Osun State up IGR by 11% to N19.6bn

The Auditor-General of Osun State, Mr Folorunso Adesina, has revealed that the Internally Generated Revenue (IGR) of the state increased by 11% from N17.7 billion recorded in 2019 to N19.6 billion in 2020, despite the effect of the COVID-19 pandemic.

Presenting the 2020 audited accounts in Osogbo, the state capital, he said: “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.”

Adesina lauded the commitment of the Governor Adegboyega Oyetola-led Administration to accountability, transparency and probity in the management of the state’s resources.

The summary of the Audited Financial Statements as presented puts the Total Revenue (inflows) at N99,048,740,967 and Total Recurrent and Capital Expenditure (outflows) at N86,470,726,806.86.

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.

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 consolidate on its pacesetter status among the comity of states in the country and further build public trust and confidence in governance.

Giving the financial position of the State as of 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.

Earlier, Speaker, Osun House of Assembly, Hon. Timothy Owoeye, lauded Oyetola for running an all-inclusive 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 checks and balances in the management of the state.