BUDGET SIZE AND PERFORMANCE ANALYSIS

BUDGET SIZE AND PERFORMANCE
A. REVENUE
ESTIMATE ACTUAL PERFORMANCE
JAN.-DEC, 2011 JAN.-DEC, 2011 %
N N
Recurrent Receipts:
Statutory Allocation 27,000,000,000.00 27,436,364,279.35 101.62
IGR 10,615,350,000.00 3,041,394,328.02 28.65
Sundry Receipts 5,268,174,691.57 69,920,654.74 1.33
Sub Total 42,883,524,691.57 30,547,679,262.11 71.23
Capital Receipts 37,858,890,024.88 54,261,071,853.42 143.32
Total 80,742,414,716.45 84,808,751,115.53 105.04
B. EXPENDITURE
ESTIMATE ACTUAL PERFORMANCE
JAN.-DEC, 2011 JAN.-DEC, 2011 %
N N
Recurrent Expenditure 39,880,459,741.39 49,091,273,819.96 123.10
Capital Expenditure 40,861,954,975.06 11,276,850,029.51 27.60
Total 80,742,414,716.45 60,368,123,849.47 74.77
Page 5

DESCRIPTION 2011 2010
JAN-DEC. JAN-DEC.
N N
REVENUE
Statutory Allocation 27,436,364,279.36 20,896,614,606.25
Value Added Tax 6,073,804,103.88 5,517,959,333.36
Excess Crude Oil Proceeds 9,121,018,268.32 6,366,679,641.79
Internally Generated Revenue 3,041,394,328.02 2,454,450,646.20
Proceeds from Sales of Fertilizer 399,275,504.00 35,943,232.36
Sales from Ikun Dairy Farm 2,300,000.00 -
Foreign Loan Draw Down 828,355,966.77 571,814,013.66
MDGs Conditional Grant - 500,000,000.00
Refund on Federal Roads - 2,000,000,000.00
Internal Loan: Bank 17,836,318,010.44 3,600,000,000.00
Bond 20,000,000,000.00
Sundry Receipts 69,920,654.74 467,279,042.76
Total Revenue (A) 84,808,751,115.53 42,410,740,516.38
EXPENDITURE
Personnel Costs 13,332,880,222.06 11,405,892,827.08
Pensions and Gratuities 2,502,085,409.31 2,040,652,731.99
Overhead Costs 2,609,549,824.57 2,257,127,610.36
Transfer to Other Funds 6,589,736,133.79 3,602,959,035.34
Grants to Parastatals & Tert. Inst. 8,649,623,300.62 7,329,114,652.27
Capital Expenditure 11,279,150,029.51 10,768,308,199.41
Expenses of General Nature 3,507,778,712.97 235,732,359.91
Public Debts Charges 486,123,866.15 272,946,942.94
Repayment of Loans:
Foreign 258,032,847.17 313,293,004.55
Local: Bank 9,961,573,079.35 4,025,033,552.41
Bond 1,191,590,423.97
Total Expenditure (B) 60,368,123,849.47 42,251,060,916.26
Cash Balance
Net Cash Bal (A-B) 24,440,627,266.06 159,679,600.12
Opening Balance (1st Jan.) 2,609,028,866.49 2,449,349,266.37
Closing Balance (31st Dec.) 27,049,656,132.55 2,609,028,866.49
EKITI STATE OF NIGERIA
FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 31ST DECEMBER, 2011.
Page 8

STATEMENT NO.1
CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2011
NOTES CURRENT YEAR PRIOR YEAR
JAN-DEC JAN-DEC
2011 2010
Cash Flows from Operating Activities N N
Receipts
* Statutory Allocation 1 27,436,364,279.36 20,896,614,606.25
* VAT 2 6,073,804,103.88 5,517,959,333.36
* Internally Generated Revenue 3 3,041,394,328.02 2,454,450,646.20
* Excess Crude Oil Proceeds 4 9,121,018,268.32 6,366,679,641.79
* Draw Down On Foreign Loans/Grants 5A 828,355,966.77 571,814,013.66
* Proceeds from Sales of Fertilizer 5B 399,275,504.00 35,943,232.36
* MDGs Condtional Grants - 500,000,000.00
* Refund on Federal Roads - 2,000,000,000.00
* Sundry Receipts / Refunds 5C 69,920,654.74 467,279,042.76
Total Receipts 46,970,133,105.09 38,810,740,516.38
Payments
* Personal Emoluments 6(a) 13,332,880,222.06 11,405,892,827.08
* Pensions and Gratuities 6(b) 2,502,085,409.31 2,040,652,731.99
* Overhead Costs 7 2,609,549,824.57 2,257,127,610.36
* Transfer to Other Funds 8 6,589,736,133.79 3,602,959,035.34
* Grants to Parastatals & Tertiary Inst. 9 8,649,623,300.62 7,329,114,652.27
* Capital Releases to Mins./Depts./Agencies 10E 11,279,150,029.51 10,734,897,078.01
* Expenses of General Nature 11A 3,507,778,712.97 4,260,765,912.32
* Public Debts Charges 11B 486,123,866.15 272,946,942.94
Total Payments 48,956,927,498.98 41,904,356,790.31
Net Cash Flow from Operating Activities (1,986,794,393.89) (3,093,616,273.93)
Cash Flow from Investment Activities
Investment in Ikun Dairy 10 - (33,411,121.40)
Sales from Ikun Dairy Farm 2,300,000.00
`
Net Cash Flow from Investment Activites 2,300,000.00 (33,411,121.40)
Cash Flow from Financing Activities
Repayment of Loans (Foreign) 1B (258,032,847.17) (313,293,004.55)
Local Loan:Bank 18 17,836,318,010.44 3,600,000,000.00
Repayment of Loans (Bank) 11C (9,961,573,079.35) -
Bond 18 20,000,000,000.00 -
Repayment of Loans (Bond) 11C (1,191,590,423.97) -
Net Cash Flow from Financing Activities 26,425,121,659.95 3,286,706,995.45
Net Increase/(Decrease) in Cash & Its Equivalent 24,440,627,266.06 159,679,600.12
Cash & Its equivalent as at 1st Jan. 2,609,028,866.49 2,449,349,266.37
Cash & Its equivalent as at 31st Dec. 27,049,656,132.55 2,609,028,866.49
Page 9

STATEMENT NO. 2
ASSETS AND LIABILITIES STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER, 2011
NOTES CURRENT YEAR PRIOR YEAR
JAN-DEC. JAN-DEC.
2011 2010
N N
ASSETS
Liquid Assets
Cash and Bank Balances 12A 24,271,585,794.73 2,222,214,843.43
Call Acct. Balances (ESROW) 12B 2,645,356,051.07 243,250,414.59
TCO Balances 13 132,714,286.75 143,563,608.47
27,049,656,132.55 2,609,028,866.49
Investments & Other Assets
Ministry of Finance Incorporated 14 - 1,236,086,552.34
Housing & Vehicle Loans Debtors 15A 2,765,085,846.16 3,043,806,041.17
Wema Shares Debtors 15B 83,036,087.00 152,956,741.77
Liabilities Over Assets 16 33,446,278,170.44 5,025,898,434.74
63,344,056,236.15 12,067,776,636.51
PUBLIC FUND & LIABILITIES
Public Funds
Consolidated Revenue Fund ST3 555,739,184.45 861,440,227.85
Capital Development Fund ST4 26,493,916,948.10 1,747,588,638.64
27,049,656,132.55 2,609,028,866.49
Liabilities
Foreign Loan (Multilateral) 17 5,036,279,148.89 4,883,781,322.43
Internal Loan 18 31,258,120,954.71 4,574,966,447.59
63,344,056,236.15 12,067,776,636.51
Page 10

STATEMENT NO. 3
CONSOLIDATED REVENUE FUND STATEMENT
ACTUAL PRIOR NOTES BUDGET ACTUAL YEAR PERFORMANCE
YEAR 2010 JAN. - DEC. 2011 JAN. - DEC. 2011 %
N N N
489,905,417.13 Opening Balance 861,440,227.85
ADD: RECURRENT REVENUE
20,896,614,606.25 Statutory Allocation 1A 27,000,000,000.00 27,436,364,279.36 102
1,504,432,497.89 Taxes (Direct & Indirect) 3a 5,585,000,000.00 2,328,361,017.90 42
13,812,161.04 Fines & Fees 3b 2,677,830,000.00 55,075,526.60 2
34,244,666.71 Licences 3c 1,650,000.00 105,080,231.83 6,368
198,206,533.65 Earnings & Sales 3d 772,270,000.00 - 0
240,270.52 Rent on Government Property 3e 254,200,000.00 84,600.00 0
4,795,998.60 Dividends 3f 97,500,000.00 6,528,169.24 7
- Others (Miscellaneous) 3h 666,000,000.00 1,010,000.09 0
8,015,286.32 Bank Interest 3i - 4,168,776.33 -
2,374,420.00 Unserviceable Assets 3j - 6,266,300.00 -
105,946,213.10 Legal Fees 3k - 80,315,244.42 -
4,290,650.00 Examination Fees 3l - 6,966,550.00 -
434,528,339.90 Parastatals 3m 560,900,000.00 314,823,624.86 56
143,563,608.47 TCO Balances 3n - 132,714,286.75 -
35,943,232.36 Income from sales of Fertilizer 5B - 399,275,504.00 -
467,279,042.76 Sundry Receipts 5C 5,268,174,691.57 69,920,654.74 1
24,344,192,944.70 TOTAL REVENUE (a) 42,883,524,691.57 31,808,394,993.97 74
LESS: OVERHEAD COSTS.
CLASSIFIED TO SERVICE
& OTHER RECURRENT EXPEND.
11,405,892,827.08 Personnel Costs 6(a) 6,903,159,830.00 13,332,880,222.06 193
2,040,652,731.99 Pension & Gratuity 6(b) 2,600,000,000.00 2,502,085,409.31 96
2,123,940,903.38 Administrative Services 7A 2,973,180,390.00 2,449,972,511.74 82
9,927,920.92 Education Services 7B 38,500,000.00 21,330,852.08 55
22,967,449.90 Works and Transport Services 7C 54,000,000.00 40,415,460.67 75
85,216,059.95 Health Services 7D 121,564,010.00 80,370,463.41 66
15,075,276.21 Agricultural Services 7E 47,000,000.00 17,460,536.67 37
3,602,959,035.34 Transfer to other Funds 8 7,504,921,450.00 6,589,736,133.79 88
7,329,114,652.27 Grants to Parastatals & Ter. Institutions 9 14,190,399,061.39 8,649,623,300.62 61
4,260,765,912.32 Expenses of General Nature/(Cons. Rev. Fund Charges) 11A 647,735,000.00 3,507,778,712.97 542
272,946,942.94 Public Debts Charges 11B 300,000,000.00 486,123,866.15 162
313,293,004.55 Repayment of Loans: Foreign 1B - 258,032,847.17 -
Local: Bank 11C 4,500,000,000.00 9,961,573,079.35
Bond 11C 1,191,590,423.97
31,482,752,716.85 TOTAL EXPENDITURE (b) 39,880,459,741.39 49,088,973,819.96 123
(7,138,559,772.15) OPERATING BALANCE (a-b) (17,280,578,825.99)
APPROPRIATION/TRANSFERS
8,000,000,000.00 Financed By: Internal Loan 17,836,318,010.44
861,440,227.85 CLOSING BALANCE 555,739,184.45
Page 11

STATEMENT NO. 4
EKITI STATE OF NIGERIACAPITAL DEVELOPMENT FUND STATEMENT
ACTUAL PRIOR NOTES BUDGET ACTUAL PERFORMANCE
YEAR 2010 JAN. - DEC. 2011 JAN. - DEC. 2011 %
N N N
1,959,443,849.24 Opening Balance 1,747,588,638.64 -
ADD: CAPITAL RECEIPTS
5,517,959,333.36 Value Added Tax 2 5,500,000,000.00 6,073,804,103.88 110
6,366,679,641.79 Excess Crude Oil Proceeds 4 6,000,000,000.00 9,121,018,268.32 152
571,814,013.66 Draw Down on Foreign Loan/Grants 5a 2,358,890,024.88 828,355,966.77 35
500,000,000.00 MDGs Conditional Grant 1,000,000,000.00 - 0
2,000,000,000.00 Refund on Federal Roads 2,000,000,000.00 - 0
- Sales from Ikun Dairy Farm - 2,300,000.00
- Ecological Funds 1,000,000,000.00 - -
3,600,000,000.00 Internal Loans: Bank 20,000,000,000.00 - 0
- Bond - 20,000,000,000.00 -
20,515,896,838.05 TOTAL CAPITAL RECEIPTS (a) 37,858,890,024.88 37,773,066,977.61 100
LESS: CAPITAL EXPENDITURE
Economic Sector
Agriculture, Emergency, &
6,391,814,267.75 Infrastructure 10A 17,590,034,665.07 6,422,335,297.01 37
Social Service Sector
1,897,872,012.06 Education, Health & Information 10B 8,124,963,931.00 1,512,640,782.66 19
Environmental Developmental Sector
375,487,011.64 Environment, Lands & Housing 10C 3,907,900,000.00 610,418,436.10 16
Administration Sector
2,103,134,907.96 Administration Sector 10D 11,239,056,378.99 2,733,755,513.74 24
10,768,308,199.41 TOTAL EXPENDITURE (b) 40,861,954,975.06 11,279,150,029.51 28
9,747,588,638.64 OPERATING BALANCE (a-b) 26,493,916,948.10
APPROPRIATION/TRANSFERS
(8,000,000,000.00) Consolidated Revenue Fund -
1,747,588,638.64 CLOSING BALANCE 26,493,916,948.10
Transfer of Government Stocks (Fountain Holding Ltd) (1,252,810,852.07)
Page 12

2011 BREAKDOWN OF IGR
401 402 403 404 405 406
5,585,000,000.00 500,000,000.00 250,000.00 200,000,000.00 16000000 97,500,000.00
27,520,000.00 1,400,000.00 100,000,000.00 45,000,000.00
100,000.00 5,000,000.00 50,000,000.00
1,500,000.00 350,000.00 138,200,000.00
10,000,000.00 500,000.00 5,000,000.00
10,000,000.00 59,000,000.00
500,000.00 5,000,000.00
500,000.00 15,000,000.00
555,500,000.00 14,200,000.00
61,000,000.00 1,500,000.00
9,000,000.00 3,500,000.00
70,000,000.00 500,000.00
100,000,000.00 6,000,000.00
100,000.00 6,000,000.00
29,300,000.00 2,550,000.00
320,030,000.00 1,200,000.00
5,000,000.00 1,000,000.00
1,500,000.00 500,000.00
20,000,000.00 1,500,000.00
3,000,000.00 302,000,000.00
861,800,000.00 400,000.00
4,520,000.00 5,000,000.00
25,000,000.00 5,000,000.00
5,000,000.00 7,000,000.00
4,000,000.00 29,570,000.00
500,000.00
500,000.00
12,000,000.00
200,000.00
2,000,000.00
6,000,000.00

1,500,000.00
110,000.00
1,750,000.00
2,750,000.00
200,000.00
5,000,000.00
6,000,000.00
150,000.00
5,000,000.00
2,800,000.00
1,500,000.00
5,000,000.00
5,585,000,000.00 2,677,830,000.00 1,650,000.00 772,270,000.00 254,200,000.00 97,500,000.00
9,950,350,000.00
(10,615,350,000.00)
(665,000,000.00)

407 408 409
500,000.00 10,000,000.00
500,000.00 2,300,000.00
5,000,000.00
3,000,000.00
120,000,000.00
7,600,000.00
250,000,000.00
12,000,000.00
50,000,000.00
101,000,000.00

- 1,000,000.00 560,900,000.00 -

NOTES TO THE FINANCIAL STATEMENTS
NOTE 1A
STATUTORY ALLOCATION FOR JANUARY - DECEMBER, 2011
GROSS DEDUCTIONS NET
N N N
JANUARY 1,886,362,458.78 34,121,216.76 1,852,241,242.02
FEBRUARY 1,907,364,511.97 21,056,869.81 1,886,307,642.16
MARCH 1,919,620,578.06 24,462,914.82 1,895,157,663.24
APRIL 1,927,020,073.88 21,056,869.81 1,905,963,204.07
MAY 1,685,509,030.98 21,056,869.81 1,664,452,161.17
JUNE 2,106,674,019.96 21,056,869.81 2,085,617,150.15
JULY 2,539,046,576.97 21,056,869.81 2,517,989,707.16
AUGUST 2,898,891,541.66 77,306,869.81 2,821,584,671.85
SEPTEMBER 2,993,236,162.36 77,306,869.81 2,915,929,292.55
OCTOBER 2,975,631,699.97 77,306,869.81 2,898,324,830.16
NOVEMBER 2,381,344,786.64 871,700,605.79 1,509,644,180.85
DECEMBER 2,215,662,838.13 418,253,677.80 1,797,409,160.33
TOTAL 27,436,364,279.36 1,685,743,373.65 25,750,620,905.71
Page 13

NOTE 1B
DETAILS OF DEDUCTIONS AT SOURCE FOR JANUARY - DECEMBER, 2011
CONTRACTUAL PREMIUM SUBSIDY FERTILIZER FOREIGN LOAN TOTAL
OBLIGATION
N N N N N
JANUARY - 7,713,937.50 26,407,279.26 34,121,216.76
FEBRUARY - - 21,056,869.81 21,056,869.81
MARCH 3,406,045.01 - 21,056,869.81 24,462,914.82
APRIL - - 21,056,869.81 21,056,869.81
MAY - - 21,056,869.81 21,056,869.81
JUNE - - 21,056,869.81 21,056,869.81
JULY - 21,056,869.81 21,056,869.81
AUGUST - 56,250,000.00 21,056,869.81 77,306,869.81
SEPTEMBER - 56,250,000.00 21,056,869.81 77,306,869.81
OCTOBER - 56,250,000.00 21,056,869.81 77,306,869.81
NOVEMBER 794,393,735.98 - 56,250,000.00 21,056,869.81 871,700,605.79
DECEMBER 397,196,807.99 - - 21,056,869.81 418,253,677.80
TOTAL 1,191,590,543.97 3,406,045.01 232,713,937.50 258,032,847.17 1,685,743,373.65
Page 14

NOTE 2
VALUE ADDED TAX FOR JANUARY - DECEMBER, 2011
N
JANUARY 457,127,345.51
FEBRUARY 489,235,074.21
MARCH 462,786,448.22
APRIL 565,688,659.91
MAY 407,112,406.01
JUNE 506,473,687.12
JULY 509,282,952.54
AUGUST 609,876,319.95
SEPTEMBER 533,128,042.71
OCTOBER 565,531,128.09
NOVEMBER 480,806,911.38
DECEMBER 486,755,128.23
TOTAL 6,073,804,103.88
Page 15

NOTE 3A
INTERNALLY GENERATED REVENUE (MDAs) FOR JANUARY - DECEMBER, 2011
HEAD DETAILS AMOUNT
N
(a) 401 Taxes 2,328,361,017.90
(b) 402 Fines and Fees 55,075,526.60
(c) 403 Licences 105,080,231.83
(d) 404 Earnings and Sales -
(e) 405 Rent on Govt. Properties 84,600.00
(f) 406 Government Investment (Dividend) 6,528,169.24
(g) 407 Reimbursement -
(h) 408 Miscellaneous 1,010,000.09
(i) Bank Interest 4,168,776.33
(j) Sales of unserviceable assets 6,266,300.00
(k) Legal Fees 80,315,244.42
(l) Examination Fees 6,966,550.00
(m) 409 Parastatals (note 3b) 314,823,624.86
(n) TCO Balances 132,714,286.75
TOTAL 3,041,394,328.02 -
Page 16

NOTE 3B
INTERNALLY GENERATED REVENUE (PARASTATALS) FOR JANUARY- DECEMBER, 2011
S/N PARASTATALS AMOUNT
N
1 Hospitals Management Board 40,007,575.48
2 Broadcasting Service of Ekiti State (BSES) 14,533,748.33
3 Water Corporation 17,557,445.00
4 Ekiti State Housing Corporation 7,831,597.00
5 Agricultural Development Project 559,140.00
6 Fountain Agric. Marketing Agency 2,751,465.54
7 Ekiti State library Board 237,150.00
8 Central Medical Store 1,946,856.80
9 Electricity Board 3,436,349.00
10 Sports Council 350,570.00
11 Judicial Service Commission 371,720.00
12 Judiciary 8,130,125.42
13 Signage and Advertisement Agency 12,252,127.00
14 Education Endowment Fund (EEF)* 204,843,147.55
TOTAL 314,809,017.12
109,980,477.31
204,843,147.55
NB 314,823,624.86
*Education Endowment Fund retains its IGR and same is recognised as expenditure under grants to parastatals
Page 17

NOTE 4 NOTE 4
EXCESS CRUDE OIL PROCEEDS FOR JANUARY - DECEMBER, 2011
N
JANUARY 859,011,655.60
FEBRAURY 59,132,064.33
MARCH 1,221,183,762.19
APRIL 39,235,691.91
MAY 539,236,485.49
JUNE 852,109,627.81
JULY 2,972,268,224.63
AUGUST 86,061,347.18
SEPTEMBER -
OCTOBER 574,031,637.50
NOVEMBER 1,080,912,903.11
DECEMBER 837,834,868.57
TOTAL 9,121,018,268.32
Page 18

NOTE 5
A
S/N PROJECTS Draw Down
Between
JAN.- DEC. 2011
A B C
N
WORLD BANK LOANS:
I HSDP II 221,857,819.28
II HIV/AIDS 56,000,000.00
III FADAMA III 122,657,847.00
IV PROCUREMENT INITIATIVE 28,566,935.00
(V) CSDP 399,273,365.49
TOTAL 828,355,966.77
B PROCEEDS FROM SALES OF FERTILIZER
Income from sales of Fertilizer 399,275,504.00
C SUNDRY RECEIPTS / REFUNDS JAN -DEC., 2011
N
Repayment of Wema Shares' Loan 69,920,654.80
Transfer from Staff Loans Boards -
69,920,654.80
GRANTS / FOREIGN LOAN DRAW DOWN
Page 19

Note 6(a)i
PERSONNEL COSTS
S/N HEAD MINISTRIES, DEPARTMENTS CIVIL SERVANTS POLITICAL OFFICE LEAVE BONUS
AND AGENCIES (MDAs) HOLDERS
N N N
1 411-01 EKITI STATE HOUSE OF ASSEMBLY. 103,627,853.51 239,504,931.56 18,436,313.91
2 412-01 GOVERNMENT HOUSE AND PROTOCOL 82,205,535.20 144,081,883.67 13,023,128.69
3 412-03 OFFICE OF THE DEPUTY GOVERNOR 28,154,807.77 51,723,282.29 5,131,115.54
4 412-04 GENERAL ADMINISTRATION DEPARTMENT 134,498,606.67 166,459,985.23 16,843,952.36
5 412-04 CABINENT AND SPECIAL DEPT 26,519,841.14 - 2,088,742.77
6 412-08 LAISON OFFICE LAGOS 7,844,357.61 - 755,413.72
7 412-09 LAISON OFFICE ABUJA 8,589,804.79 - 839,066.98
8 412-10(b) JOB CREATION & EMPLOYMENT AGENCY 4,492,639.62 6,877,222.68 540,261.00
9 412-10© SIGNAGE & ADVERTISEMENT AGENCY 5,659,661.54 4,953,396.29 524,617.77
10 412-10(d) PRIMARY HEALTH CARE DEVELOPMENT BUREAU 22,925,172.93 - 1,606,325.81
11 412-10 CHRISTAIN PILGRIM WELFARE BOARD 6,165,455.57 2,499,999.90 560,501.93
12 412-12 MUSLIM PLIGRIM WELFARE BOARD 5,405,321.59 2,999,999.90 548,390.16
13 412-13(b) OFFICE OF ESTABLISHMENT AND TRAINING 62,175,227.26 - 6,430,970.33
14 412-15 EKITI STATE PLANNING COMMISSION 34,488,948.50 1,980,874.99 3,210,324.55
15 412-16 WATSAN 18,891,342.90 2,583,333.25 1,365,416.84
16 412-17 EKITI STATE BOUNDARY COMMISSION 3,811,008.57 - 424,976.24
17 412-18 MIN. OF LOCAL GOVT. & CHIEFTAINCY 63,575,508.35 9,169,154.10 7,287,059.14
18 413-01 MIN. OF WOMEN AFFAIRS. 48,903,868.69 6,978,913.18 5,458,813.95
19 414-01(a) MIN. OF AGRICULTURE & RURAL DEV. 467,067,033.26 8,036,891.76 35,776,764.99
20 414-01(a) MINISTRY OF RURAL DEVELOPMENT 7,384,906.95 - 897,477.49
21 414-02 MICRO CREDIT AGENCY 24,844,352.63 4,309,582.05 2,439,755.72
22 415-01 MIN. OF COMMERCE & INDUSTRIES 128,095,399.85 7,474,723.86 14,392,296.76
23 415-02 MIN. OF ARTS , CULTURE & TOURISM 39,966,899.86 15,828,756.89 3,890,220.19
24 416 SCHOOLS ENTERPRISES PROJECT BOARD 4,484,076.86 10,342,706.80 384,042.72
25 417-01(a) MIN. OF EDUCATION, SCIENCE & TECHNOLOGY 400,204,852.78 7,447,433.59 40,193,306.75
26 417-01(b) EDUCATION ENDOWMENT FUND 3,798,963.55 2,999,999.90 385,178.22
27 417-01(c) EKITI STATE SCHOLARHIP BOARD 10,950,178.55 1,333,333.30 847,387.66
28 417-02 AGENCY FOR ADULT & NON FORMAL EDUCATION 29,328,021.69 3,416,666.55 2,887,640.93
29 417-03 BOARD FOR TECHNICAL & VOCATIONAL EDUCATION 98,382,997.16 9,624,998.50 9,940,736.75
30 418-01 MIN. OF FINANCE, BUDGET & ECONOMIC DEV. 142,180,736.01 21,221,464.11 14,697,077.03
31 418-03 STATE INLAND REVENUE SERVICE 145,563,172.06 5,724,375.36 15,614,528.54
32 419-01 MIN. OF HEALTH 406,659,482.03 12,257,120.38 8,592,460.68
33 419-02 CENTRAL MEDICAL STORE 32,088,697.50 - 1,260,987.13
34 420 HOSPITAL MANAGEMENT BOARD 2,447,735,356.69 5,849,582.25 15,156,193.06
35 421 MIN. OF JUSTICES 121,959,166.48 8,793,534.12 5,091,164.04
36 422 MIN. OF WORKS 196,223,229.53 13,313,059.77 20,889,643.17
37 423-02 SURVEYOR GENERAL 18,321,381.49 - 1,862,645.31
38 423-03 URBAN RENEWAL AGENCY 6,556,672.40 5,006,984.81 696,442.90
Page 20

PERSONNEL COSTS (CONT'D)
39 424 OFFICE OF THE STATE AUDITOR - GENERAL 65,175,257.10 - 6,397,125.76
40 425 OFFICE OF THE LOCAL GOVT. AUDITOR - GENERAL 39,511,261.50 - 4,395,895.69
41 426 CIVIL SERVICE COMMISSION 27,779,171.36 12,919,631.34 2,785,982.95
42 427 TEACHING SERVICE COMMISSION HQ 24,913,239.27 9,854,080.44 218,563,014.45
43 428(01) MIN OF YOUTH AND SPORTS 29,226,316.34 7,451,572.07 2,658,921.18
44 428(02) MIN OF INFORMATION, COMM., CIVIL ORIENTATION. & STRATEGY 87,385,971.46 9,908,770.10 9,486,599.84
45 429-01(a) LANDS 82,842,546.01 7,437,565.36 8,701,358.92
46 429-01(b) ENVIRONMENT 53,554,019.17 7,447,417.39 2,148,526.87
47 429-02 STATE ENVIRONMENTAL PROTECTION AGENCY 16,271,081.71 2,583,333.25 1,287,362.13
48 429-03 EKITI STATE WASTE MANAGEMENT BOARD 12,636,130.42 2,668,666.10 1,041,017.19
49 429-04 EKITI STATE EMERGENCY MANAGEMENT BOARD 37,466,518.04 2,999,999.90 3,792,091.57
50 430 EKITI STATE INDEPENDENT ELECTORAL COMM. 2,378,361.47 - 3,138,792.33
51 431-03 EKROMA (DIRECT LABOUR) 16,587,395.82 5,004,998.65 1,401,633.94
52 431-05 MIN. OF INTEGRATION & INTERGOVERNMENTAL REL. 11,841,433.94 2,340,143.40 659,256.69
53 LOCAL GOVT.SERVICE COMMISSION. 11,727,551.34 17,638,746.90 347,436.27
TOTAL 5,919,026,794.49 871,049,115.94 547,776,357.51
432-10 TEACHING SERVICE COMMISSION 5,561,984,527.27
6(a)ii Furniture Allowance
Civil Servants Political Office TOTAL
Holders
N N
JANUARY - 61,296,370.00 61,296,370.00
FEBRUARY 7,487,219.52 - 7,487,219.52
MARCH 7,487,219.52 1,930,964.32 9,418,183.84
APRIL - - -
MAY - - -
JUNE 29,948,873.31 137,900,547.00 167,849,420.31
JULY 27,155,762.64 - 27,155,762.64
AUGUST 18,718,048.80 - 18,718,048.80
SEPTEMBER - 141,118,421.74 141,118,421.74
OCTOBER - - -
NOVEMBER - - -
DECEMBER - - -
Total 90,797,123.79 342,246,303.06 433,043,426.85
Page 21

Note 6(a)i
PERSONNEL COSTS
6(a) i. Civil Servants' Salary N
JANUARY 357,029,012.24
FEBRUARY 355,220,176.91
MARCH 681,522,490.26
APRIL 442,845,994.21
MAY 499,438,086.45
JUNE 495,523,985.65
JULY 500,922,149.24
AUGUST 531,059,186.61
SEPTEMBER 516,862,089.27
OCTOBER 506,128,983.83
NOVEMBER 498,880,065.10
DECEMBER 533,594,574.72
TOTAL 5,919,026,794.49
Page 20

6(a)ii Political Office Holders' Salary N
JANUARY 51,475,293.01
FEBRUARY 49,337,569.44
MARCH 49,048,600.83
APRIL 52,927,372.36
MAY 52,415,755.04
JUNE 51,943,897.44
JULY 51,418,241.03
AUGUST 78,548,787.22
SEPTEMBER 112,974,236.03
OCTOBER 111,761,673.45
NOVEMBER 100,725,316.13
DECEMBER 108,472,373.96
TOTAL 871,049,115.94
6(a)iii Furniture Allowance
Civil Servants Political Office TOTAL
Holders N
JANUARY - 61,296,370.00 61,296,370.00
FEBRUARY 7,487,219.52 - 7,487,219.52
MARCH 7,487,219.52 1,930,964.32 9,418,183.84
APRIL - - -
MAY - - -
JUNE 29,948,873.31 137,900,547 167,849,420.31
JULY 27,155,762.64 - 27,155,762.64
AUGUST 18,718,048.80 - 18,718,048.80
SEPTEMBER 141,118,421.74 141,118,421.74
OCTOBER - - -
NOVEMBER - - -
DECEMBER - - -
Total 90,797,123.79 342,246,303.06 433,043,426.85
Page 21

NOTE 6 (a)iii
SECONDARY SCHOOLS TEACHERS' SALARY FOR JANUARY - DECEMBER, 2011
N
JANUARY 412,611,080.72
FEBRUARY 412,611,080.72
MARCH 403,316,080.72
APRIL 403,316,080.72
MAY 470,012,583.32
JUNE 503,101,131.26
JULY 488,602,583.32
AUGUST 479,307,583.32
SEPTEMBER 484,011,131.26
OCTOBER 484,011,131.26
NOVEMBER 484,011,131.26
DECEMBER 537,072,929.39
TOTAL 5,561,984,527.27
SUMMARY
Public Servants' Salary 5,919,026,794.49
Political Office Holders' Salary 871,049,115.94
Teachers' Salary 5,561,984,527.27
Leave Bonus 547,776,357.51
Furniture Allowance 433,043,426.85
GRAND TOTAL 13,332,880,222.06
NOTE 6 (b) PENSION AND GRATUITY
`
Pensions 1,402,085,409.31
Gratuities 1,100,000,000.00
Total 2,502,085,409.31
Page 22

FOR THE YEAR ENDED 31STDECEMBER, 2008FOR THE YEAR ENDED 31ST DECEMBER, 2011
NOTE 7
OVERHEAD COSTS
A. ADMINISTRATIVE SERVICES
HEAD MINISTRY/ DEPARTMENT ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
1 411-01 Ekiti State House of Assembly 500,000,000.00 464,175,999.48
2 411-02 Ekiti State House of Assembly Service Commission 30,000,000.00 13,433,830.70
3 412-01 Government House and Protocol 708,000,000.00 677,552,600.00
4 412-02(a) Office of Special Assistance (Corporate Media) 2,000,000.00 1,500,000.00
5 412-02(b) Office of Special Assistance (Government House & Protocol) 2,000,000.00 1,500,000.00
6 412-02© Office of Special Assistance (Media Liaison Office Abuja) 1,000,000.00 -
7 412-03 Servicom Agency 7,800,000.00 6,698,000.00
8 412-04 Servicom Steering Committee 3,800,000.00 600,000.00
9 412-05 General Administration Department 250,000,000.00 127,017,330.57
10 412-07 Petroleum Product Cosumers' Protection Unit 4,000,000.00 938,000.00
11 412-08 Bureau of Statistics 10,000,000.00 5,570,670.00
12 412-09(a) Office of Chief of Staff 15,000,000.00 4,899,999.96
13 412-09(b) Office of Deputy Chief of Staff / Policy & Strategy 10,000,000.00 2,500,000.00
14 412-10 Job Creation and Employment Agency & Wealth Creation 10,000,000.00 96,493,419.50
15 412-12 Senior Executive Assistance on Media (Dep. Gov.) 5,000,000.00 -
16 412-13 Enterprises Development Agency 9,000,000.00 7,849,053.00
17 412-14 Due Process Unit (Bureau of public procurement) 15,000,000.00 12,888,000.00
18 412-15 Directorate of Nigerian National Volunteer Service, -
Political and Economic Affairs Department 1,000,000.00
19 412-16(a) Office of Senior Special Assistant to the Governor on Security 1,000,000.00
20 412-16(b) Department of Internal Security 3,000,000.00 600,000.00
21 412-16(c) Special Assistant on Special Project 2,000,000.00 395,000.00
22 412-17 Chief Press Ssecretary 10,000,000.00 4,899,999.96
23 412-18 Government House Infrastructure Unit - -
24 412-19 Social and Mass Mobilization 12,000,000.00 12,000,000.00
25 412-20 Ekiti Diaspora Office 5,000,000.00 -
26 412-21 Office of Transformation (Governor's Office) 5,000,000.00 -
27 412-22 Office of Special Assistant (Speech & Communication) 1,000,000.00 250,000.00
28 412-23 School Enterprise Projects 3,000,000.00 750,000.00
29 412-24 Legislative Affairs (Governor's Office) 7,000,000.00 2,121,500.00
30 412-25 Office of Labour Relation 5,000,000.00 185,000.00
31 412-26 Min. of Integration & Intergovernmental Relation 25,000,000.00 17,988,200.00
Page 23

NOTE 7
OVERHEAD COSTS (CONT'D)
HEAD MINISTRY/DEPARTMENT ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
32 412-28 Ministry of Infrastructure & Public Utility 20,000,000.00 6,960,500.00
33 412-32 Office of Secretary to the State Government 20,000,000.00 24,688,899.37
34 412-33 Government Asset & Comm. Service Dept. - -
35 412-34 Information Technology Department 10,000,000.00 1,194,500.00
36 412-35 New Partnership for Africa's Development (NEPAD) 4,000,000.00 911,000.00
37 412-36 Cabinet and Special Services 45,000,000.00 43,515,254.40
38 412-37 Cassava Revolution Programme - -
39 412-38(a) Ekiti State Liaison Office, Lagos 15,000,000.00 13,725,720.00
40 412-38(b) Governor's Lodge, Lagos 7,000,000.00 1,242,000.00
41 412-38(c) Deputy Governor's Lodge, Lagos 5,000,000.00 -
42 412-39 Ekiti State Liaison Office, Abuja 30,000,000.00 34,088,357.50
43 412-40 Governor's Lodge, Abuja 7,000,000.00 2,093,900.00
44 412-41 Deputy Governor's Lodge, Abuja 5,000,000.00 395,000.00
45 412-42 Political & Economic Affairs Department 6,000,000.00 7,200,000.00
46 412-44 Political Parties & Inter-party Relations 10,000,000.00 3,526,000.00
47 412-45 Ekiti State Christian Pilgrims Welfare Board 5,000,000.00 380,200.08
48 412-46 Ekiti State Muslim Pilgrims Welfare Board 5,000,000.00 348,516.74
49 412-47(a) Office of the Head of Service 16,000,000.00 19,342,200.00
50 412-47(b) Public Service Co-ordinating Unit (HOS) 4,000,000.00 -
51 412-48 Ministry of Public Utilities - -
52 412-50 Utility Services Department (Office of HOS) 10,000,000.00 1,391,880.00
53 412-51 Office of Establishment & Training 70,000,000.00 54,998,586.68
54 412-52 Civil Service Training School 2,000,000.00 347,000.00
55 412-53 Ekiti State Pensions Board 5,000,000.00 600,000.00
56 412-54 Public Service College - -
57 412-55 Consolidated Staff Loan Scheme (Formally Staff Housing Loan Scheme) 5,000,000.00 697,033.37
58 412-56 Millenium Devt. Goals (MDGs) Office 10,000,000.00 15,744,623.84
59 412-57 Agric Millenium Service Project & Cassava Revolution 1,000,000.00 2,404,800.00
60 412-58 Cooperative Development Agency - -
61 412-59 Signage and Advertisement Agency 11,000,000.00 11,265,284.00
62 413-01 Office of the Deputy Governor 195,000,000.00 183,538,666.74
63 413-02 Deputy Chief of Staff (Dep. Gonv. Office) 5,500,000.00 -
64 413-03 State Action Committee on Aids 4,000,000.00 1,374,999.90
65 413-04 Ekiti State Boundary Commission 4,000,000.00 1,747,599.34
66 413-05 Chieftaincy / Culture Department - -
67 413-06 Ekiti State Council of Obas 50,000,000.00 30,828,695.00
68 413-07 Ministry of local Government and Chieftaincy Affairs 10,000,000.00 8,200,000.00
Page 24

NOTE 7
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
69 414-01 Ekiti State Planning Commission 30,000,000.00 26,559,560.00
70 414-02 Economic Development Council 20,000,000.00 -
71 414-03 Project Monitoring Bureau 10,000,000.00 700,000.00
72 414-04 Policy and Strategy Committee 3,000,000.00 -
73 415 Ekiti State Rural Water Supply & Sanitation Agency 2,000,000.00 1,245,000.00
74 416-01 Ministry of Women Affairs, Gender Empowerment & Social Welfare 15,000,000.00 14,182,950.00
75 416-02 Women Develoment Centre 1,000,000.00 -
76 416-03 State Child's Right Implementation and Monitoring Committee 10,000,000.00 6,409,650.00
77 417 Min. of Youth & Sports 12,000,000.00 6,140,230.40
78 418-05 Micro Credit Agency 8,500,000.00 8,129,300.00
79 418-06 Budget Monotoring/ Budget Tracking 15,000,000.00 6,346,333.33
80 419-01 Ministry of Commerce, Industries & Cooperative 12,000,000.00 17,244,337.00
81 419-02 Ekiti State Tourism Board 18,000,000.00 36,418,838.34
82 419-03 Ministry of Arts, Culture And Tourism 20,000,000.00 12,355,708.34
83 421-01(a) Ministry of Finance, Budget & Economic Development 75,000,000.00 74,339,700.00
84 421-01(b) Internal Check and Due Process Committee 5,793,666.68 2,401,000.04
85 421-02 State Revenue & Investment Committee 8,000,000.00 5,481,000.04
86 421-03 Cash Allocation Committee Secretariat 15,000,000.00 11,312,833.34
87 421-04 State Debt Management Office 8,000,000.00 7,138,500.00
88 421-05(a) Office of the Accountant General 30,000,000.00 29,367,718.77
89 421-05(b) Project Finance Management Unit (World Bank Project) 2,000,000.00 -
90 421-06 Internal Revenue Services 30,000,000.00 25,034,710.00
91 421-07 Bureau of Revenue Mobilization - -
92 421-08 Budget Monitoring Committee 20,000,000.00 19,633,000.04
93 421-09 State Fiscal Adversary Committee 17,000,000.00 9,587,333.28
94 422-01(a) SGCBP II 10,000,000.00 2,544,583.37
95 422-01(b) SGCBP II - Steering Committee - -
96 423-01 Ministry of Justice 20,000,000.00 21,444,267.66
97 423-02 Ekiti State Citizen's Right 3,000,000.00 2,000,000.16
98 426 State Auditor-General's Office 25,000,000.00 12,124,380.04
99 427 Local Government Audit Office 7,000,000.00 3,930,000.00
100 428 Civil Service Commission 30,000,000.00 19,901,550.00
101 429-01 Min. of Information, Communication and Civic Orientation 34,300,000.00 13,577,184.50
Page 25

NOTE 7
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
102 429-02 Allowance for Rehabilitation Centre, Juvenile Home
Immates & Motherless Babies Home 8,000,000.00 6,150,000.00
103 429-03 Special Assistant Social Welfare 3,000,000.00 -
104 430-02 Ministry of Housing, Lands & Environment 15,000,000.00 17,786,160.00
105 431-01 State Environmental Protection Agency 2,200,000.00 1,751,850.00
106 431-02 Ekiti State Waste Management Board 40,000,000.00 25,013,076.26
107 431-03 Ekiti State Emergency Management Agency 5,000,000.00 4,638,266.67
108 431-04 Ekiti State Independent Electoral Commission - -
109 431-05 Urban Renewal Agency (Fomerly CUDA) 4,000,000.00 2,838,510.03
110 431-07 Government Printing Press 1,500,000.00 1,140,600.00
111 421-10 Budget Evaluation and Implementation Committee 13,000,000.00 7,985,900.00
112 421-11 Public Works Corporation (Formerly EKROMA) 20,000,000.00 3,733,200.00
113 421-12 Ministry of Special Duties 5,000,000.00 2,093,000.00
114 421-13 Ministry of Employment, Labour & Human Capital Dev. 10,000,000.00 -
115 421-14 Bureau of Transformation and Strategy 3,000,000.00 -
116 421-15 Ekiti State Economic Team 10,000,000.00 2,360,000.00
117 431-09 Take-off Grant for newly created Agencies 57,786,723.32 43,374,460.00
Total 2,973,180,390.00 2,449,972,511.74
B. Education Services
1 420-01 Ministry of Education, Science and Technology 20,000,000.00 5,170,000.00
2 420-02 Education Endowment Fund 3,000,000.00 937,500.00
3 420-03 Ekiti State Scholarship Board 2,000,000.00 750,000.00
4 420-04 Agency for Adult and Non-Formal Education 5,000,000.00 12,700,500.00
5 420-05 Board for Technical and Vocational Education 8,500,000.00 1,772,852.08
Total 38,500,000.00 21,330,852.08
C. WORKS AND TRANSPORT SERVICES
1 424-01 Ministry of Works 25,000,000.00 13,488,108.66
2 424-02 Department of Public Transportation 5,000,000.00 1,560,000.00
3 424-03 Ekiti State Road Maintenance Agency (EKROMA) - 5,071,000.00
4 425-01 Ministry of Physical, Urban and Regional Planning 13,021,788.50 17,799,685.34
5 425-02 Bureau of Land Services 6,978,211.50 -
6 425-03 Ofice of the Surveyor - General 4,000,000.00 2,496,666.67
Total 54,000,000.00 40,415,460.67
Page 26

NOTE 7
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
D. HEALTH SERVICES
1 422-02 Ministry of Health 25,000,000.00 12,174,630.04
2 422-03 Health Services Rehabilitation Projects II 64,010.00 -
3 422-05 Hospitals' Management Board 15,000,000.00 6,295,500.00
4 422-06 Runing Grants to Secondary Health Facilities (HMB) 50,000,000.00 48,000,000.00
5 422-07 Primary Health Care Development Bureau 21,500,000.00 10,554,500.00
6 422-08 Health Intergration (Now Health Bureau ) 5,000,000.00 1,650,000.00
7 422-09 Central Medical Store 5,000,000.00 1,695,833.37
Total 121,564,010.00 80,370,463.41
E. AGRICULTURAL SERVICES
1 418-01 Ministry of Agriculture and Rural Development 25,000,000.00 14,977,536.63
2 418-02 Sericulture Development Project 14,000,000.00 2,043,000.04
3 418-03 FADAMA II 2,000,000.00 440,000.00
4 418-04 Department of Rural Development - -
5 430-01 Forestry Department 6,000,000.00 -
Total 47,000,000.00 17,460,536.67
SUMMARY OF NOTE 7
A ADMINISTRATIVE SERVICES 2,973,180,390.00 2,449,972,511.74
B EDUCATION SERVICES 38,500,000.00 21,330,852.08
C WORKS AND TRANSPORT SERVICES 54,000,000.00 40,415,460.67
D HEALTH SERVICES 121,564,010.00 80,370,463.41
E AGRICULTURAL SERVICES 47,000,000.00 17,460,536.67
GRAND TOTAL 3,234,244,400.00 2,609,549,824.57
Page 27

NOTE 8
TRANSFER TO OTHER FUNDS
HEAD SUB-HEAD ESTIMATE ACTUAL EXPEND.
433 JAN.- DEC. 2011 JAN.- DEC. 2011
N N
1 CONSOLIDATED STAFF LOAN SCHEME 50,000,000.00 -
2(a) CONTIGENCY FUND FINANCE - 286,645,000.00
2(b) CONTIGENCY PROTOCOL 3,000,000,000.00 1,537,118,726.10
2(c) CONTINGENCY GAD - 1,921,675,820.70
2(d) CONTINGENCY DEPUTY GOVERNOR - 120,000,000.00
2(e) CONTINGENCY YOUTH AND SPORT - 13,654,000.00
3 SCHOLARSHIP SCHEME 200,000,000.00 42,135,000.00
4 NATIONAL EDUCATION PROGRAMMES 36,000,000.00 31,036,437.56
5 GRANTS TO SECONDARY SCHOOLS 100,000,000.00 82,137,591.18
6 GRANTS TO TECHNICAL COLLEGES 15,000,000.00 14,978,450.00
7 FEEDING AND MAINTENANCE OF SPECIAL SCHOOLS 30,000,000.00 27,314,100.00
8 CONDUCT OF SCHOOLS' EXAMINATIONS 55,000,000.00 47,631,648.00
9 PRINTING OF CONTINUOUS ASSESMENT FORMS 5,000,000.00 4,982,500.00
10 PRIVATE NUR./PRIMARY SCHOOL INSPECTION/REG.
AND REVIGORATION OF SCHOOL INSPECTION 5,500,000.00 3,816,700.00
11 SHIPMENT OF BOOKS FROM USA 10,000,000.00 -
12 HOSTING OF EKITI STATE TOURISM STAKEHOLDERS FORUM / SUBMMIT 29,000,000.00 -
13 LITERACY BY RADIO PROGRAMME 4,000,000.00 -
14 MONITORING WAEC/NECO EXAMS 500,000.00 7,385,000.00
15 NABTEB, FED. CRAFT EXAM 6,921,450.00 11,921,450.00
16 SUMMER VOCATIONAL TRAINING PROGRAMME 5,000,000.00 150,000.00
17 PAYMENT OF STUDENT WAEC AND NECO 100,000,000.00 88,510,987.50
18 CAPACITY BUILDING FOR TEACHERS 15,000,000.00 9,082,000.00
19 FEEDING OF PRIMARY AND JUNIOR SECONDARY SCHOOLS
(WITH EGGS AND CHOCOLATE DRINKS) - -
20 CONTINUOUS EDUCATION CENTRE - 300,000.00
21 FREE COACHING AND JAMB FORMS 22,000,000.00 2,020,000.00
22 EDUCATION SUBMIT 35,000,000.00 35,811,800.00
23 HEALTH INTERVENTION FUND (MOH) 50,000,000.00 189,048,481.88
24 HEALTH CAMPAIGN & CAPACITY BUILDING FOR HEALTH WORKERS 50,000,000.00 3,752,800.00
25 NATIONAL COUNCIL ON HEALTH MATTERS 3,000,000.00 -
26 HEALTH MISSION 180,000,000.00 3,743,609.00
27 SCHOOL'S SPORTS (MINISTRY OF YOUTH & SPORT) 500,000.00 500,000.00
28 SCHOOL'S SPORTS (MINISTRY OF EDUCATION) 14,500,000.00 -
29 NATIONAL SPORT FESTIVAL 20,000,000.00 19,000,000.00
30 ENTERPRENURSHIP DEVELOPMENT PROJECT - 800,000.00
31 CHRISTIAN PILGRIMS OPERATIONS 60,000,000.00 56,910,904.00
32 MUSLIM PILGRMS OPERATIONS 60,000,000.00 50,273,200.00
Page 28

NOTE 8
TRANSFER TO OTHER FUNDS (CONT'D)
HEAD ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
33 JOINT TAX BOARD CONTRIBUTION 45,000,000.00 28,700,000.00
34 FUELING OF GOVERNMENT VEHICLES / GEN. SETS 220,000,000.00 187,731,000.00
35 UTILITIES SERVICES (FINANCE) 150,000,000.00 122,405,594.67
36 ENTITLEMENT OF FORMER POLITICAL OFFICEHOLDERS (INCL. SEVERANCE) 120,000,000.00 27,269,795.00
37(a) CHARITY FUND (GAD) 200,000,000.00 103,604,350.00
37(b) CHARITY FUND (PROTOCOL) - 12,000,000.00
38 CASH & MATERIAL ASST. TO DISASTER VICTIM 45,000,000.00 22,875,000.00
39 LOGISTIC FOR ELECTIONS (BOTH STATE & LG ELECTIONS) 100,000,000.00 47,350,000.00
40 FURNITURE ALLOWANCE FOR PUBLIC OFFICER 400,000,000.00
41 COMMITTEE AND COMMISSION 70,000,000.00 49,766,384.76
42 PRINTING OF TREASURY RECEIPTS / OTHER DOCUMENTS 10,000,000.00 -
43 CAPACITY BUILDING FOR CIVIL SERVANTS 85,000,000.00 85,302,589.50
44 CAPACITY BUILDING FOR POLITICAL OFFICE HOLDERS 10,000,000.00 22,980,600.00
45 SPORT CONSULTANCY SERVICES (SPORT COUNCIL) 30,000,000.00 -
46 CONSULTANCY FEES ON COMM. DEVT. IGR (BIR) 350,000,000.00 17,251,600.00
47 ADVOCACY MEETING (INTERGRATION & INTERGOVERNMENTAL RELATION) 80,000,000.00 -
48 CONSULTANCY FEES ON IGR ON ADVERT & BILL BOARD (SIGNAGE) - -
49 LAST QRT ON TV PROGRAMME TAGGED ENTERPRISE TODAY 3,000,000.00 -
50 SPORT COMPETITION (MIN OF SPORTS) 10,000,000.00 8,550,000.00
51 STATE & NATIONAL GOVT. POLICY PROGRAMME 10,000,000.00 8,481,000.00
52 FINANCE PUBLICATIO AND OTHER RADIO SPONSORED PROGRAMME 15,000,000.00 2,387,500.00
53 CAPACITY BUILDING & NATIONAL EDUCATION PROG. (BTVE) 5,000,000.00 3,395,700.00
54 CENTRALISATION OF ADVERTISEMENT (Min. of Information) 200,000,000.00 191,196,245.60
55 OVERSEA TRIP FOR GOVERNOR, DEPUTY GOVERNOR & AIDES 180,000,000.00 126,766,316.15
56 LEGISLATIVE MATTERS (GOVERNOR'S OFFICE) 10,000,000.00 36,953,483.50
57 STATE GOVERNANCE AND CAPACITY II STEERING COMMITTEE 3,000,000.00 -
58 ORIENTATION & MASS MOBILIZATION PROGRAMME (VILLAGE MEETING ) - 3,250,000.00
59 ESTABLISHMENT OF DISTRESS CALL CENTRE - -
60 TELL THE GOVERNOR (SO FUN GOMINA) - -
61 MAINTENANCE OF FURNITURE / EQUIPMENT OF GOVERNOR'S OFFICE -
AND DEPUTY GOVERNOR'S OFFICE (GAD) 50,000,000.00 16,238,725.00
62 HOSTING OF NATIONAL WOMEN COUNCIL 30,000,000.00 -
63 WOMEN EMPOWERMENT PROGRAMME 50,000,000.00 65,281,150.00
64 PAYMENT OF STREET SWEEPERS IN ADO AND IKERE EKITI 120,000,000.00 118,669,000.00
65 LOGISTICS FOR PROCUREMENT OF N25 BILLION BONDS 50,000,000.00 41,093,182.92
66 NATIONAL ARTS AND CULTURAL ACTIVITIES 25,000,000.00 17,250,000.00
67 HOUSE OF ASSEMBLY OUTFIT ALLOWANCE 27,000,000.00 22,150,630.00
68 TRAINING VOTE FOR EKHA STAFF (LOCAL & OVERSEAS) 10,000,000.00 541,000.00
Page 29

NOTE 8
TRANSFER TO OTHER FUNDS (CONT'D)
HEAD ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
69 PARTICIPATION AT THE SPEAKERS CONFERENCE 10,000,000.00 12,512,000.00
70 PARLIAMENTARY CONFERENCE (LOCAL, AFRICAL $ COMMONWEALTH) 15,000,000.00 13,628,925.00
71 TRANING FOR HON. MEMBERS (LOCAL$ OVERSEA) 150,000,000.00 104,614,810.00
72 PUBLIC HEARING ON BILLS & SPECIAL COMMITTEE ASSIGMENT 20,000,000.00 5,000,000.00
73 SEMINARS FOR HON.MEMBERS WIVES - 18,853,343.00
74 MAINTENANCE OF SPEAKER'S HOUSE 40,000,000.00 28,793,565.00
75 MAINTENANCE OF DEPUTY SPEAKER'S HOUSE 15,000,000.00 7,200,000.00
76 INSURANCE FOR HON. MEMBERS 20,000,000.00 -
77 VEHICLE LOANS BOARD - -
78 CONSTITUENCY INTERVENTION FUND - 130,000,000.00
79 PILGRIMAGE TO HOLY LANDS --HOUSE 35,000,000.00 33,755,000.00
80 CONTIGENCY (HOUSE OF ASSEMBLY) 120,000,000.00 124,691,700.00
81 SALARIES AND ALLOWANCES FOR ASSEMBLY MEMBERS 80,000,000.00 -
82 SEVERANCE ALLOWANCE FOR HON. MEMBERS & POLITICAL OFFICE HOLDERS 100,000,000.00 107,370,737.75
83 OVERSIGHT FUNCTION (LOCAL&OVERSEAS) EKHA MEMBERS - -
84 CAPACITY BUILING FOR LEGISLATIVE STAFF (HOA COMMISSION) 5,000,000.00 1,539,000.02
85 RESERVES 20,000,000.00 -
TOTAL 7,504,921,450.00 6,589,736,133.79
Page 30

NOTE 9
AGRICULTURAL SERVICESGRANTS TO PARASTATALS AND TERTIARY INSTITUTIONS
HEAD SUB MINISTRY/DEPARTMENT ESTIMATE ACTUAL EXPEND.
432 HEAD JAN.- DEC. 2011 JAN.- DEC. 2011
N N
1 The Judiciary 1,000,000,000.00 898,158,245.28
2 Judicial Service Commission 85,000,000.00 65,191,992.00
3 Ekiti State Library Board 18,000,000.00 19,760,540.76
4 Ekiti State Electricity Board 90,000,000.00 83,530,308.38
5 College of Education, Ikere Ekiti 1,800,000,000.00 1,602,404,742.00
6 University Teaching Hospital, Ado-Ekiti 2,000,000,000.00 1,772,425,363.10
7 University of Education,Ikere Ekiti 250,000,000.00 200,000,000.00
8 University of Ado- Ekiti (Including College of Medicine) 2,000,000,000.00 1,920,000,000.00
9 University of Science and Technology, Ifaki Ekiti 500,000,000.00 400,000,000.00
10 Teaching Service Commission 5,000,000,000.00
11 Broadcasting Service of Ekiti State (BSES) 250,000,000.00 232,970,216.57
12 Ekiti State Sports Council 100,000,000.00 104,835,611.08
13 National Sports Festival - -
14 Grassroots Sport Development Programme 5,000,000.00 5,083,500.00
15 Fountain Football Club 20,000,000.00 18,000,000.00
16 Ekiti State Housing Corporation 90,000,000.00 82,855,230.50
17 Ekiti State Local Government Service Commission 20,699,061.39 -
18 Nigeria Security and Civil Defence Corps 7,000,000.00 6,999,996.00
19 Agricultural Development Project 153,000,000.00 178,833,324.40
20 Fountain Agricultural Marketing Agency 32,000,000.00 28,705,149.26
21 Nigerian Legion 2,500,000.00 1,650,000.00
22 Cooperative College, Ijero Ekiti 2,200,000.00 1,200,000.00
23 SUBEB 250,000,000.00 246,801,949.90
24 Ekiti State Water Corporation 350,000,000.00 381,101,933.54
25 Eye Specialist Hospital, Ifaki-Ekiti - -
26 Domestic and External Publicity to min of Information and Civic Orientation 80,000,000.00 78,886,802.50
27 Schools of Agric - -
28 State Independent Electoral Commission (SIEC) 85,000,000.00 69,340,790.99
29 IGR by Parastals Retained - 250,887,604.36
TOTAL 14,190,399,061.39 8,649,623,300.62
Page 31

NOTE 10
AGRICULTURAL SERVICESCAPITAL RELEASES TO MIN./DEPTS.
HEAD SUB (10A) ECONOMIC SECTOR ESTIMATE ACTUAL EXPEND.
HEAD JAN.- DEC. 2011 JAN.- DEC. 2011
451 Agric. & Natural Resources N N
1 Agriculture Services Department 460,545,000.00 60,676,300.00
2 Planning Research and Statistic - -
3 Finance and Administration - -
4 Produce Department 16,000,000.00 61,912,098.50
5 Tree Crops Department 20,300,000.00 -
6 Livestock Department 10,000,000.00 -
7 Fisheries Department 26,100,000.00 -
8 Veterinary Department 16,000,000.00 -
9 Forestry Department 51,500,000.00 25,489,625.00
10 Sericulture Programme 40,000,000.00 -
11 Afforestation - -
12 Wild life Department - -
13 Agricultural Development Project (ADP) FADAMA 291,400,000.00 306,610,033.83
14 Cassava Revolution Programme - -
15 Farm Settlement And Farmers Development Agency 300,000,000.00 55,750,000.00
16 Agro-Allied Industrial Development - -
17 Fountain Inputs Agric Marketing Agency 18,700,000.00 7,256,065.27
18 Poultry Development Agency - -
19 Department of Rural Development 537,000,000.00 -
20 Fertilizer (Deduction at Source) - 232,713,937.50
21 Premium Subsidy (NAIC) (Deduction at Source) - 3,406,045.01
Total 1,787,545,000.00 753,814,105.11
452 SME and Poverty Reduction
1 Ministry of Commerce and Industries 1,509,300,000.00 527,920,448.72
2 Co-operative Development Department - -
3 Tourism Development Agency 1,500,000,000.00 385,095,061.18
4 Ministry of Finance and Economic Devt. 1,112,000,000.00 312,668,001.99
4(ii) Solid Mineral Development and Mining Agency 50,000,000.00 -
4(iii) Ekiti State Market Development Agency 100,000,000.00 -
5 Ekiti Enterprise Development Agency (EED) 143,000,000.00 41,194,207.00
6 Job Creation & Employment Agency 33,000,000.00 -
7 Department of Micro Credit Agency - -
8 Ekiti State Community & Social Development Agency 250,000,000.00 100,000.00
-
Total 4,697,300,000.00 1,266,977,718.89
453 Infrastructure
1 Ministry of Public utilities 447,000,000.00 -
2 Electricity Baord 1,250,000,000.00 462,016,197.77
3 Directorate of Information and Communication Technology (ICT) 260,000,000.00 28,502,047.53
4 Ekiti state Water Corporation 957,000,000.00 338,186,471.22
5 Ekiti State Rural Water Supply & Sanitation Agency (EKRUWASSA) 197,246,024.40 16,005,397.28
Page 32

NOTE 10
CAPITAL RELEASES TO MIN./DEPTS.(CONT'D)
N N
6(a) Min of Work & Infrasture 6,798,300,000.00 3,556,352,633.21
6(b) Electrical Department 211,000,000.00 -
6(c) Mechanical Department 91,000,000.00 -
6(d) Planning Department 10,000,000.00 -
6(e) Ekiti State Traffic Management Agency 100,000,000.00 -
7 Public Transport Department 217,000,000.00 -
8 Ekiti state Management Consultancy Board 10,000,000.00 -
9 Public Works Dept./ Direct Labour - 480,726.00
10 Public Work Corporation (Formerly EKROMA) 306,643,640.67 -
11 Ekiti State Housing Corporation 250,000,000.00 -
Total 11,105,189,665.07 4,401,543,473.01
Total Economic Sector 17,590,034,665.07 6,422,335,297.01
(10B) SOCIAL SERVICES SECTOR
454 Education
1 Ministry of Education 517,800,000.00 62,136,961.83
2 School Enterprise project 35,800,000.00 -
3 Ekiti State Scholarship Board 1,000,000.00 -
4 State Universal Basic Education (SUBEB) 1,245,563,931.00 -
5 Board for Technical & Vocational Education 132,000,000.00 12,138,798.47
6 Agency for Adult & Non Formal Education 5,000,000.00 2,759,200.00
7 Teaching Service Commission - -
8 Ekiti State Library Board 54,500,000.00 3,319,424.00
9 Education Endowment Fund - -
10 University of Ado-Ekiti (UNAD) 450,000,000.00 -
11 College of Medicine, Ado Ekiti 200,000,000.00 -
12 University of Science and Technology,Ifaki Ekiti - -
13 University of Education, Ikere-Ekiti - -
14 College of Educaton Ikere Ekiti 350,000,000.00 92,480,000.00
Total: 2,991,663,931.00 172,834,384.30
455 Health
1 Ministry Of Health 2,008,100,000.00 704,070,258.54
2 University Teaching Hospital 400,000,000.00 -
3 College of Health Technology , Ijero Ekiti 200,000,000.00 -
4 Primary Health Care Development Agency 25,000,000.00 937,800.00
5 Central Medical Centre 62,000,000.00 -
6 Hospitals' Management Board 71,000,000.00 2,976,100.00
7 State Action Committee on AIDS 70,000,000.00 72,575,500.00
8 Draw Down on Foreign Loans (PFMU) - -
Total: 2,836,100,000.00 780,559,658.54
456 Information Services & Social Development
1 Brodcasting Service of Ekiti State (BSES) 712,000,000.00 121,492,255.99
2 Ministry of Information Comm.,Civic Orientation & Strategy 152,000,000.00 39,244,506.00
3 State Priniting Press 172,400,000.00 -
4 Ministry of Youth and Sports Development 453,000,000.00 158,892,360.08
5 Ekiti State Sports Council 50,000,000.00 -
6 Ministry of Women Affairs, Gender Empowerment & Social Welfare 222,800,000.00 74,254,491.75
7 Women Development Centre, Igede 15,000,000.00 -
8 Social Welfare Grants 520,000,000.00 165,363,126.00
Total 2,297,200,000.00 559,246,739.82
Total Social Service Sector 8,124,963,931.00 1,512,640,782.66
Page 33

NOTE 10
457 (10C) ENVIRONMENTAL DEVELOPMENT SECTOR N N
1 Bureau of Lands 513,000,000.00 -
2 Ministry of Physical, Urban and Regional Planning 20,000,000.00 29,719,259.55
3 Office of the surveyor General 120,500,000.00 57,793,463.57
4 Urban Renewal Agency (CUDA) 2,192,000,000.00 378,791,347.87
5 Ministry of Housing and Environment 32,400,000.00 700,000.00
6 State Environmental Protection Agency (SEPA) 500,000,000.00 109,046,310.11
7 Waste Management Board 500,000,000.00 33,021,605.00
8 State Emergency Management Agency (SEMA) 30,000,000.00 1,346,450.00
Total: 3,907,900,000.00 610,418,436.10
458 (10D) ADMINISTRATIVE SECTOR
1 Bureau of Public Buildings 2,283,817,440.38 514,481,344.61
2 Minstry of Justice 84,000,000.00 64,000,000.00
3 The Judiciary 262,000,000.00 53,611,492.87
4 Judical Service Commission 120,000,000.00 -
5 General Administration Department 2,536,400,938.61 646,177,530.94
6 Office of the Secretary to the State Government 1,500,000.00 -
7 Office of the Head of Service 1,500,000.00 -
8 Bureau of Public Procurement 80,075,000.00 102,752,190.85
9 Ekiti State Signage & Advertisement Agency 12,000,000.00 3,574,948.00
10 Liaison Office, Lagos 517,000,000.00 1,816,012.00
11 Liaison Office, Abuja 48,000,000.00 3,420,675.00
12 Utility Services Department 49,500,000.00 -
13 Political and Inter-party Relations Department - -
14 Ministry of Local Govt. & Chieftaincy 26,000,000.00 100,000.00
15 Ministry of Art, Culture & Tourism 110,500,000.00 -
16 Deputy Governor's Office 12,500,000.00 2,514,775.00
17 Government House and Protocol 746,400,000.00 24,050,903.20
18 Ekiti State Boundary Commission 5,000,000.00 477,500.00
19 Christian Pilgrims Welfare Board 5,000,000.00 -
20 Muslim Pilgrims Welfare Board 2,700,000.00 -
21 Min. of Intergration & intergovernmental Relation 200,063,000.00 17,813,300.00
22 New Partnership for Africa's Develop. (NEPAD) - -
23 Ekiti State House of Assembly 1,608,000,000.00 334,535,410.41
24 Ekiti House of Assembly Service Commission 30,000,000.00 -
25 Office of Establishments and Trainings - 100,000,000.00
Page 34

NOTE 10
N N
26 Public Service College - -
27 Staff Development Centre 5,000,000.00 -
28 Staff Housing Loans Board - -
29 Pensions Board - -
30 Local Government Service Commission 10,000,000.00 -
31 Office of the State Auditor-General 2,000,000.00 -
32 Local Govt Audit-General 2,000,000.00 3,743,609.00
33 Cabinet Department & Special Service Department 8,500,000.00 1,036,000.00
34 State Planning Commission 383,000,000.00 654,882,036.86
35 Millenium Development Goals (MDGs) 1,550,000,000.00 -
36 Ministry of Finance Budget, and Economic Development 25,000,000.00 2,473,575.00
37 SGCP II 58,000,000.00 -
38 Accountant General's Office 15,000,000.00 3,124,000.00
39 Internal Revenue Services 47,000,000.00 10,931,400.00
40 Civil Service Commission 20,500,000.00 3,516,560.00
41 State SIEC 320,000,000.00 183,094,000.00
42 Petroleum Products Consumers Protection Agency 600,000.00 -
43 Bureau of Statistics 5,000,000.00 715,000.00
44 Servicom Agency 45,500,000.00 198,250.00
45 Rapid Action Taskforce (RATF) - 715,000.00
Total Administrative Sector: 11,239,056,378.99 2,733,755,513.74
SUMMARY TO NOTE 10
A ECONOMIC SECTOR 17,590,034,665.07 6,422,335,297.01
B SOCIAL SERVICES SECTOR 8,124,963,931.00 1,512,640,782.66
C ENVIRONMENTAL DEVELOPMENT SECTOR 3,907,900,000.00 610,418,436.10
D ADMINISTRATION SECTOR 11,239,056,378.99 2,733,755,513.74
F LESS: INVESTMENT IN IKUN DAIRY -
G TOTAL (B) -
E GRAND TOTAL 40,861,954,975.06 11,279,150,029.51
Page 35

FOR THE EAR ENDED 31ST DECEMBER, 2011
NOTE 11 A
EXPENSES OF GENERAL NATURE (CONSOLIDATED REVENUE FUND CHARGES)
MINISTRY/DEPARTMENT ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
N N
SUNDRY EXPENSES
I SALARIES AND ALLOWANCES OF PUBLIC
OFFICERS AS SPECIFIED IN THE CONSTITUTION -
II EKITI STATE CONTRIBUTION TO THE LOCAL -
GOVERNMENT JOINT ACCOUNT 597,735,000.00 283,986,774.38
III CONTRIBUTION TO LOCAL GOVT. PENSIONS 50,000,000.00 -
V LOCAL LOAN REPAYMENT/BANK CHARGES/BOND FEES -
COUNTERPART FUNDS ON MDG PROJECTS TO LOCAL GOVT. 372,000,000.00
BANK CHARGES/BOND FEES / INTEREST ON LOCAL LOANS 2,851,791,938.59
TOTAL 647,735,000.00 3,507,778,712.97
NOTE 11 B
PUBLIC DEBT CHARGES
ESTIMATE ACTUAL EXPEND.
JAN.- DEC. 2011 JAN.- DEC. 2011
A Professional Fees 272,095,449.94
B Electricity Bills 300,000,000.00 40,000,000.00
C Releases to SUBEB to offset local loan 125,000,638.41
D Releases to offset loan on public vehicles 49,027,777.80
TOTAL 300,000,000.00 486,123,866.15
NOTE 11 C
REPAYMENT OF LOCAL LOANS
Bank 4,500,000,000.00 9,961,573,079.35
Bond 1,191,590,423.97
Total Local Loan Repayment 11,153,163,503.32
Page 36

NOTE 12A
ACCOUNTANT GENERAL'S CASH BOOK BALANCES
AS AT 31ST DECEMBER, 2011
S/N. ACCOUNT NAME BANK AMOUNT
N
1 Capital ACCESS BANK 1,100,545,097.43
2 Bond Proceeds ACCESS BANK 18,970,300,000.00
3 Capital Afribank 12,752,651.96
4 Capital DIAMOND BANK 123,540,370.50
5 Capital Ecobank 50,656,744.64
6 Leave Bonus FCMB 767,287.51
7 Capital FCMB 82,198,387.46
8 V.A.T. FCMB 1,770,965.10
9 Capital Account Fidelity 18,136,121.67
10 MDG Fidelity 629,155,388.02
11 Capital First Bank -
12 VAT First Bank 128,988.90
13 CRF Fin Bank -
14 Capital Fin Bank 175,365,992.60
15 Capital G.T.B. -
16 VAT G.T.B. -
17 Other Charges G.T.B. 94,695,109.36
18 Legal Fees INTERCONTINENTAL 50,271,168.35
19 Water Works (Rehab.) INTERCONTINENTAL 10,826,023.99
20 Ecological Fund INTERCONTINENTAL 18,408,080.27
21 Capital INTERCONTINENTAL 120,546,306.88
22 C S S INTERCONTINENTAL -
23 CRF INTERCONTINENTAL -
24 EKSG Capital II OCEANIC -
25 VAT OCEANIC 206,744,336.54
26 Other Charges PHB 134,910,424.09
27 capital PHB -
28 Capital SKYE BANK 14,901,639.93
29 VAT SKYE BANK 45,798,564.85
30 IGR SKYE BANK 75,254,766.31
31 FAAC / CRF SKYE BANK 1,725,501,856.15
32 CSS SKYE BANK (346,467,152.79)
33 Capital Spring Bank 136,606,959.51
34 Stambic Capital Stambic 64,686,381.39
35 Capital Project UBA Ajilosun 28,070,817.48
Page 37

NOTE 12A
ACCOUNTANT-GENERAL'S CASH BALANCES (CONT'D)
36 Special Project (Furniture) UBA Ajilosun 31,142,322.62
37 Examination UBA Secretariat Rd 212.57
38 IGR UBA Secretariat Rd (539.75)
39 Leave Bonus UBA Secretariat Rd 5,407,252.23
40 Other Charges UBA Secretariat Rd (24,390,837.24)
41 V.A.T. UBA Secretariat Rd 224,985,090.00
42 Civil Servants' Salary UBA Secretariat Rd 46,021,031.18
43 Teachers' Salary UBA Secretariat Rd -
44 C.R.F UBA Secretariat Rd 23,801,558.55
45 MDGs Health UBA Secretariat Rd 67,343,979.04
46 IGR Parastatals UBA Secretariat Rd -
47 MDG Small Town Water UBA Secretariat Rd 13,935,869.41
48 Capital Union bank 65,033,892.29
49 Unserviceable Vehicles UNITY 1,390,500.93
50 Fertilizer UNITY 2,353,600.78
51 Capital UNITY 136,706,930.75
52 Water MDGs UNITY (141,900.17)
53 Capital WEMA 51,959,876.82
54 Proceeds from Odua Share WEMA 84,884.24
55 P.T.F WEMA 3,766,190.96
56 Dividend WEMA 7,298,266.84
57 Rent WEMA 86,600.00
58 Interest WEMA 2,843,077.77
59 Capital II ZENITH -
60 C.R.F ZENITH 65,884,656.81
Total 24,271,585,794.73
Page 38

FOR THE YEAR ENDED 30TH DECEMBER, 2011
NOTE 12B
CALL DEPOSIT ACCOUNTS BALANCE
AS AT 31ST DECEMBER, 2011
S/N. ACCOUNT NAME AMOUNT
N
1 ESCROW FIN 54,886,971.53
2 ESCROW FCMB 189,325,000.00
3 Small Water UBA 544,487,764.84
4 UBA 420,000,000.00
5 Skye 1,287,024,414.52
6 Spring 100,000,000.00
7 Unity 49,631,900.18
TOTAL 2,645,356,051.07
Page 39

FOR THE YEAR ENDED 31ST DECEMBER , 2011
NOTE 13
TREASURY CASH OFFICES
CASH BOOK BALANCES AS AT 31ST DECEMBER, 2011
N
1 TCO Ado-Ekiti, Access Bank 297,165.26
2 *TCO Ado-Ekiti, PHB
3 *TCO Ado-Ekiti, Diamond
4 TCO Ado-Ekiti, FCMB Bank 3,973,898.15
5 TCO. Ado-Ekiti, 1st BANK Ado -
6 *TCO Ado-Ekiti, FIN Bank
7 *TCO Ado-Ekiti, ECO Bank
8 TCO. Ado-Ekiti, GTB 725,448.25
9 TCO Ado-Ekiti, INTERCON. 4,239,998.36
10 *TCO Ado-Ekiti, Oceanic Bank
11 TCO Ado Ekiti Skye Bank 24,051,113.62
12 TCO Ado-Ekiti, Spring Bank 3,020,195.21
13 TCO Ado-Ekiti, UBA Sect. Road 25,849,303.36
14 *TCO Ado-Ekiti, Union Bank Ijigbo
15 TCO. Ado-Ekiti, WEMA BANK I 25,824,513.34
16 *TCO. Ado-Ekiti, WEMA BANK II
17 *TCO. Ado-Ekiti, ZENITH
18 *TCO Ado-Ekiti, Union Bank Okesa
19 TCO Ado-Ekiti, Unity Bank 3,559,928.52
Page 40

CASH BOOK BALANCES (CONT'D)
20 TCO. Aramoko Micro Fin. Bank -
21 TCO. Efon First Bank
21 TCO Oye, UBA 6,746.09
22 TCO. Otun, Spring BANK 10,535,534.10
23 TCO Agbado, UBA 5,445,766.32
24 TCO Iye, UBA 326,030.00
25 TCO Igede, Union Bank 117,938.01
26 TCO Ilawe, Union Bank 13,946,649.01
27 TCO Omuo,Wema Bank -
28 TCO Ijero, Spring Bank Ikoro 8,873,404.13
29 TCO. Ikole Ekiti 1ST BANK -
30 TCO. Emure First Bank -
31 TCO Ise, Spring Bank 1,760,213.60
32 TCO. Ikere 1ST BANK 160,441.42
33 *TCO. Ikere Spring BANK
34 TCO. Ilawe Ekiti, Igbara Odo Wema Bank -
35 TCO. Ido-Osi 1ST BANK Ifaki -
TOTAL 132,714,286.75
NOTE
* These Accounts had been closed as at 31st December, 2011.
Page 41

STOCK UNITS ACQUIRED VALUE/ UNIT COST OF ACQUIS. CURRENT MARKET CURRENT VALUE
PRICE/UNIT
N N N N
1 Ashaka Cement Plc. 389,333 13.82 5,380,313.35 11.30 8,854,162.85
2 DANGFLOUR 1,000,000 16.70 16,703,875.65 5.00 15,650,320.00
3 DANGSUGAR 1,000,000 17.39 17,393,717.24 4.70 12,588,726.15
4 DIAMOND BANK 6,721,000 14.50 97,469,460.00 1.92 33,856,679.61
5 EQUITY ASUR 250,000 4.13 1,031,372.01 0.50 122,268.13
6 GUARANTY 1,250,000 12.76 15,947,175.28 14.25 19,049,373.88
7 LASACO 200,000 4.75 950,611.20 0.50 97,814.50
8 UNILEVER 70,000 23.05 1,613,500.00 29.00 1,848,694.05
9 UBN 2,243,558 12.17 27,301,174.83 10.60 5,925,217.61
10 OLUWA GLASS 22,142,508 - 4.47 -
11 UBA 703,125 8.65 4,459,960.00 2.59 3,878,956.27
12 FBN 1,000,000 13.35 13,347,945.74 8.90 12,226,807.91
13 FLOURMILL 1,833 65.45 170,329.28
14 SOVERN TRUST 64,043,571 4.21 269,400,000.00 0.50 31,321,949.38
15 STERLINGBANK 2,242,393 1.92 4,305,394.56 1.01 4,081,155.26
16 UAC-PROD 1,324 12.00 26,840.00
17 NAHCO 1,000,000 9.93 9,932,475.27 5.14 7,336,087.50
18 ACCESS 1,617,000 12.73 20,580,000.00 4.80 11,229,789.30
19 FIRST BANK PLC 215,295 19.65 4,229,940.00 8.90 356,688.40
20 UBN 26,047 21.83 568,664.04 10.60 1,000,882.06
21 VITA FORM 298,975 4.41 1,318,928.22 5.06 10,124,778.90
22 WEMA BANK PLC 178,889 3.17 566,344.68 0.57 155,731.65
23 Bank PHB 1,882,000 17.00 31,994,000.00 2,319,494.80
24 AFRIBANK 4,200,000 1.98 8,316,000.00 10290000
25 SKYE BANK PLC 5,141,388 38.90 200,000,000.00 8.59 44,164,522.92
26 FIRST INLAND BANK 21,052,632 9.50 200,000,000.00 -
27 ZENITH BANK PLC 21,428,572 14.00 300,000,000.00 -
1,252,810,852.07 236,677,270.41
SCHEDULE OF GOVT STOCKS MANAGED BY FOUNTAIN HOLDING LTD AS AT 31ST DECEMBER, 2011
NOTE 14
Page 42

NOTE 15 A
ADVANCES
A PERSONAL ADVANCES N N N
1 Teachiing Service Commission
Housing Loan Ledger Balance as at 31st December, 2011 632,857,856.89
Cash Book Balance as at 31st December, 2011 2,566,545.68 635,424,402.57
Vehicle Loan Ledger Balance as at 31st December, 2011 426,397,360.01
Cash Book Balance as at 31st December, 2011 1,178,424.21 427,575,784.22 1,063,000,186.79
2 Civil Servants
Housing Loan Ledger Balance as at 31st December, 2011 1,012,846,780.18
Cash Book Balance as at 31st December, 2011 69,373,429.21 1,082,220,209.39
Vehicle Loan Ledger Balance as at 31st December, 2011 601,609,649.98
Cash Book Balance as at 31st December, 2011 18,255,800.00 619,865,449.98 1,702,085,659.37
Grand Total 2,765,085,846.16
NOTE 15 B
WEMA BANK SHARES DEBTORS
B WEMA SHARES N N
Shares divested to civil servants etc 499,743,683.20
Add: Unalloted Shares 16,256,316.80
Amount released by State Govt. 516,000,000.00
Less Refunds :
2007 - 2010 (363,043,258.20)
2011 (69,920,654.80) (432,963,913.00)
Outstanding Balance 83,036,087.00
Page 43

NOTE 16
OPERATING LIABILITIES OVER ASSETS
This term represents the excess of Other Liabilities (apart from public funds)
over quasi - cash assets of government and in this statement it is arrived at thus :
N N
Other Liabilities
Foreign Loans(Multilateral) 5,036,279,148.89
Local Loans 31,258,120,954.71 36,294,400,103.60
Less: Quasi - Cash Assets
Housing and Vehicle Loans Debtors (2,765,085,846.16)
Wema Shares Debtors (83,036,087.00) (2,848,121,933.16)
Operating Liabilities Over Assets 33,446,278,170.44
Page 44

FOREIGN LOAN
S/N LOAN TITLE OPENING BAL. INTEREST. PRINCIPAL TOTAL PAYMENT CLOSING BAL; CLOSING BAL;
1ST JAN; 2011 PAYABLE PAYABLE 2011 31ST DEC. 2011 31st. DEC, 2011
2011 2011
A B C D E F G H I
$ $ $ $ $ $ N
OLD LOANS
I Nat. Fadama 213,803.63 2,356.70 79,680.74 295,841.07 77,361.33 218,479.74 34,017,295.52
II Nat. Agric Tech. Sup 198,741.24 2,184.84 73,751.54 274,677.62 71,608.03 203,069.59 31,617,935.16
III Nat. Water Rehab. 401,294.81 3,870.18 121,465.30 526,630.29 118,191.40 408,438.89 63,593,935.17
IV Health System Fund 372,458.34 1,191.41 103,436.00 477,085.75 98,663.68 378,422.07 58,920,316.30
V MSADP III 9,723,189.71 42,119.71 423,846.12 10,189,155.54 698,858.09 9,490,297.45 1,477,639,312.97
SUB TOTAL 10,909,487.73 51,722.84 802,179.70 11,763,390.27 1,064,682.53 10,698,707.74 1,665,788,795.12
NEW LOANS
VI UBE 3,402,035.95 32,756.12 - 3,434,792.07 30,889.03 3,403,903.04 529,987,703.33
VII HSDP II 3,318,943.92 25,873.82 - 3,344,817.74 38,805.70 3,306,012.04 514,746,074.63
VIII HIV/AIDS 2,170,002.59 11,138.74 19,197.03 2,200,338.36 45,497.75 2,154,840.61 335,508,682.98
IX Comm. Based Pov. Red. 11,831,342.64 56,725.64 190,682.48 12,078,750.76 371,064.05 11,707,686.71 1,822,886,820.75
X HSDP (Add Finance) 400,055.15 15,530.03 - 415,585.18 23,292.02 392,293.16 61,080,045.01
XI 3rd Nat. Fadama 707,833.85 17,868.01 - 725,701.86 26,798.54 698,903.32 108,819,246.92
XII Nat.Prog. for Food Security - 35,000.00 - 35,000.00 51,301.99 (16,301.99) (2,538,219.84)
SUB TOTAL 21,830,214.10 194,892.36 209,879.51 22,234,985.97 587,649.08 21,647,336.89 3,370,490,353.77
TOTAL 32,739,701.83 246,615.20 1,012,059.21 33,998,376.24 1,652,331.61 32,346,044.63 5,036,279,148.89
* Exchange Rate used at the year end is N155.70 per Dollar
NOTE 17
Page 45

S/N BANKS BAL. AS AT 1/1/2011 LOAN OBTAINED TOTAL REPAYMENT REPAYMENT TOTAL REPAYMENT BAL. AS AT 31/12/2011 INTREST PAID
DURING THE YEAR LOAN JAN.-JUNE 2011 JULY.-DEC 2011 JAN. - DEC. 2011 JAN -DEC
A B C D E = C+D F G H = F+G I = E-H
1 WEMA 213,471,397.06 5,654,277.59 219,125,674.65 109,773,300.65 91,298,698.75 201,071,999.40 18,053,675.25 18,310,244.44
2 OCEANIC 762,214,196.32 963,281,386.48 1,725,495,582.80 505,566,994.17 108,725,806.30 614,292,800.47 1,111,202,782.33 202,887,479.70
3 ZENITH - 622,781,965.64 622,781,965.64 - 165,619,952.39 165,619,952.39 457,162,013.25 14,326,764.25
4 ICB 71,123,287.67 531,121,621.63 602,244,909.30 71,123,287.67 125,000,638.41 196,123,926.08 406,120,983.22 18,063,000.12
5 ECO - 841,137,769.89 841,137,769.89 - 79,321,380.16 79,321,380.16 761,816,389.73 30,829,705.85
6 ECO - 441,383,312.70 441,383,312.70 - - - 441,383,312.70
7 SKYE - 8,200,000,000.00 8,200,000,000.00 - - - 8,200,000,000.00
8 SKYE (SCOA) - 780,000,000.00 780,000,000.00 30,000,000.00 30,000,000.00 750,000,000.00
9 BOND PROCEEDS - 20,000,000,000.00 20,000,000,000.00 - 1,191,590,423.97 1,191,590,423.97 18,808,409,576.03
10 GTB 253,487,423.46 - 253,487,423.46 253,487,423.46 - 253,487,423.46 -
11 FBN 646,286,778.06 646,286,778.06 547,413,146.81 98,873,631.25 646,286,778.06 - 37,052,131.21
12 UBA 2,628,383,365.02 5,097,957,676.51 7,726,341,041.53 2,799,628,527.01 4,926,712,514.52 7,726,341,041.53 - 266,615,373.34
13 UNITY - 353,000,000.00 353,000,000.00 - 49,027,777.80 49,027,777.80 303,972,222.20 3,906,696.70
4,574,966,447.59 37,836,318,010.44 42,411,284,458.03 4,286,992,679.77 6,866,170,823.55 11,153,163,503.32 31,258,120,954.71 588,084,698.91
NOTE 18
DETAILS OF LOCAL LOANS FOR THE YEAR ENDED 31ST DECEMBER, 2011
Page 46

ANNEXURE I
FIVE-YEAR FINANCIAL SUMMARY [2007-2011]
DESCRIPTION 2011 2010 2009 2008 2007
JAN.-DEC. JAN.-DEC. JAN.-DEC. JAN.-DEC. JAN.-DEC.
REVENUE N N N
Statutory Allocation 27,436,364,279.36 20,896,614,606.25 16,300,345,750.90 21,187,003,418.77 17,550,567,427.01
Value Added Tax 6,073,804,103.88 5,517,959,333.36 4,540,803,002.71 3,855,382,109.23 2,884,301,257.88
Internally Generated revenue 3,041,394,328.02 2,490,393,878.56 3,062,383,263.64 4,153,780,092.56 1,706,422,327.37
Proceeds from Sales of Fertilizer 399,275,504.00
Sales from Ikun Dairy Farm 2,300,000.00
Excess Crude Oil proceeds 9,121,018,268.32 6,366,679,641.79 7,648,512,927.76 7,059,176,047.38 3,799,533,620.12
Paris club Debt Exit Proceeds - - - - 8,172,030,004.31
Ecological Fund - - - - 1,000,000,000.00
Proceed from Share Divestment - - 1,030,332,419.53 - 1,400,000,000.00
Foreign Loan Draw Down 828,355,966.77 571,814,013.66 282,889,691.00 121,069,834.47 148,102,693.65
Intenal Loan 37,836,318,010.44 3,600,000,000.00 5,000,000,000.00 - -
MDGs Conditional Grant - 500,000,000.00 85,000,000.00 789,999,957.00 2,054,300,000.00
Refund of loan on Gratuities - - - 819,333,010.65 -
Refund on Federal Roads - 2,000,000,000.00 680,791,209.89 396,592,015.11 -
Bank Interest Generated - - - - -
Sinking Funds Accounts - - - - -
Sundry Refunds/Receipts 69,920,654.74 467,279,042.76 174,582,982.83 - 354,216,280.00
TOTAL REVENUE(A) 84,808,751,115.53 42,410,740,516.38 38,805,641,248.26 38,382,336,485.17 39,069,473,610.34
EXPENDITURE
Personnel costs 13,332,880,222.06 11,405,892,827.08 8,673,905,709.23 8,288,848,768.00 6,470,879,855.75
Pensions and Gratuities 2,502,085,409.31 2,040,652,731.99 1,415,623,109.76 1,586,663,716.73 1,410,823,405.80
Overhead Costs 2,609,549,824.57 2,257,127,610.36 2,626,127,334.38 2,768,368,431.50 2,429,908,412.48
Transfer to Other Funds 6,589,736,133.79 3,602,959,035.34 5,119,380,603.01 5,519,950,879.76 2,066,569,866.71
Grants to Parast.& Tert. Institut 8,649,623,300.62 7,329,114,652.27 5,439,751,603.31 5,598,165,272.30 2,579,064,933.21
Capital Expenditure 11,279,150,029.51 10,768,308,199.41 17,939,528,674.93 27,584,072,643.39 10,043,497,276.41
Expenses of General Nature 3,507,778,712.97 235,732,359.91 413,161,749.58 507,827,308.40 948,953,487.29
Public Debt Charges 486,123,866.15 272,946,942.94 181,251,083.98
Repayment of Loans:
Local 11,153,163,503.32 4,025,033,552.41 - - -
Foreign 258,032,847.17 313,293,004.55 263,494,580.02 131,274,843.96 344,484,622.81
TOTAL EXPENDITURE(B) 60,368,123,849.47 42,251,060,916.26 42,072,224,448.20 51,985,171,864.04 26,294,181,860.46
Cash Balance:
Net Cash Balance[A-B] 24,440,627,266.06 159,679,600.12 (3,266,583,199.94) (13,602,835,378.87) 12,775,291,749.88
Opening Balance (1st Jan.) 2,609,028,866.49 2,449,349,266.37 5,715,932,466.31 19,318,767,845.18 6,543,476,095.30
Closing Balance (31st Dec.) 27,049,656,132.55 2,609,028,866.49 2,449,349,266.37 5,715,932,466.31 19,318,767,845.18
page 47

ANNEXURE II
PROPORTION OF REVENUE AND EXPENDITURE ITEMS
S/N REVENUE SUMMARY N % %
A CAPITAL RECEIPTS:
1 Internal Loan 37,836,318,010.44 44.61
2 Excess Crude Proceeds 9,121,018,268.32 10.75
3 Value Added Tax 6,073,804,103.88 7.16
4 Foreign Loan Draw Down 828,355,966.77 0.98
5 Sundry Receipts 69,920,654.74 0.08
Sub Total 53,929,417,004.15 63.59
B RECURRENT RECEIPTS:
1 Statutory Allocation 27,436,364,279.36 32.35
2 Internally Generated Revenue 3,041,394,328.02 3.59
3 Proceeds from Sales of Fertilizer 399,275,504.00 0.47
4 Sales from Ikun Dairy Farm 2,300,000.00 0.00
Sub Total 30,879,334,111.38 36.41
Grand Total 84,808,751,115.53 100.00
EXPENDITURE SUMMARY % %
A CAPITAL EXPENDITURE 11,279,150,029.51 18.68
Repayment of Loans 11,411,196,350.49 18.90
Sub Total 22,690,346,380.00 37.59
B RECURRENT EXPENDITURE
1 Personnel Costs 13,332,880,222.06 22.09
2 Grants to Parastatals & Ter Insts. 8,649,623,300.62 14.33
3 Transfer to Other Funds 6,589,736,133.79 10.92
4 Expenses of General Nature 3,507,778,712.97 5.81
5 Overhead Costs 2,609,549,824.57 4.32
6 Pensions & Gratuities 2,502,085,409.31 4.14
7 Public Debt Charges 486,123,866.15 0.81
Sub Total 37,677,777,469.47 62.41
Grand Total 60,368,123,849.47 100.00
Page 48

ANNEXURE 1
SUMMARY OF REVENUE AND EXPENDITURE
A REVENUE SUMMARY
S/N REVENUE SUMMARY %
A CAPITAL RECEIPTS:
1 Internal Loan 37,836,318,010.44 44.61
2 Statutory Allocation 27,436,364,279.36 32.35
3 Excess Crude Proceeds 9,121,018,268.32 10.76
4 Value Added Tax 6,073,804,103.88 7.16
5 Internally Generated Revenue 3,041,394,328.02 3.59
6 Foreign Loan Draw Down 828,355,966.77 0.98
7 Proceeds from Sales of Fertilizer 399,275,504.00 0.47
8 Sundry Receipts 69,920,654.74 0.08
84,806,451,115.53 100.00
EXPENDITURE SUMMARY %
1 Grants to Parastatals & Ter Insts. 8,649,623,300.62 30.25
2 Repayment of Loans 11,411,196,350.49 19.94
3 Personnel Costs 13,332,880,222.06 14.99
4 Transfer to Other Funds 6,589,736,133.79 12.82
5 Capital Expenditure 11,276,850,029.51 11.81
6 Overhead Costs 2,609,549,824.57 5.20
7 Pension & Gratuity 2,502,085,409.31 3.84
8 Public Debt Charges 486,123,866.15 0.78
9 Expenses of General Nature 3,507,778,712.97 0.36

Total 60,365,823,849.47 100.00

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