The Osun State House of Assembly, Tuesday, April 28, 2020 passed ”State of Osun Public Financial Management Bill”.
Passage of the Public Financial Management {PFM} Bill marks the hallmark of support received from European Union and World Bank through State and Local Governance Reform {SLOGOR} Project.
The financial management bill is the Mother Law for all other Laws and Regulations guiding public finances such as: Public Procurement Law; Fiscal Responsibility Law: Tax Administration Law; Audit Law etc.
The new Law when finally assented to by the State Governor would replace the Control and Management Act of 1958 which existing financial regulations at the State Level and Financial Memorandum at the Local Government Level draws its provisions.
It is important to note that the provisions in the financial regulation and financial memoranda has become obsolute and inadequate to address current realities and developments in public finance of today.
The giant stride achieved with the passage of Osun PFM Bill has further demonstrated that the current administration under the leadership of Gov. Oyetola is reform focused and ready to uphold the tenets of financial transparency.
When fully passed into Law and becomes operational, the financial architecture of the State of Osun will be repositioned to reflects modernity in the management of public finances.
According to Mr. Yemi IJIDELE, SLOGOR Project Coordinator, the development will occasioned restructuring of state financial institutions in a bid to meet the international best practices and improve on service delivery.
SLOGOR Project has pioneered several reforms in the State of Osun and the Project is not relenting in its effort towards strengthening state and Local government institutions on transparency, accountability and good governance.
With the passage of the Bill, State of Osun is now one of the leading states that have met critical requirements of possesing enabling Laws for the management of public finance.
The achievements of SLOGOR Project has also qualified State Government of Osun for direct budget support from the State Fiscal Transparency, Accountability and Sustainability {SFTAS} Project. The milestone in no small measure has further open the state government for external {donor} support.
In addition to the realities that the State of Osun have adequate Laws and Regulations for managing public finance, SLOGOR Project has ensures that the quarterly budget performance report of the state government is regularly published on the state website.
The Office of Auditor-General for State not only laid the Audited Report on the State’s Annual Financial Report to the State House of Assembly before the constitutional requirement of end of the second quarter of new financial year but the Office of Auditor- General also conduct annual Audit Forum where the audited account is presented to the general public.
