By Shina Abubakar, Osogbo
The Osun State House of Assembly has passed the State of Osun Public Financial Management Bill 2020.
A statement issued by the Press Secretary to the Speaker on Wednesday disclosed that the Speaker, Timothy Owoeye at plenary stated that the passage of the bill will encourage transparency and effective management of government funds and assets.
Owoeye also stressed that the bill when assented to by the state Governor Adegboyega Oyetola will boost the state’s revenue and ensure the steady development of the State.
In his words, “The objective of this bill is to secure and entrench transparency, accountability and sound management of revenue, expenditure, assets and liabilities of the state government and other public institutions of the state.
“The purpose of the passed bill among others is to effectively and efficiently regulate financial management in the state.
“Undoubtedly, when the bill is assented to by Governor Adegboyega Oyetola, it will check the mismanagement of government funds and assets, thereby boosting the state’s revenue and ensuring sustainable development of the state”.
He stressed that the passed bill shall apply to all arms of government of Osun, including ministries, departments and agencies as well as local government councils.
The bill highlighted capital receipt that shall be paid into the development fund as internal loans; bonds or funds raised from public offers; grants and reimbursements.
Others shall also include; investments incomes; transfers from consolidated revenue fund; external loans and other source classified under capital receipt