Federal Government commence independent review of states’ financial management in line with set standards

  

    As part of measures to guard against the abuse of public funds, the Federal Government says it has commenced independent review of states’ financial management in line with set standards.

   Consequently, it has appointed eight reputable accounting firms including KPMG, Ernst & Young and Price Waterhouse Coopers to monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan, FSP, which specified the conditions under which 35 state governments in June 2016 started accessing the N510 billion Budget Support Facility.

   Finance Minister, Kemi Adeosun, said in Abuja that her Ministry had since June 2016 been monitoring the states. 

She, however, revealed that independent monitoring and verification of the states against agreed milestones under the FSP will be conducted by the eight accounting firms.
    While announcing their appointment, the Minister of Finance, said the firms were “expected to vigorously monitor, evaluate and verify the performance of the states against the agreed milestones set by each state government under the FSP.