The Ogbeni Rauf Aregbesola-led government of Osun state has released its audited account for the year 2014 detailing its income and expenditure.

Giving the details of the state finances at an audit forum organized in Osogbo, the State Auditor-General, Alhaji Folorunsho Adesina stated that the state expended a sum of N91.6b on both capital and recurrent expenditure for the year under review whereas it generated a sum of N86.4billion from all sources of revenue accrued to the state.

Adesina stated that a sum of 36,161,401,369.83 representing 42% was received as statutory allocation to the state, Excess Crude Oil N15,483,131.64 representing 0%; Value Added Tax (VAT) N8,462,390,580.46 representing 10% and Internally Generated Revenue (IGR) N11,290,953,507.23 representing 13% were received.

Other cash receipts includes capital receipt amounting to N8,389.903.657.82 representing 10%; Exchange Rate Gains N34,284,226.53 representing 0%; Internal loan N17,751,365,735.28 representing 20% and other incomes amounting to N4,244,515,212.74 representing 5%.

The Auditor General explained further that bulk of the state earnings for the year were expended on recurrent expenditure worth N68,041,170,137.15 while N23,567,991,486.83 was spent on capital expenditure.

He stressed that expenses on the economic sector of N5,407,940,186.92 representing 23% includes construction and rehabilitation of roads across the state, community rural electrification projects, construction of 120 metric tonnes capacity warehouse and establishment of processing mill for yam and grain plantations.

Speaking on the social sector, Adesina said the lion share of the capital expenditure of N14,474,487,557.79 representing 61% includes supply of drug and medical consumables to hospitals, rehabilitation and renovation of the dental clinic, supply of fund for distribution of Opon-Imo, renovation of state hospital, supply of furniture to public schools among others while the Regional Planning and Environmental Development Sector with N1,402,223,850.66 representing 6% involved dredging of rivers and streams across the state, development of train station and streets-cape in Osogbo as well as rehabilitation and expansion of Ejigbo water scheme.

The Auditor General maintained that the financial audit was carried out on individual accounts and forwarded to the State House of Assembly in accordance with section 125(5) of the constitution of Federal Republic of Nigeria.

He added that the projects verification visits were made on all projects sites to ensure that due process had been followed with adequate authorization and in accordance with the relevant laws.

He remarked that there was no case of abandonment or haphazard performance observed by the audit throughout the period of accounting.

Adesina described all the projects and programmes executed in the state during the year under review as satisfactory when considering the fund deployed.

Packaged by Bunmi Oladejo