Osun IGR Rose To N19.6b As Govt Presents 2020 Audited Accounts

 

Ismaeel Uthman

THERE has been a steady increment in the Internally-Generated Revenue of the State of Osun since 2018. 

An audited financial report of the state for the 2020 fiscal year indicated that Osun is progressing every year on its IGR growth. 

The report, which was presented to the public on Tuesday in Osogbo stated that a sum of N13,805,843,339.25 was generated in 2018; N17,720,122,360.44 in 2019 and N19,642,333,010.68 in 2020 respectively.

The presentation of the report is part of efforts to keep the citizens abreast of the financial status of the State, showcase prudence in the management of the available resources and, by extension, strengthen the existing public trust and confidence that have been the hallmarks of the administration.

It would be recalled that the 2019 audited account had earlier been presented this year.

The summary of the Audited Financial Statements as presented puts the Total Revenue (inflows) at N99,048,740,967.00 and Total Recurrent and Capital Expenditure (outflows) at N86,470,726,806.86 respectively.

The Net Balance on Total Revenue and Total Expenditure was N12,578,014,160.14 and Opening Balance as at January 1st, 2020 was N10,356,616,311.14 while the Total Closing Balance as at December 31st, 2020 was N22,934,627,471.28 respectively.

Analysis of Recurrent Expenditure indicates that Personnel Expenditure has N28,748,672,359.37 and Recurrent Expenditure has N17,928,291,392.63.

Also, analysis of Capital Expenditure indicates that Administrative Sector has N5,392,638,753.82; Economic has N27,896,438,968.24; Law and Justice has N58,309,514.17 and Social has N6,416,375,818.63 respectively.

While reeling out the audited reports of the finances of the State for the year 2020 at the Audit Forum, the Auditor-General of the State, Mr. Folorunso Adesina, said Public Finance Management (PFM) reform under the leadership of Governor Adegboyega Oyetola, had gotten a boost by becoming one of the pioneer states to assist and implement Audit Act in Nigeria, a feat the Federal Government is yet to attain.

Adesina said the presentation of the 2020 fiscal account would make Osun to consolidate on its pacesetter status among the comity of states in the country and further build public trust and confidence in governance.

The Auditor-General, who highlighted the sterling performance of the state so far, particularly within the audit year under review, said it was generally discovered that government executed people-oriented programmes as prudence was put in the forefront towards good governance.

According to him, economic and social sector took about 86.22% of the Total Capital Expenditure which was responsible for government’s ability to build, rehabilitate, revitalise and deliver for public use over 300 Primary Healthcare Centres as at the time of the report.

He said: “Audit visitation to location of the health centres and health equipment supplied, including consumables was confirmation of this government priority for the well-being of the masses.

“Also on infrastructure, the office through the monitoring team inspected roads construction embarked upon and completed by the State and it was discovered that best available standards were used in the various constructions.

“Audit also visited some renovated schools and the educational materials supplied like desks, chairs, books, shelves among others were inspected across the State and it was discovered that their amenities were effective and efficient for the target masses.”

Giving the financial position of the State as at December 31st, 2020, Adesina said, Total Asset was N153,895,719,326.64; Total Liabilities was N90,720,513,278.69 and Net/Equity was put at N63,175,206,047.95.

On budget performance, the Auditor-General said government had performed credibly on its revenue generation efforts, most especially on IGR as reported in the comparison of revenue between previous years.

Earlier, Speaker, Osun House of Assembly, Hon. Timothy Owoeye lauded the administration of Governor Oyetola for running an all-inclusive and participatory government.

Owoeye, who was represented by the Chairman, House Committee on Public Accounts, Hon. Abidemi Ogunkanmi, reaffirmed the House’s commitment to continue to ensure check and balances in the management of thestate in general and public treasury in particular.

In his remarks, the Head of Service, Dr. Olowogboyega Oyebade applauded the financial prowess of the Oyetola’s administration to maintain and sustain the economy of the State despite the daunting challenges.

Oyebade who was represented by the Permanent Secretary, Ministry of Human Resources and Capacity Building, Mr. Leye Aina, described the public presentation of the Audited Accounts as an indication to the fact that Oyetola’s administration was open to all.