Question Tag: MTEF

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  • 10 Marks

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.

Required:

Explain briefly the following:

  1. Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
  2. Budget Call Circular (2 Marks)
  3. The main difference between MTEF and Budget Call Circular (2 Marks)

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  • 20 Marks

PSAF – May 2023 – L1 – SA – Q4 – Regulatory and Institutional Framework

Discusses the requirements for MTEF preparation and submission and identifies documents accompanying the Nigerian budget.

a. In the course of writing Medium-Term Expenditure Framework (MTEF) report, several issues relating to states in the Federation were integrated into the report in line with the Fiscal Responsibility Act (2010).

Required:

i. Explain the TWO requirements of the Fiscal Responsibility Act as it affects time lag for the preparation of MTEF and submission to the National Assembly. (3 Marks)

ii. Identify FIVE documents that should accompany the estimates of revenue and expenditure of Nigeria’s annual budget to the National Assembly (NASS). (5 Marks)

b. Upon assuming office, the head of Bureau of Establishments and Training of Takuro State organized a training workshop for government officials across all Ministries, Departments, and Agencies (MDAs) in the state to emphasize the importance of public sector accounting for efficient job performance.

Required:

i. Identify and explain FOUR objectives of public sector accounting that you will discuss at the workshop. (6 Marks)

ii. Identify SIX external users of public sector accounting reports, highlighting their information needs. (6 Marks)

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  • 4 Marks

PSAF – Nov 2021 – L2 – Q1b – Government Accounting Concepts and Principles

Identify risks associated with reliance on MTEF and ways to mitigate them.

Identify FOUR risks associated with reliance on the Medium-Term Expenditure Framework (MTEF) and ways to mitigate these risks.

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  • 20 Marks

PSAF – Nov 2021 – L2 – Q1a – Introduction to Public Sector Accounting

Prepare a statement of cash flows using the direct method for Harmony State Government for the year ending December 31, 2020.

The following information was extracted from the records of the Accountant-General of Harmony State for the year ended December 31, 2020:

The following additional information was made available:
(i) Owing to the inability of the State to fulfill its obligation towards the
payment of the salaries of local government staff, a federal government
bailout of N301,024,000 was received after fulfilling all necessary
criteria set for accessing the fund.
(ii) During the year, the state government made claims for the repayment
of N65,483,000 relating to funds spent on the rehabilitation of federal
roads and was granted.
(iii) Details emerging from the Federation Accounts and Allocation
Committee (FAAC) showed the following:

(iv) Capital expenditure funded from aids and grants and external loan
amounted to N15,387,748,000
(v) During the year, the federal government made a transfer for the refund
on reconciliation of Paris Club account amounting to N41,310,000
(vi) Refund of bank charges to the Ministry of Finance in the state amounted
to N51,112,000.
(vii) Cash and cash equivalents as at January 1, 2020 and December 31, 2020
N1,546,699 and N301,657,000 respectively.
(viii) Other revenue sources of the state government during the year also
included an exchange difference amounting to N490,575,000.
(ix) Details of capital expenditure are categorised as follows:

Required:
a. Prepare statement of cash flows using direct method for the Harmony
State government for the year ended December 31, 2020.

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  • 10 Marks

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.

Required:

Explain briefly the following:

  1. Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
  2. Budget Call Circular (2 Marks)
  3. The main difference between MTEF and Budget Call Circular (2 Marks)

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  • 20 Marks

PSAF – May 2023 – L1 – SA – Q4 – Regulatory and Institutional Framework

Discusses the requirements for MTEF preparation and submission and identifies documents accompanying the Nigerian budget.

a. In the course of writing Medium-Term Expenditure Framework (MTEF) report, several issues relating to states in the Federation were integrated into the report in line with the Fiscal Responsibility Act (2010).

Required:

i. Explain the TWO requirements of the Fiscal Responsibility Act as it affects time lag for the preparation of MTEF and submission to the National Assembly. (3 Marks)

ii. Identify FIVE documents that should accompany the estimates of revenue and expenditure of Nigeria’s annual budget to the National Assembly (NASS). (5 Marks)

b. Upon assuming office, the head of Bureau of Establishments and Training of Takuro State organized a training workshop for government officials across all Ministries, Departments, and Agencies (MDAs) in the state to emphasize the importance of public sector accounting for efficient job performance.

Required:

i. Identify and explain FOUR objectives of public sector accounting that you will discuss at the workshop. (6 Marks)

ii. Identify SIX external users of public sector accounting reports, highlighting their information needs. (6 Marks)

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  • 4 Marks

PSAF – Nov 2021 – L2 – Q1b – Government Accounting Concepts and Principles

Identify risks associated with reliance on MTEF and ways to mitigate them.

Identify FOUR risks associated with reliance on the Medium-Term Expenditure Framework (MTEF) and ways to mitigate these risks.

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  • 20 Marks

PSAF – Nov 2021 – L2 – Q1a – Introduction to Public Sector Accounting

Prepare a statement of cash flows using the direct method for Harmony State Government for the year ending December 31, 2020.

The following information was extracted from the records of the Accountant-General of Harmony State for the year ended December 31, 2020:

The following additional information was made available:
(i) Owing to the inability of the State to fulfill its obligation towards the
payment of the salaries of local government staff, a federal government
bailout of N301,024,000 was received after fulfilling all necessary
criteria set for accessing the fund.
(ii) During the year, the state government made claims for the repayment
of N65,483,000 relating to funds spent on the rehabilitation of federal
roads and was granted.
(iii) Details emerging from the Federation Accounts and Allocation
Committee (FAAC) showed the following:

(iv) Capital expenditure funded from aids and grants and external loan
amounted to N15,387,748,000
(v) During the year, the federal government made a transfer for the refund
on reconciliation of Paris Club account amounting to N41,310,000
(vi) Refund of bank charges to the Ministry of Finance in the state amounted
to N51,112,000.
(vii) Cash and cash equivalents as at January 1, 2020 and December 31, 2020
N1,546,699 and N301,657,000 respectively.
(viii) Other revenue sources of the state government during the year also
included an exchange difference amounting to N490,575,000.
(ix) Details of capital expenditure are categorised as follows:

Required:
a. Prepare statement of cash flows using direct method for the Harmony
State government for the year ended December 31, 2020.

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