N510bn bail-out funds: FG begins audit of governors

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Minister of Finance, Mrs Kemi Adeosun

The Federal Government is set to commence an audit of the utilization of Federal Governments bailout funds to state governments amounting to about N510 billion last year.

Consequently, eight accounting firms have been appointed to review how state governors have been spending the said money and whether or not they complied with stipulations of the Fiscal Sustainability Plan (FSP), which was the basis for the funds.

The firms are: KPMG, Ernst & Young, PriceWater Coopers, PKF, Muhtari Dangana & Co, S. S. Afemikhe & Co, as well as Ahmed Zakari & Co and Ijewere & Co. Minister of Finance, Mrs. Kemi Adeosun, said in Abuja yesterday that the accounting firms would evaluate the states based on their implementation of the 22-point FSP.

According to her, the ministry has been monitoring the utilization since last year but found it necessary at this stage to employ independent firms for the “monitoring and verification of the States against agreed milestones under the FSP.”

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