ICAN 2022 Public Sector Accounting and Finance | Mixed

The ministry of finance of Ojaja Republic prepared the aggregate Medium-Term Expenditure-Framework (MTEF) budget for consideration by the National Assembly as contained in the country’s Constitution. The following are the MTEF actual budget estimates and the approved budget estimates by various sectors have been thoroughly screened by the Budget Committees of the Senate and House of Representatives: Ojaja Federal Republic Summary of total budgeted expenditure by sector for 2020 Sector code Sector name Actual estimates 2020 Approved estimates 2020 N’m N’m 01 Administrative sector: Personnel cost 40,000 34,000 Overhead cost 25,000 21,250 Consolidated revenue charges 18,600 15,810 Capital expenditure 62,400 53,040 Sub-total 146,000 124,100 02 Economic sector: Personnel cost 22,500 20,250 Overhead cost 12,600 11,340 Consolidated revenue charges 28,600 25,740 Capital expenditure 41,300 37,170 Sub total 105,000 94,500 03 Law and justice sector: Personnel cost 15,800 15,800 Overhead cost 20,200 20,200 Consolidated revenue charges 17,500 17,500 Capital expenditure 38,500 38,500 Sub total 92,000 92,000 04 Regional sector: Personnel cost 40,800 38,760 Overhead cost 22,200 21,090 Consolidated revenue charges 16,700 15,865 Capital expenditure 32,300 30,685 Sub total 112,000 106,400 Summary of total expenditure by sectors: Personnel cost 119,100 108,810 Overhead cost 80,000 73,880 Consolidated revenue charges 81,400 74,915 Capital expenditure 174,500 159,395 Total 455,000 417,000 Additional information (i) Administrative sector - all costs at incremental basis of 15%, except for capital expenditure which will increase by 10%. (ii) Economic sector - all costs at incremental basis of 25%, except for overhead cost which will decrease by 5%. (iii) Law and justice sector - all costs at declining basis of 5%, except for personnel cost which will increase by 10%. (iv) Regional sector - all cost at incremental basis of 10%, except for consolidated revenue charges which will decrease by 15%.

Transparency International is committed to advancing accountability, integrity and transparency. The mission is to stop corruption and promote transparency, accountability and integrity at all levels and across all sectors of society, while the vision is a world in which government, politics, business, civil society and the daily lives of people are free of corruption.

Revenue generation is an important role carried out by some agencies of government with a view to meeting the expenditure of government, required for taking care of the welfare of the citizens. Revenue Mobilisation, Allocation and Fiscal Commission Act 1989 specifically mentioned some powers and functions of the Commission.

The following information relates to Koki Event Center which is owned and managed by Ogbonge Local Government. Koki Event Centre Statement of financial position as at September 30, 2021 (Extract) Assets 2021 2020 Current assets N N Cash and cash equivalents 2,713,337 3,053,277 Investments 1,324,922 980,248 Current pledges receivables–(net) 2,056,445 1,349,314 Contribution receivables for rent 193,357 45,369 Contract receivables 252,784 99,030 Inventories 239,615 296,017 Trust deposits 86,007 46,725 Prepaid expenses 131,529 32,589 Total current assets 6,997,996 5,902,569 Non-current assets Long-term portion of receivables, less current portion Pledges receivables(net) 1,061,300 1,410,876 Contribution receivables for rent (net) 240,946 - Furniture and equipment (net) 468,397 53,867 Endowment investments 3,444,637 3,683,988 Other investments 401,134 423,764 Total non-current assets 5,616,414 5,572,495 Liabilities Current liabilities Accounts payables 48,975 37,053 Accrued salaries and related costs 418,486 348,719 Total current liabilities 467,461 385,772 Non-current liabilities: Long-term debt 5,255,411 4,549,404 Long-term deferred tax liabilities 3,446,901 2,855,900

Rescheduling is the rearrangement of payment terms of debt with respect to new maturities, grace period and readjustment of the interest rate. The essence is to facilitate convenience in debt repayment.

Public expenditure is an important segment of the budgetary activities. It refers to the expenses incurred by government in the course of its activities.