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The Government of the State of Osun on Tuesday 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 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’s resources.
Recall that the 2019 audited account was presented earlier this year due to the adverse effects of the protracted Coronavirus pandemic that has been ravaging the universe.
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 held at Leisure Spring Hotel, Osogbo, Adesina said Public Finance Management (PFM) reform under the leadership of Governor 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 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 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.
“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 such as Moro-Yakoyo-Ipetumodu-Asipa road; Ada-Igbajo road; Overlay of Oke-Gada-Army Baracks road, Ede; Ereja roundabout-Eregun-Isaare-Oke-Oye road, Ilesa; Akindeko-Awosuru-Alekuwodo road; various rural electrification projects spread across the State among others, and it was discovered that best available standards were used in the various constructions, thereby making available to the masses, good and solid infrastructure which have impacts positively on the lives of the people and have helped to transform the socioeconomic status of the State.
“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,” Adesina explained.
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 Goverment had performed credibly on its revenue generation efforts, most especially on IGR as reported in the comparison of revenue between previous years.
“The accounts of the State Government of Osun for the year ended 31st December, 2020 have been audited by me in accordance with the provision of Section 125 Subsection 2 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
“I have certified the individual accounts ( statement of cash flow, statement of financial performance, statement of financial position, statement of change in assets/equity, statement of comparison between budget and actual notes to the accounts) as correct object to clarified observations.
“In fulfilling the provisions of the extant requirements, my office within the financial year under review, carried out Financial Audit in accordance with professional standards and regulations to determine whether the accounts have been satisfactorily and faithfully kept through audit trail of transactions.
“We equally carried out Appropriation Audit to ensure that funds are expended as appropriated by the State House of Assembly as well as Compliance Audit to ensure that laid-down rules, regulations and procedures are being observed in tendering, supplying, contracting and storekeeping with a view to ensure strict adherence to the provisions of the Acts of Parliament.
“As the watchdog of public finances, we monitored all government projects and all forms of disbursement to ensure that all officers carried out their duties in a transparent way and in accordance with the applicable rules and regulations.
“Projects and programmes executed were satisfactory in consideration of funds employed and financial statement 1-5 and related schedules give a true and fair view of the state of affairs of the State Government of Osun at 31st December, 2020,” he added.
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. Gbenga Ogunkanmi reaffirmed the House’s 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 Governor 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.
“It shows the Governor means business, it shows he knows what he is doing. It takes someone who is honest, transparent and accountable to be able to sustain this. For us to be able to maintain and sustain this also shows that the Governor is serious about the finances of the State. It shows he is a thorough leader.
“This is a way of telling the public that the government is open to criticism. It shows that the government is ready to show the book of accounts to public as probity, accountability, transparency and honesty are prioritised. This shows that government has nothing to hide and that it has no skeleton in the cupboard,” Oyebade added.
The Audit Forum had in attendance members of the Civil Society Organizations; Stakeholders, Heads of Non-Governmental Organizations; top government functionaries, professional bodies, artisans among others. 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. Gbenga Ogunkanmi reaffirmed the House’s 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 Governor 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.
“It shows the Governor means business, it shows he knows what he is doing. It takes someone who is honest, transparent and accountable to be able to sustain this. For us to be able to maintain and sustain this also shows that the Governor is serious about the finances of the State. It shows he is a thorough leader.
“This is a way of telling the public that the government is open to criticism. It shows that the government is ready to show the book of accounts to public as probity, accountability, transparency and honesty are prioritised. This shows that government has nothing to hide and that it has no skeleton in the cupboard,” Oyebade added.
The Audit Forum had in attendance members of the Civil Society Organizations; Stakeholders, Heads of Non-Governmental Organizations; top government functionaries, professional bodies, artisans among others.