Connect with us

News

Osun Govt Holds Annual Audit Forum

Published

on

It is a significant advancement towards the Government’s ultimate target of being able to shift dependence from Federal Allocation to Internally Generated Revenue (IGR).”

THE office of the Auditor- General in Osun state, in collaboration with the State and Local Governance Reforms projects (SLOGOR) on Monday organised its annual Audit Forum.

The event, which was held at Aurora Events Centre, Osogbo, the Osun State capital was originally conceived to create a platform where the State Auditor-General presents the audited accounts of the State Government to the public for discussion and clarification.

The state Auditor -General, Alhaji Folorunso Adesina, while presenting the 2017 /2018 state audited accounts said: “The objective of this forum is to demonstrate the State Government commitment towards improving transparency, accountability and probity in the management of public funds in line with the requirements of global best practices”.

He acknowledged the tremendous support his office has been enjoying from the State Government(through SLOGOR world bank/EU assisted project) especially in the area of training and retraining of Auditors in the state and the enabling environment being provided for the Auditor -General office to discharge its constitutional responsibility.

Adesina further informed the gathering that the accounts of the state were prepared in line with accrual basis of International Public Sector Accounting Standards (IPSASs).

According to the presentation, the audited accounts showed that during the years under review, the combined revenue grew from #93,085,090,457.98 in 2017 to #99,307,720,655.30 in 2018, representing an increase of 6.26%, while the Federal Allocation (Statutory and VAT allocation) rose from #36,035,591,845.68 in 2017 to #50,122,335,788.23 in 2018.

He said the state strengthened its capacity to raise revenue, jacking up the Internally Generated Revenue by 24.54%, from #11,828,767,087.03 in 2017 to #15,676,049,397.68 in 2018.

“It is a significant advancement towards the Government’s ultimate target of being able to shift dependence from Federal Allocation to Internally Generated Revenue (IGR).

“The total expenditures ( both recurrent and capital) was #89,249,123,365.13 in 2017 and #105,662,115,288.46 in 2018, thus leaving a net balance of #3,835,967,092.85 and (#6,354,394,633.16) for 2017 and 2018 respectively.

“The opening cash balance, including call account stands at #13,725,529,812.61 and #17,561,496,905.46 for year 2017 and 2018 respectively , while closing balance amounted to #17,561,496,905.46 in 2017 and #11,207,102,272.30 in 2018 after charging the net balance for the respective years to the corresponding opening balances”.

Stakeholders present at the event include top government functionaries, members of the organized professional bodies, labour unions,civil society organizations , artisans among others.

WhatsApp: Click Here To Receive Updates on WhatsApp: ,
Twitter: @Ng_Happenings.

Share your story with us: SMS: +2348165954622, WhatsApp: +2348165954622,
Email: newsroom@nghappenings.com.

Subscribe to Nigeria Happenings Newsletter via Email

Enter your email address to subscribe to our news updates by email.

Join 1,483 other subscribers.

Latest

Facebook

Alexa Rank

Trending