AUDIT REPORTS AND FINANCIAL STATEMENTS

IBADAN URBAN FLOOD MANAGEMENT

PROJECT

(OYO STATE)

WORLD BANK ASSISTED

IDA CREDIT NO: 5510 - NG

AUDIT REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER, 2019

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IBADAN URBAN FLOOD MANAGEMENT PROJECT

(OYO STATE)

WORLD BANK ASSISTED

IDA CREDIT 5510 - NG

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2019

CONTENT PAGE

1. Information about International Development Association Project 1

2. Project Committee members and other Principal Officers 43. Statement of Accounting Policies 5

4. Report of the Independent Auditors 65. Balance Sheet 86. Statement of Receipts and Payments 9

7. Cashflow Statements 10

8. Notes to the Financial Statements 11

9. Reconciliation of Access Bank Account - Special account 20

10. Reconciliation of Draw Down Account - Access Bank 2111. Reconciliation of Counterpart Account - First Bank 2212-Audit Journal 24

13. Statement of Expenditure (SOE) 2514. Report to Management 26


(OYO STATE)

WORLD BANK ASSISTED


TERM OF THE LOAN AGREEMENTA. PARTICULARS OF THE CREDIT

IDA CREDIT NO 5510 - NG

AMOUNT EXPENDED TO IUFMP SDR 129,100,000

B. THE PRINCIPAL AMOUNT OF THE LOAN

The Principal amount of the loan is 129,100,000 SDR converted to $200million

as at the date of the financing agreement and as provided for in Section IV (2) of

the financing agreement.

C. TERM OF AGREEMENT AND REPAYMENT

The Principal amount of the Credit of SDR 129,100,000 shall be made available

by the World Bank under the following conditions:

1. The payment currency will be in US dollar

2. Repayment shall be denominated in Naira over a period of 20 years after

moratorium period of 5 years (2014 to 2019).

3. Interest of 1.25% shall be charged on the principal amount withdrawn not

yet settled.

4. The maximum commitment charge rate payable on the unwithdrawn

financing shall be % of 1% per annum.

5. The service charge payable on the withdrawn credit balance shall beequal to % of 1 % per annum

6. The Principal is repayable over a period of 20 years i.e 2019 to 2039 with

the first repayment due on August 15, 2019 in accordance with the

repayment schedule set forth in schedule 3 to the financing agreement.


(OYO STATE)

WORLD BANK ASSISTED


D. PROJECT INFORMATION

Ibadan Urban Flood Management Project is headed by the State Project

Coordinator who is a career officer. For the successful execution and co-

ordination of the various components of the project, the Project Coordinator is

surrounded by a team of qualified and experienced professionals. Also, to ensure

sound financial management of the Project, the World Bank established a Project

Financial Management Unit, headed by a qualified and well experienced

Professional Accountant. The Unit is responsible for the Financial Management

of World Bank Projects assisted.

THE PROJECT OBJECTIVE

The Objective of the Project is to improve the capacity of OYO State to effectively

manage flood risk in the city of Ibadan.

E. THE MAIN COMPONENTS OF THE PROJECT

Part 1: Flood Risk Identification, Prevention and Preparedness Measures

Assisting Oyo State to assess flood risk in the city of lbadan, plan risk reductionmeasures and finance preventive structural and non-structural measures to enhanceflood preparedness through:

1. Preparation of flood risk management investment program including:

a) Financing the formulation of three key master plans for the city of lbadan

namely Integrated Physical Master Plan, Solid Waste Management Master

Plan and Integrated Flood Risk Management Master Plan.

b) Carrying out feasibility studies, detailed engineering designs and

construction supervision for works to be carried out under the Project.


(OYO STATE)

WORLD BANK ASSISTED


c) Preparation of emergency preparedness plan for the Eleyele dam as well

as ESIAs and ESMPs.

2. Preparation of a long-term flood resilience strategy for Oyo State.

3. Preparation of integrated master flood risk management plan includes:

a) Designing of an integrated flood early warning and response system for

the city of Ibadan including design of community contingency plans and

flood awareness programs;

b) Establishment of a flood forecasting and early warning weather forecast

system; and

c) Implementation of flood awareness programs at participating LGAs and

CDAs (using CSDP community platforms).

4. Providing immediate response to an Eligible Emergency, as needed.

Part 2: Flood Risk Reduction

Carrying out a program of activities to mitigate flood risk through:

1. Implementation of critical urban drainage infrastructure improvements at Priority

sites as well as dam safety works at Eleyele dam.

2. Rehabilitation and construction of robust infrastructure for flood mitigation at

Targeted sites.

F. BANKERS

Access Bank Plc

First Bank Plc

G. EXTERNAL AUDITORS


(OYO STATE)

WORLD BANK ASSISTED


Kamil Ademola Lamidi & Co.(Chartered Accountants)

PROJECT TECHNICAL COMMITTEE1. J.0 Olaoke Ministry of Physical Planning & Urban Development2. Engr. 0.0. Bamidele Water Corporation of Oyo State

3. Surveyor Abiodun Alaba Office of Surveyor - General

4. Engr. M.O. Yakubu Ministry of Environment & Habitat

5. Engr. O.K. Aremu Ministry of Works

6. Engr. Adeyemo Adeyinka Ministry of Water Resources

7. Dr. Abass Gbolahan Ministry of Health

8. Mr. S.O. Kolajo Ministry of Women Affairs

9. Mr. Adenusi G.K Cabinet Department, Governor's Office10. Mrs. K.A. Adegoke Office of the Accountant-General

11. Mrs. M.J. Orowale Ministry of Finance

12. Mr. O.D. Ogunjimi OYSEMA

13 Mr. Akintola A.R Ministry of Economic Planning & Budget14. Engr. J.A. Alabi 1. OYOWMA

15 Barr. Ajala Ministry of Justice


(OYO STATE)

WORLD BANK ASSISTED


PROJECT IMPLEMENTATION UNIT (PIL)1. Mr. A.A. Ayorinde Project Coordinator

2. Mrs. K.A. Adegoke Head - PFMU

3. Mrs. C.F- Fadipe Project Accountant

4. Mr. W.0 Oyelowo Project Internal Auditor

5, Mr. O.M. Olawale Procurement Specialist

6. Mrs. A.O. Babawumi Communication Specialist

7, Mrs. F.E. Adesina Environmental Specialist

8. Engr. T.O. Akanbi Infrastructural Engineer

9. Engr. S.A. Adeniji Hydraulic Engineer

10. Mrs. A.A. Dada Social Development Specialist

11. Mr. M.A. Adedigba Monitoring & Evaluation Specialist

12- Mr. A.A. Babalola Community Mobilization Officer

13. Barr. Waheed Ajuwon Admin Manager


(OYO STATE)

WORLD BANK ASSISTED


STATEMENT OF ACCOUNTING POLICIES

The following are the significant accounting policies adopted by the Project in preparingthe financial statement of the Ibadan Urban Flood Management Project.

1. Basis of Accounting

The accounts are prepared under the historical cost convention its basically cashaccounting

2. Fixed Assets (Goods)

Fixed assets are stated at their historical cost. No depreciation is charged.

3. Debtors/Receivables

It is cash account, hence there is no provision for double debts or accrual-

4. Foreign Currency Exchange

i. Transaction in foreign currencies are recorded in the books in Naira at the

exchange rate on the date of the transactions.

ii. All assets in foreign currency are converted to Naira at the rate ruling on

the balance sheet date - 31 December, 2019.

REPORT OF THE INDEPENDENT AUDITORS ON THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

We have audited the financial statements of Ibadan Urban Flood Management Project

for the year ended 31 December 2019 as set out on page 11 to 21 and prepared on the

basis of accounting policies set out on page 8.

RESPECTIVE RESPONSIBILITIES OF THE PROJECT MANAGEMENT AND

AUDITORS

The Project Financial Management Unit with the Project Implementation Unit which

coordinates the activities of the Project is responsible for the preparation of the

Financial Statements. It is our responsibility, as auditors, to form an independentopinion on the Financial Statements on our audit and to express our opinion to you.

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing Issued

by the International Federation of Accountants and the World Bank guidelines. 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 significant

estimates and judgements made by the Project Officers in the preparation of theFinancial Statements, and of whether the accounting policies are appropriate to the

project circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information andexplanations that we considered necessary for the purpose of the audit and to provide

us with sufficient evidence to give reasonable assurance that the Financial Statements

are free of material misstatement whether caused by fraud, errors or other irregularities.

In forming our opinion, we also evaluated the overall adequacy of the presentation of

__________________________Partners: Olaleye A a angng,'mthe Financial Statements and whether the Financial Statements are in agreement with

the books of accounts being kept by the Projects Management.

OPINION

In our opinion, the Project Financial Statements give a true and fair view of the financialposition and of the cash flow statements of Ibadan Urban Flood Management Project forthe year ended 31 December, 2019 and in accordance with International Standard on

Auditing, the World Bank guidelines and relevant statements of accounting standards

issued by the Nigeria Accounting Standards Board.

The Statement of Expenditure (SOE) is in agreement with the books of account.

Necessary procurement procedure, in line with the credit agreement, was followedadequate supporting documentations to support reimbursement claims to World Bank

on expenditure incurred has been made. The expenditures were all eligible for financing

under the credit agreement.

The Statement of Special Account of the project has been prepared on the basis of

lodgments and withdrawals. All withdrawal application forms for replenishment

complied with the credit agreement and the account give a true and fair view of the

Project's activities for the year ended 31 December, 2019.

Counterpart Fund: The Oyo State Government total contribution to the Project in the

year under review is N400,000,000 only, which is about $ 1,273,885.35 @ (Rate N 359

to $ the lowest in year 2019). As such the Project is now fully in operation and the

objectives of the project are being met

OLALEYEA A DEVINKAF0RC/20 1IICAN/0000001 1240 0605>

uite 3F, Lapa House, 235 gbose Road, Laos 6 utait i Av - Ape, Bashorn lbadanTel: 0803-403 5522 Erna~ ofo %abKefe dco

IBADAN URBAN FLOOD MANAGEMENT PROJECT(OVO STATE)WORLD BANK ASSISTEDIDA CREDIT 5510 - NGBALANCE SHEET AS AT 31 DECEMEBER 2019

Notes Cumulative Current Year (20191 2018N N N

Goods 1 578,742,024 149,217,585 429,524,439Civil Works 2 7,924,034,942 3,355,515,209 4,558,519,732Consultancy services 3 4,922,292,174 932,673,896 3,989,618,27FTraining, Workshop & Seminars 4 70,018,456 15,723,575 54,294,88:Operating Expenses 5 408,134,839 96,277,802 311,857,037Others 6 108,809,275 11,655,065 97,154,210

14,012,031,710 4,571,063,133 9,440,968,577Cash and Bank Balances 7 17,141,302,913 8,292,085,873 8,849,217,040

31,153,334,623 12,863,149,006 18,290,185,617Financed By:IDA Fund 8 27,544,848,149 12,488,416,918 15,05b,31,231Counter fnd 9 1,710,919,999 371,946,666 1 1,338,973,333Other Income 10 1,897,566,475 2,785,422 1,894,781,053

31,153,334,623 12,863,149,006 18,290,185,617

Name Signature DateProject Coordinator

Project Accountant

The accounting policies on page 5 and the notes on page 11 to 18 form part of these Financial Statements.

11

IBADAN URBAN FLOOD MANAGEMENT PROJECT(OYO STATE)

WORLD BANK ASSISTEDIDA CREDIT 5510 - NGSTATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEARENDED 31 DECEMBER, 2019

Notes Cumulative Current year 2018N N N

RECEIPTSIDA Fund 8 27,544,848,149 12,488,416,918 15,056,431,231Counterpart Fund 9 1,699,999,999 366,666,666 1,333,333,333Other Funds (Bidding) 10,920,000 5,280,000 5,640,000Other Income 10 1,897,566,475 2,785,422 1,894,781,053

31,153,334,623 12,863,149,006 18,290,185,617

PAYMENTSGoods 1 578,742,024 149,217,585 429,524,439Civil Works 2 7,924,034,942 3,365,515,209 4,558,519,732Consultancy Services 3 4,922,292,174 932,673,896 3,989,618,278Training, Workshops & Seminars 4 70,018,456 15,723,575 54,294,831Operating Expenses 5 408,134,839 96,277,802 311,857,037Others 6 108,809,275 11,655,065 97,154,2LO

14,012,031,710 4,571,063,133 9,440,968,57

Cash and Bank Balances 17,141,302,913 8,292,085,873 8,849,217,010

The accounting policies on page 5 and notes on pages 11 tO 18 form part of these Financial Statements

12

IBADAN URBAN FLOOD MANAGEMENT PROJECT(0YO STATE)

WORLD BANK ASSISTEDIDA CREDIT 5510- NGCASHFLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2019Operating Activities 2019 2018

N N N NGoods 149,217,585 223705,022Civil Works 3,365,515209 3,395,381,283Consultancy 932,673,896 1,420,306,:174Training, Workshops & Seminars 15,723,575 28,296,045Operating Expenses 96,277,802 167,5., -91Others 11,655,065 11,417,976

4,571,063,133 5,246,9t4,591

Financing ActivitiesIDA Fund 12,488,416,918 8,125,486,614Counterpart Fund 366,656,666 400,000,000Bidding DoCLmQnt 5,280,000 2,6000Other Funds 2,785,422 1,479,182,045

12,863,149,006 10,007,268,:908,292,085,873 4,760,304,199

Cash and cash equivalent at beg!nning 8,849,217,040 4,088,912,941Cash and cash equivalent at close 17,141,302,913 8,849,217,40

The accounting pDlkie on Page 5 and notes on paga5 11 to 1 form part of thewe Hinancial Statements

13

IBADAN URBAN FLOOD MANAGEMENT PROJECT[OYO STATE)

WORLD BANK ASSlSTEDIDA CREDIT 510I - NGNOTES TO THE ACCOUNTS FOR THE YEAR ENDED31-Dec-19

Note 1: Goods Cumulative Figure Current Year Transwticn 2018N N N

Mo5tor Vehicle 112./99,695 112799615OrFee Equipmrernt 103397,38 2, / Y.T70 105 679P

ICT Equipment 336368A45 14£,50,01 183,0ia 3,,Off! ce f-umture & Fltriný 18379,350 18,37982Plant & MachinerV 2.643,781 - 2643 7lMotor eVLIE! 152,g6 152 865

578,742,024 149,217,585 429,524,4 9

Note 2: Cull WorksConttrul-on of hydrahlic anatrcre atE evele Lam L.78,669,363 1,147,221.737 731447 6Reno n -kn kf PIU teny:ry :>fic 4&2,09D i 462 0940

Rcorurution of :ol upoed duker t ut M-r, 3,378,091 4378.o1iConstrurtion works ac priority sites 5,833,821,121 0,2163.3> - 3,615 527,618Dredging o f ilud pron,reas. strearns/r verand darng5 dre I<ked drriges 2404277_7,704,277 20/,/4,27

T0TAL 7,924,034,942 3,365,515,209 4,558,5197 2

14


WORLD BANK ASSISTEDIDA CREDIT 5510 - NGNOTES TOTHE ACCOUNTANTS FORTHE YEAR ENDED31 DECEMBER 2019

Note 3: Consultancy Services Cumulative Figure Current Year Transaction 2018N IN N

Consultarcy on Pociremencrit 2 3 , 6 0 4 . 7 50 23,60N2.304Hydraulic Consultancy/Pro]act rngt services consultancy in support of PlU 392,263,742 175284,333 216,37S.09Project implerentation Manual 6,247,406 6,247 406Environment Social Screening Assessment 2,900,000 2,900#000Urban Flood Risk Manegement and Drainage Master Plan 1,164,462,835 393,565,646 770,897.189Courrnnication needs Assesment. 805,600 805 600Adverton Solid Waste Master Plan & Project Marragerent Corsultancy 86,932,302 86935 302Engagernent for preparation of Grievance Redress MecIranisi mj(GRM) 8,328,600 8,32E 600Preparation of E0 on LSiA, E5MI, RAP for ten sites 22540,196 22,540 196Engineering Design and Construction of priority sites 305,232,192 S2,091,399 253,149 793Chief Technical Advisor's Professional Fee 42,275,795 42,275 795Environient Social Management Plan disclosure processing 11,520,617 11,52C 67Advert on ESMP for Constrt.clion for priority sites 704,477 704477Advert on bidding document fur Construction of four priority sites 880,925 889 935Engineering design of Eleyele Dam rehabilitation 360,6180,907 104,805,21 255,874.694-gistics/Moblillation for Activity on Engagement with Community 2,691 00 2,691000

Advert on EDI and ESIA for preparation of ESMP for Eleyele Dam 1447,693 1, 447 693Private Secor participation in waste Management 50,OO 50C. 00Visit of Independent Adv isory Group (lAG) to sites 1,141,379 1,141379Engineerine design and Supervision of pa liativeworkat Alar carllapsI cert 949,200 949,Advert oi EOl for ESIA, ESMP, RAP for 10 priority sites 279,778,082 279,778 082Preparation forFSMP for plliatie work at 4Mar collapsed culvert 410,903 41C,903Expression of Interest on Engineer ng denier 257,904 257904Courier Srvices 12,750 12.750Evaluation of I on PMC & Solid W Ate Master Plan 854,144 854,14430% Final payment for preparation of Project Implementaten 1,927,460 1,927,460Payment of 6, serond puymentfordeigi of fou priority site 5,170,918 5,370,918Payment for rnv iw of TOR & Proposa[for thse design & construction su pefvisioa of the retabil 2,586,740 2,586740Consultancy for design on four sites in Ibadan 183,466,139 1355 ,858 47,599,281Priote Sector Parlicipation Stakeholders frum,r 905,000 905,000Evaluation of 1bedan Urban City Master Plan 1,400,840,009 155,00 6,400,385,09Advert for preparation of Tender document and construction supere ion for 10 priority sites 471,889 471,889Deployment of flexible accounting software 2,300,000 - 2,300,000Other Consultancy fee 179,167,048 179,167,048Formulation of long-term flood resilience strategV 92,486,378 5 512,6D 66,973,618Engineering designs and work supervisicn at targeted sites 148,854,362 477,772 132,770,640Activities on Lngagemient with Cornmunity 71,700,037 0750,9561Preparation & iplemertation of ARAPs & RAPts 114,982,796 7.670,000 107,312,796TOA4,922,292,174 932,673,896 3,989,618,:78

15

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IBADAN URBAN FLOOD MANAGEMENT PROJECT(OYOSTATE)

WORLD BANK ASSISTED

IDA CREDIT 5510 - ING

NOTES TOTHEACCOUNTS FORTHE YFAR ENDED

31 DECEMSER 2019

Note 5ý Oppr2iting Costs CumWative Figure Current YéarTåý,.cfo- :AlgN N N

T r avelil flý: E,,< [}e,%es 3,919,248 8,819 48i echniul, lý, view Meeting 57ý,310 576 310Prnting.,n, ýtation,ýries 20,346.6R5 2 1 ý326 585Lwi- riepLt.ýtýon MeelinS (Serviong efloan regotiatión meeting at Abuja) 700,000 700 MOMeeting MCA and Others) 20,522,G28 15,£36 148Fui21 ane, Lut, can(-ý 15,17ý,4)0 -1, 10r962 )40Telephøý,ý d interiet/NAýd-_Eýp- s 16,712,013.5 12,921 30-5(3ffice 942,859 842 ý59Newýýjý, ý, 52e - 1ý 520 m

3,969,81ý7 1,726303,590.2W 3,590 W

T,,Ll:,ý-i M-t5,F, c,,, Fýh,,ncement Remw 2,9ý1 1qý 2,851 395"A", pt,l, 87j00 87 500

ý, Gl A--ssorles 138.100 138"ý00Meet,,ý wiý, rVý d ý1ý il T- ý and Participatlan iD LPPR 1.479,214 1,4713 114AdVert - l FiLii er FM

incentives for monitoring of E5WIP dise.lc)sure 45,aafi 45,300Repaiýs & Maintanace w'jehýcles ý15 W) Cl 441q 18,186 555C3uner Servicins 72D,397 l 2,416 579C l e,ý ri ng of V eEetýi týo n at E1QVel e 0 ani 370,000 370> 0Meeting ýiffi World Caik Chief Procurement Specialist 363)98ScýlcinF nf Worid Mission and IAG peirticipati,c,. 4,6G5r530 4,6G5 ý30Repair5, ýd r,ý.tntanace uf Plant & Machire (G8nerator) 31.001) 31 300Prei-t Fýý ,ijý r, ýnt Ur:% G,328,850 4,ClB.350

)- ý ý,ý -ý~ ý- ,, Fh,,, duy5 P,ojeý,t Tcchnical Lunch 730,000 730 300Merithiv i pre,ý. 57,012,747 55,478A12L.,.1 7,-, ; - 11,111 27"ý23,772 336.100Offif,f,ý cleýaning / pc,iDdirals _____117 ý63Entertammerik 4,84ý>,894 4,845,394ýleetfical Repai, 2 1,301,422 6550OtherOperiting(oýts ýNote5a) 13,ý 11 13,593.319Media activitles "l" ý, I'Ll q - R4,164,144PIU Rerýormance-base yearly allowance 39,053'ý38liriýdepen&nt Adviswv Graup (IAGý A115wance Uffi4 L 2,681, ý41

408,134,839 96, 2 7, ý302TOTAL 311,857,

17


WORLD BANK ASSISTEDIDA CREDIT 5510 - NGNOTES TO THE ACCOUNTS FOR THE YEAR ENDED31 DECEMBER 2019Note 6: Other Expenses Cumulative Figure Current Year Transaction 2018

N N NBank Charges 24,847,596 10,080,065 14,767, 31Audit Fee 9,595,000 1,575,000 8,020,000Witnholding Tax 40,192,358 40,192 38Value Added Tax 34,174,321 34,174, 21

108,809,275 11,655,065 97,154,210

Note 7: Cash and Bank BalancesAccess Bank account No: 0060859114 (Special account) 16,012,897,247 8,131,445,676 7,881,451, 71Access Bank account No: 0060859073 (Draw Down account) (5,909,651) (76,581,753( 70,672, 02Access Bank Interest Account 1,762,563 933,200 829, 63First Bank Account No; 2024461557 (Counterpart Account) 1,132,519,104 236,288,750 896,230, 54Cash in Hand 33,650 33, 50

17,141,302,913 8,292,085,873 8,849,217,040

Note 8: IDA Fund

Preparatory Fund OYPPF 02 G6,825,784 66,825 84OYPPF 06 & CYC.R 001 to 007 204,930,000 204,930 ,I00Receipt in the year OYCR 0020 - 019 27,273,092,365 12,488,416, 918 14,784,675 .47

27,544,848,149 12,488,416,918 15,056,431,231

IBADAN URBAN FLOOD MANAGEMENT PROJECT(OYO STATE)WORLD BANK ASSISTEDIDA CREDIT 5510 - NGNOTES TO THE ACCOUNTS FOR THE YEAR ENDED31 DECEMBER 2019Note 9: Counterpart Fund Cumulative Figure Current Year Transaction 2018

N N NCounterpart Fund 1,699,999,999 366,666,666 1,333,333,333Other Funds (Bidding) 10,920,000 5,280,000 5,640,010

1,710,919,999 371,946,666 1,338,973,3:13

Note 10: Other IncomeBank Interest 5,618,493 2,785,422 2,833,01Exchange Gain (Note 11) 1,891,947,982 1,891,947,9 2

1,897,566,475 2,785,422 1,894,781,053

Note 11: Exchange GainBalance brought forward 2,668,020 2,668,0 0(ain from Access Bank Plc 1,888,869,363 1,888,869,353Gain from Zenith Bank PLc 1,216,705 1,216,7 5Palance as at 31 December, 2019 (Note 10) 1,892,754,088 - 1,892,754,088

19

IBADAN URBAN FLOOD MANAGEMENT PROJECT(OYO STATE)WORLD BANK ASSISTEDIDA CREDIT SS10 - NG

ACCESS BANK DOLLAR-ACCOUNT RECONCILIATION

FOR THE YEAR ENDED 31 DECEMBER 2019

$ $ N N

Opening Balance 1 January2019 20,755,990.79 7,472,51,6I84AY

Receipts 34,883,846.14 12,558,184,610,40Interest Iacome 3,051.54 1098,554,40

34,886,897.68 2,559,283,164.:0

55,643,888.47 20,031,799,849.20

Anount Withdrawn to Draw Down Account 8,029,361.67 2,890,570,201.20Direct Withdrawal 4,879,499.73 1,756,619,902.80Bank Charges 25,746.33 9,268,678.80

12,934,607.73 4,656,458,782.80

Balance per BankStatement 42,709,280.74Balance per Cash book/Ledger 42,709,280.74

15,375,341,066.10

Exchange Rate as at Balance Sheet date N359 to $1Naira Equivalent asat year end 1.5,375,341,066.40Exchange gain during the yeor -Net exchange gain in Prior Periods 1,888,869,36en0Total Naira Equivalent as at 31 Dec 2019 j 17,264,210,429.43


WORLD BANK ASSISTEDIDA CREDIT 5510 - NGCOUNTERPART FUND ACCOUNTFIRST BANK PLC

BANK RECONCILIATION STATEMENT FOR THE YEAR 31 DECEMBER 2019

N N

Opening Balance 1/1/2019 902,554,741.77

Add Receipts 400,779,571.13

1,303,334,312.90

Less:

Payments 169,308,115.80Bank Charges 23,856.50 (1b9,331,972.3U)

Balance Per Cashbook 1,134,002,340.60

Balance per Bank Statement 1,134,002,340.60

21

IBADAN URBAN FLOOD MANAGEMENT PROJECT(OYO STATE)WORLD BANK ASSISTEDIDA CREDIT 5510 - NG

DRAW DOWN ACCOUNTACCESS BANK PLC

BANK RECONCILIATION STATEMENT FOR THE YEAR 31 DECEMBER 2019

N N

Opening Balance 1/1/2019 499,751,344.59

Add Receipts 2,844,495,883.14

3,344,247,227.73

Less:Payments 3,346,005,870.68

Bank Charges 24,000M00

(3,346,029,870.68)

Balance Per Cashbook (1,782,642.95)

Unpresented Cheques 17,726,713.91

Balance per Bank Statement 15,944,070.96

22

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AUDIT REPORTS AND FINANCIAL STATEMENTS

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