Osun Gov Holds Audit Forum, Presents 2019 Audited Accounts

The Osun State Auditor-General, Mr. Folorunso Adesina, has described the Administration of Governor Adegboyega Oyetola as most transparent, saying it is committed to accountability, openness and probity in the management of State resources and finances.

He said Osun under Oyetola’s government’s Public Finance Management (PFM) Reform has got a big boost by becoming one of the pioneer States to assent to and implement Audit Act in Nigeria, a feet the Federal Government is still to attain.

This is even as the State government presented the Year 2019 audited accounts to intimate the public on the status of the State’s finances within the audited period as part of efforts to showcase prudence in the management of public resources and strengthen public trust and confidence in governance.

Adesina spoke on Wednesday while reeling out the audited reports of the finances of the State for the year 2019, at Aurora Events Centre, Osogbo.

He noted that the presentation of the 2019 Audited Account in 2021 was as a result of the Coronavirus pandemic that broke out last year March, saying the Audited Accounts ought to have been presented before now, 2020 to be precise.

The Forum was put together by the Office of the Auditor General in collaboration with EU/World Bank Assisted and Local Governance Reform (SLOGOR) Project.

The State Auditor-General who described Public Finance Management Reform as internationally- acceptable guidelines for audit processes, said it is worthy of note that the current administration is committed to the use of Bank Account Monitoring System (BAMS) and Treasury Single Account (TSA) since inception.

He lauded the noble initiative to financial re-engineering employed by the State which according to him had assisted in the monitoring of day-to-day transaction of the government, which in turn qualifies the State for World Bank “State and Fiscal Transparency and Accountability programme (SIFTAS).”

Speaking on the sterling financial performance of the State so far, particularly within the audit year under review, Adesina said it was generally discovered that government executed people-oriented programmes and that prudence was put in the forefront towards good governance.

“Bearing the living standard and socioeconomic investment in capital expenditure of the government in the year under review, and in order to ascertain if the level of work commensurates with the huge amount expended as shown earlier that 51.40% was expended on economic sector
while 36.87% was expended on social sector, this office conducted value for money audit on some of these expenditures as it relates to Social and Economic sector.

“On health sector, it was revealed that hundreds of Primary Healthcare Centres had been built, rehabilitated, revitalised and delivered for public use as at the time of this report and more to be delivered and the location of the health centres and health equipment supplied (including consumables) were
confirmation of this government’s priority for the wellbeing of the masses.

“Audit visited some renovated schools and the educational materials supplied like desks and chairs, books, shelves etc were inspected across the State. It was discovered that these amenities were effective and efficient for the target masses.

“Also on infrastructure, the project monitoring team of this office inspected all the road constructions embarked upon by the State like Gbongan-Akoda road, Osogbo ring road, etc., and it was discovered that best available standards were used in the construction of the roads, thereby making available to the masses, good and solid road network which has impacted greatly on the lives of the people and has helped to transform the socioeconomic status of the State.

“It was also discovered that efforts to reinstate the State to agriculture hub of southwest was also embarked upon with provision of more farm settlements and seedlings for farmers while dredging of rivers and planting of trees at the river bank were done to avoid erosion”, Adesina added.

While presenting the audited accounts report for the said year, Adesina said he had examined the accounts and the financial statements of the State Government for the Year ended 31st December, 2019 in compliance with the provisions of Section 125(2) of the Constitution of Federal Republic of Nigeria as amended.

According to him, the audit was conducted in accordance with International Standards on Auditing as applicable to the public sector and the provisions of Section 125(5) of the same Constitution.

He noted that the consolidated financial summary for year 2019 has 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,” Adesina added.

Earlier, the Speaker, Osun House of Assembly, Hon. Timothy Owoeye acknowledged the financial prowess of Governor Oyetola which had culminated in winning of accolades in the management of public treasury.

Owoeye, who was represented by the Chairman House Committee on Public Accounts, Hon. Gbenga Ogunkanmi, reiterated the legislature’s continued support to the State government.

Commissioner of Finance, Mr. Bola Oyebamiji, said the Oyetola Administration had demonstrated the required capacity in the management of the State resources as part of efforts to ensure good governance.

The Project Coordinator, State and Local Governance Reform Project, Mr. Yemi Ijidele, commended the Administration of Governor Oyetola for being honest, transparent and accountable to the public as manifested in the prudence management of the public treasury.

He lauded the administration for its timely support and cooperation which had helped to strengthen the financial status of the state.

In his remarks, the Head of Service, Dr. Olowogboyega Oyebade extolled the Administration for prioritising transparency in the management of the State treasury since assumption of office.

He said the presentation of the State Audited Accounts shows that the government has nothing to hide as it remains an avenue to prove that the government really means business and that it is honest, accountable and transparent.