Osun assembly considers bill against mismanagement of public funds

The Osun state House of Assembly on Thursday began the consideration of a bill to check the mismanagement of government funds and assets.

The bill tagged: “State of Osun Public Financial Management Bill,” which was accompanied by a letter from the state Governor, Adegboyega Oyetola scaled through first reading at plenary.

Speaker of the state House of Assembly, Timothy Owoeye while presenting the executive bill stated that its passage will encourage transparency and sound management of government funds and assets.

Owoeye held that the bill when passed into law will boost the state’s revenue, thus ensuring the sustainable development of Osun state.

“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 of Osun and other public institutions of the state.

“The purpose of the bill among others is to effectively and efficiently regulate financial management in the state.

“Undoubtedly, if the bill is enacted into law, it will check the mismanagement of government funds and assets, thereby boosting the state’s revenue and ensuring sustainable development of the state,” the speaker added.

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He stressed that the 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 receipts that shall be paid into the development fund of the state as internal loans, bonds or funds raised from public offers, grants and reimbursements.

Others shall also include investment incomes, transfers from consolidated revenue fund, external loans and other sources classified under capital receipts in the appropriation law.