World Bank has commended Kogi State Government on its 2020 audited financial statement, describing the report as a standard for transparency and accountability in the public sector.
The bank made the commendation in a letter sent to the Accountant General of Kogi State, Momoh Jubril dated November 21, 2021 which was signed by the States Fiscal Transparency, Accountability and Sustainability Programme (SFTAS) Task Team Leader, Nigeria Country Office, Western and Central African Region.
The letter titled, ‘Nigeria: Review of Kogi State Audited Financial Statements for the year ended December 31, 2020 for State Fiscal Transparency, Accountability and Sustainability’ will attract $750 million reward for states that met any or all of nine indicators that demonstrate improvements in fiscal transparency, accountability and sustainability.
According to the letter, the criteria to be achieved are improved financial reporting and budget reliability; increased openness and citizens’ engagement in the budget process; improved cash management and reduced revenue leakages through the implementation of State Treasury Single Account (TSA); strengthened Internally Generated Revenue (IGR) collection; biometric registration and Bank Verification Number (BVN) used to reduce payroll fraud.
Others are improved procurement practices for increased transparency and value for money; strengthened public debt management and fiscal responsibility framework; improved clearance/reduction of the stock of domestic expenditure arrears; and improved debt sustainability.
