The Government of Osun State on Wednesday declared that it recorded a significant increase in its internally Generated Revenue for the year 2019.
The State Auditor General, Folorunso Adesina, disclosed this in Osogbo at the annual audit forum of the State organized in conjunction with EU supported State and Local Governance Reform Project (SLOGOR).
Adesina said a total of N17.6billion was generated in 2019 as against N15.6billion realized in the year 2018, adding that the jump in revenue was due to efforts of the agency in charge of revenue collection.
The State Auditor General noted that the presentation of 2019 Audited Account in 2021 was due to the Coronavirus pandemic which disrupted government and private activities in 2020.
He put the total assets of the state both current and non-current at N118,293,128,198.68 and total liabilities both current and non-current at N82,245,169,548.73.
Adesina further explained that Public Finance Management Reform is the internationally acceptable guideline for audit processes and that the state government had committed to using Bank Account Monitoring System (BAMS) and Treasury Single Account (TSA) since inception.
Financial performance
Adesina said government executed more people-oriented programmes and allowed prudence to guide its financial activities within the audit year under review.
He noted that the consolidated financial summary for year 2019 had the Total Revenue of N101, 177, 021, 193.03; Total Recurrent Expenditure of N71, 932, 187, 306.95 and Total Capital Expenditure of N30, 095, 322, 847.24 respectively.
Adesina further reported that Total Expenditure was put at N102, 027, 510, 154. 19; Net Cash Balance was put at N850, 488, 961. 16; Opening Cash Balance, including call account was put at N11, 207, 102, 272. 30 and Closing Cash Balance was put at N10, 356, 311. 14 respectively.
“The Accounts of the State Government of Osun for the Year Ended 31st December, 2019 have been audited under my directive 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 (Cash flow Statement, Statement of Financial Performance, Statement of Financial Position, Statement of Change in Asset/Equity and Notes to the Accounts) as correct subject to the observations made in this report.
My Office had also commented on the reports of the private audit firms engaged by Government Agencies and Parastatals to audit their accounts in line with the provisions of Section 125 (3) (b) of 1999 Constitution of Federal Republic of Nigeria (as amended).
In fulfilling the provisions of the extant requirements of Financial Regulations, my Office within the financial year under review had carried out: Financial Audit in accordance with the laws to determine whether the accounts have been satisfactorily and faithfully kept, Appropriation Audit to ensure that funds are expended as appropriated by the State House of Assembly.
The Financial Statements are hereby certified to be free from material misstatements subject to comments and observations contained in the Management’s report.
In my opinion, projects and programmes executed were satisfactory in consideration of fund employed and the Financial Statements (1-4) and related schedules give a true and fair view of the state of affairs of the State Government of Osun as at 31st December, 2019″ , he added.
Nneka Ukachukwu
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