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The foreign exchange translation as
at 31st December, 2005 was N129 to the US Dollar. This was employed as the
conversion rate of the outstanding external debt of the state at the year end.
• INVESTMENT
Shares held under Ministry of Finance incorporation (MOFI) are stated at
their respective current market values.
• ASSETS AND LIABILITIES
Assets and Liabilities are stated at their respective net values.
REVIEW OF FINANCIAL AND
ECONOMIC ENVIRONMENT .
INTRODUCTION:
In the pursuit of her economic development and empowerment agenda, the state
government continued to emphasize the improvement of all sectoral
performance for an enduring and sustainable economic growth of the state.
To this end, massive investment in agriculture , infrastructure, education,
health, information technology, water and industrialization has been
emplaced. To ensure that state investment in all the sectors are
judiciously utilized, government introduced transparency and
accountability in all her dealings thereby enthroning good governance in
the state.As at today, the state has become investor friendly thereby ensuring
the industrial take-off of the state. The welfare of the government workforce is
also given top priority in order to ensure the happiness of government
workers and therefore, efficiency in service delivery.
CAPITAL FORMATION
The present government has put much effort on private sector growth which is
a focal point of the state administration. Private sector development has been
vigorously pursued in line with the blue print of the State Economic Empowerment
and Development Strategy (SEEDS) and the calendarized programme of the
home-grown roadmap to progress document. In 2005 fiscal year, the sum of N13.62b
was expended by government on developmental projects. The state equally expended
money on security to keep the state peaceful in order to attract both local and
foreign investors into the state.
STAFF WELFARE
The sum of N7.20b was expended on payment of salaries, allowances and leave
bonus of civilservants and other political office holders during the year
under review. The state has commenced the computerization of staff payroll
system to enhance speedy salary processing and eliminate ghost workers.
 Mr J.O Alabi
Deputy Accountant General of
Ondo State |
REGIONAL AND ENVIRONMENT
The state acquired, during the year, an amphibious excavator for drainage
and channelisation of rivers and streams in and around the state capital and
other flood prone communities in the state so as to stem the incidences of
erosion
and flooding. The achievement of the United Nations Millennium Development Goals
(MDGs) in various sectors such as health, environment, social and education was
given top priority during the year under review.
STATEMENT 1
RESPONSIBILITY FOR FINANCIAL STATEMENTS
In accordance with the provisions of the Finance (Control and Management)
Act of 1958 as amended, these financial statements have been prepared by me as
the Accountant General of Ondo State . The financial statements complied with
Generally Accepted Accounting Practice (GAAP) and the Public Administration |
Law provisions Cap 100 Laws of Ondo State,1978. As the State Accountant
General, it is my responsibility to establish and maintain a system of internal
control that will provide reasonable assurance that the transactions recorded
complied with relevant statutes and to ensure
propriety of expenditure. To the best of my knowledge, the system of internal
control has been operated adequately throughout the reporting period.
Accountant
General,
Ondo State .
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Budget and Finance
