We prepares accounts according to global standards, says Osun

The Osun State government has said its accounts are prepared in line with accrual basis of International Public Sector Accounting Standards (IPSAS).

The Auditor-General, Mr. Folorunso Adesina,  made the disclosure in Osogbo, the state capital, at the presentation of  the audited accounts of the state government to the public for discussion and clarification.

According to him, the Office of the Auditor-General in collaboration with the State and Local Governance Reforms projects (SLOGOR) organised the annual Audit Forum to create a platform for the state to demonstrate transparency and accountability in governance.

Adesina said: “The objective of this forum is to demonstrate the state government’s commitment towards improving transparency, accountability and probity in the management of public funds in line with the requirements of global best practices.”

He acknowledged support of the state government (through SLOGOR World Bank/EU assisted project), for his office to discharge its constitutional responsibility, especially in training and retraining of auditors in the state.

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He continued: “According to the presentation, the audited accounts showed that during the years under review, the combined revenue grew from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018, representing an increase of 6.26%, while the Federal Allocation (Statutory and VAT allocation) rose from N36,035,591,845.68 in 2017 to N50,122,335,788.23 in 2018.”

He said  the state strengthened its capacity to raise revenue, jacking up  the Internally Generated Revenue by 24.54%, from N11,828,767,087.03 in 2017 to N15,676,049,397.68 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 N89,249,123,365.13 in 2017 and N105,662,115,288.46 in 2018, thus leaving a net balance of N3,835,967,092.85 and (N6,354,394,633.16) for 2017 and 2018 respectively.

“The opening cash balance,  including call account stands at  N13,725,529,812.61 and N17,561,496,905.46 for year 2017 and 2018 respectively , while closing balance amounted to N17,561,496,905.46 in 2017 and N11,207,102,272.30 in 2018 after  charging  the net balance for the respective years to the corresponding opening balances,” he submitted.