Osun Govt Releases Audit for 2014 Revenue: N36bn Received as Federal Allocation

The Government of Osun on Thursday, disclosed that the total amount of money received from all sources by the state in the year 2014 stood at N86,350,297,421.51, out of which, the sum of N36,161,401,369.83 representing 42% was received as statutory allocation.

Mr Folorunso Adesina,  the Osun Auditor -General, made this disclosure during the maiden edition of the year 2014 Audited Financial Statements  (Audit Forum), organised by the Office of the Auditor General in collaboration with European Union and World Bank Assisted  State And Local Governance Reform Project (SLOGOR).

Adesina further disclosed that the state government also received from Excess Crude Oil remittal to the State, the sum of N15,483,131.64, representing 0.04% of the total accruals in 2014.

He also revealed that the Internally Generated Revenue (IGR) of the State stood for the year in review stood at N11,290,953,507.23 which represents 13%  of the total accruals to the state in the 2014 fiscal year.

While giving details of the account stewardship of the state for the audited year, Mr Adesina maintained that proper audit process contributed significantly to the overall success of the government and administration of Gov. Rauf Aregbesola .

He said, “a total sum of N86,350.297.421.51 revenue was received from all sources by the government for the year 2014, while the total recurrent and capital expenditure stood at N71,609,161,623. 92.

“The Value Added Tax (VAT) was N8,462,390,580.46. representing 10% and the Internally Generated Revenue (IGR) stood at N11,290,953,507.23 representing 13%.

“Other Cash Receipts during the period amounted to N8,389,903,657.82 representing 10% with Exchange Rate Gains standing at N34,284,226.53 representing 0.02%.

“The internal loan for the year under review stood at N17,751,365,735.28 representing 20%, while other incomes sum up to N4,244,515,212.74 representing 5% accrued to the state.” he said

He thanked the Governor for encouraging and giving the nod to have an open and constructive debate which gave room to strict auditing and the subsequent financial report of the state.

“This is another unprecedented move by the governor for giving us the nod to have this open audit of the state account, it shows that he is running an open government which is intended at driving infrastructural and economic development of the state.

“It is another statement of fact that shows that the government of the day in Osun is doing everything possible to ensure that all sectors of the state work effectively and efficiently.”

Participants at the Forum were drawn from various governmental and non-organisations, ‎ civil society organisations, market men and women, Auditors from within and outside the state as well as regulatory bodies related to auditing in the State were present at the Program