By Shina Abubakar, Osogbo
Osun State Government on Tuesday presented the audited financial accounts of the state for the 2020 fiscal year, stating that it internally generated revenue increase to a little over N19 billion.
In a statement issued by Ismail Omipidan disclosed that the Auditor-General of the state Folorunso Adesina while presenting the report at Leisure Spring Hotel in Osogbo said 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.
According to the statement, 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 the Opening Balance as of January 1st, 2020 was N10,356,616,311.14 while the Total Closing Balance as of 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 the administrative sector has N5,392,638,753.82; economic has N27,896,438,968.24; law and justice have 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, 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 the 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, the economic and social sector took about 86.22% of the Total Capital Expenditure which was responsible for the 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 the location of the health centres and health equipment supplied, including consumables was confirmation of this government priority for the well-being of the masses”, he said.