Osun Records Increased Revenue

The new governor of Osun State, Alhaji Gboyega Oyetola
  • Osun Records Increased Revenue

Osun State Government has announced a 6.26 per cent increase in its combined revenue for 2017 and 2018. This, it said, was made up of both Internally Generated Revenue and allocation from the Federal Government.

The government said its revenue rose from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018, representing an increase of 6.26 per cent.

Making the disclosure at the annual Audit Forum, organised by the office of the Auditor- General, in collaboration with the State and Local Governance Reforms projects at Osogbo, the state capital, the Auditor General, Alhaji Folorunso Adesina, explained that the forum was meant for the presentation of audited accounts of the state government.

He added that after the presentation, participants at the forum would also discuss their observations with a view to ensuring probity and accountability in the management of public funds.

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.”

Presenting the audited accounts before members of the organised professional bodies, labour unions, civil society organisations, and artisans, among others, Adesina said in the years under review, the combined state’s revenue grew from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018.

During the period, Adesina said revenue from the Federal Allocation and Value Added Tax also rose from N36,035,591,845.68 in 2017 to N50,122,335,788.23 in 2018.

According to him, the state was able to increase its earnings by strengthening its revenue through raising the Internally Generated Revenue by 24.54 per cent, from N11,828,767,087.03 in 2017 to N15,676,049,397.68 in 2018.

“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 the 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,” Adesina said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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