy Governor, Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 3 PROF. TONY IJOHOR SAN Secretary to Benue State Government Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 4 HON. DAVID OLOFU Honourable Commissioner Ministry of Finance, Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 5 UYINA MATTHEW FCNA Permanent Secretary Ministry of Finance, Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 6 AGWAZA IORKPILIGH FCNA, FPA,CITN, MCFE Accountant-General Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 7 AUSTINE UJAH MBA, FCNA Director Main Account Office of the Accountant-General, Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 8 Statement of Accounting Polices INTRODUCTION In accordance with section 0202 of the financial instructions 2013 and provision of the public finances (control & management) law, now Cap. 138 laws of Benue State of Nigeria, I herby present the report on the accounts of the Government of Benue State of Nigeria for the year ended 31st December, 2018 together with the notes thereon. 1.0 Statement of Accounting Polices The following are the significant Accounting policies adopted by the Government of Benue State in the preparation of year 2018 financial statements. 1.1 Basis of Accounting The financial statements have been prepared on the basis consistent with Government Accounting Polices under the historical cost convention and comply with the provisions of the Finance Control and Management Act, using IPSAS cash basis of Accounting. 1.2 Investments Shares and other Government Investments held under Benue Investment & Property Company Limited are stated at current cost and are under the supervision of the Managing Director/CEO Benue Investment & Property Company LTD. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 9 1.3 Consolidated Revenue Fund Consolidated Revenue Fund represents the aggregated balance of the revenue and expenditure account after all the recurrent revenue and expenditure for the year have been recognized. 1.4 Assets And Liabilities Assets and Liabilities are stated at their net values. 1.5 Statutory Allocation / Internally Generated Revenue Statutory Allocation is made up of revenue collected on monthly basis which represents the state share of the Federation account, Excess Crude Receipts and Internally Generated Revenue are all included in gross statutory allocation and are recognized in the financial statements when received. 1.6 Capital Development Fund Capital Development Fund represents the aggregated balance of the capital receipts and expenditure for the year have been recognized. It also includes annual transfers from the Consolidated Revenue Fund in line with the amount provided in the annual budget of the State. Agwaza Iorkpiligh FCNA, FPA,CITN, MCFE Accountant-General Benue State. Report of the Accountant - General With financial Statements for the year Ended 31st December, 2018. 10 Audit Certificate I have audited the Financial Statements of the Government of Benue State of Nigeria for the year ended 31st December, 2018 in accordance with Section 125(2) of the Constitution of the Federal Republic of Nigeria 1999 and Section 5(1) of Benue State Audit Law, 1981. Basis of Opinion: The Audit was conducted in accordance with International Standards on Auditing, Generally Accepted Public Sector and INTOSAI Auditing Standards. These standards require that, I comply with Ethical requirements, plan and perform the Audit to obtain reasonable assurance that the Financial Statements are free from material misstatements whether due to fraud or error. I also evaluated the overall adequacy of the presentation of information in the Financial Statements. In the course of the Audit, I obtained all the information and explanations that, to the best of my knowledge and belief were necessary for the purpose of the audit, and I believe that the audit evidence I obtained is sufficient and appropriate to provide a basis for my independent opinion. Opinion: In my opinion, the Financial Statements prepared are in agreement with the Books of Accounts and are true and fair summaries of accounts of Government of Benue