…Report Confirms Increase In IGR, No New Loan Incurred

The Auditor General of Osun State, Mr Kolapo Moruf IDRIS (FCA, CISA) has presented the year 2023 Audited financial statement of Osun State, giving a comprehensive breakdown of revenue and expenditures for the year financial year under review.

In a public event tagged “Audit Programme”, Mr. Idris presented a summary of total revenue and expenditures of agencies and ministries of the Osun State Government, making relative comparison with previous years of 2021 and 2022 in terms of FAAC allocation, Internally Generated Revenue, Cash Receipts, AIDS and Grants among others.

Mr Idris disclosed that Osun State is fully compliant to the provisions of International Public Sector Accounting Standards Board (IPSASB) and as such all finances of the state including debt obligations are fully transparent to members of the public.

“This programme is held to present the financial statement of Osun State to the general public. Every year, we receive income and expenditure reports of the state from the office of the Accountant General, which is usually submitted latest March of the following year. I appreciate the effort of the Osun State Accountant General for prompt submission in this regard.

“In Osun State, we are fully committed to the provision of International Public Sector Accounting Standards Board (IPSASB), so members of the public can be rest assured that the financial status of Osun state is fully captured in our financial statement. Every single items in terms of assets and liabilities are fully captured in our report.

“In 2023, Osun State made the sum of #27.7 Billion as internally generated revenue (IGR) as against the sum of #24.4 Billion made in 2022 which represents a 6.3% increase.

On Osun debt profile, Mr Idris asserts that no new loans has been acquired by the Osun State government in the year 2023, noting that some loan liabilities were actually paid off while increment discovered on external loans can be traced to the increase in the exchange rate differentials.

“There is no new debt obligation in the year 2023. I have seen a lot of report in this regard and I can confirm they are all false. The external debts are always calculated with prevailing exchange rate, so the differences discovered in that regard is due to increment in the exchange rate. At some point in 2023, dollar exchange rate was about 700-800 Naira while as at December 2023, it rose to over 1000 Naira.” The Auditor- General concluded.

The Head of Service, Elder Ayanleye Aina earlier expressed his gratitude to the Osun State Governor, Senator Ademola Adeleke for his commitment to good governance and transparency in the finance of Osun State.

In the same vein, the Accountant General of Osun State, Rasheed Alabi, while making his remarks disclosed that he remains dedicated to prompt delivery of state income and expenditure report ahead of schedule as has been his custom in the past few years.

“I always ensure that we wrap up our report and ensure prompt submission to the office of the Auditor-General even before the compulsory March 31st deadline. We have achieved this for 2022 and 2023 report by ensuring Osun State comes 3rd in the entire country both in 2022 and 2023.” he submitted.

The event was attended by representatives from various stakeholders in the society, like Civil Society Organizations, Non Governmental Organizations, Nigeria Labor Congress, Trade Union Congress (TUC), Journalists,, the Head of Service, Permanent secretaries etc.