Osun Presents 2020 Audited Accounts, IGR Rises to N19.6bn

By Yinka Kolawole

The Osun State Government yesterday presented the audited financial accounts of the state for the 2020 fiscal year.

The audited financial reports were made public as 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.

The audited accounts as presented revealed the astronomical improvement in the state Internally Generated Revenue (IGR) from 2018 to 2020 as a total 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.

This is even as the Auditor-General of the State, Mr. Folorunso Adesina, lauded the high sense of commitment of the Governor Adegboyega Oyetola-led administration to ensure accountability, transparency and probity in the management of the state resources.

The 2019 audited account was presented earlier this year due to the adverse effects of the protracted COVID-19 pandemic that has been ravaging the world.

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 1, 2020, was N10,356,616,311.14, while the total closing balance as at December 31, 2020, was N22,934,627,471.28 respectively.

Analysis of recurrent expenditure indicates that Personnel Expenditure has N28,748,672,359.37, while 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, while 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 held in Osogbo, Adesina said Public Finance Management (PFM) reform under the leadership of Oyetola has got 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.

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

Adesina, who highlighted the sterling performance of the state so far, particularly within the audit year under review, said it was generally discovered that the 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 percent of the total capital expenditure which was responsible for the government ability to build, rehabilitate, revitalise and deliver for public use over 300 Primary Healthcare Centres as at the time of the report.

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

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

Speaking earlier, the Speaker of the state House of Assembly, Hon. Timothy Owoeye, lauded Oyetola government for running an all-inclusive and participatory government.

Owoeye who was represented by the Chairman, Assembly Committee on Public Accounts, Hon. Gbenga Ogunkanmi, reaffirmed the Asembly commitment to continue to ensure check and balances in the management of the state in general and public treasury in particular.

In his remarks, the Head of Service, Dr. Olowogboyega Oyebade, applauded the financial prowess of the administration of Oyetola 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.