The Osun State Auditor-General, Kolapo Idris has revealed that the state got a total of ₦363bn from Federation Account, Internally Generated Revenue and other sources for the year 2025.
Idris made this known in a report presented at an audit forum held in Osogbo, the state capital, on Monday.
The forum was attended by heads of Ministries, Departments and Agencies, representatives of civil society groups and professional bodies, among others.
Speaking on the ministerial and non-ministerial accounts of the state, Idris said audit queries and observations were raised based on identified audit issues.
Highlighting some basic components of the 2025 Osun financial report, Idris gave the total revenue inflow, consisting of FAAC receipts, Value Added Tax, IGR, capital receipts and development partners’ funds for the 2025 financial year, as ₦363,628,291,927.66.
He gave total expenditure for the year, comprising personnel expenditure, overhead expenditure, other recurrent expenditure and capital expenditure, as ₦385, 682,554,674.77. The report further gave Osun’s opening balance for 2025 as ₦60,205,607,471.63, while the closing balance for the same year was ₦38, 151,344,724.52.
The IGR of the state had jumped by over 100% in 2024 rising from N25.3bn in 2023 to N54.7bn in the y3ar.
The report, presented by the State Auditor-General, also showed that total revenue inflows for the year 2024 stood at ₦306.8bn.
According to the breakdown, statutory allocation amounted to ₦159.7bn; Value Added Tax contributed ₦66.8bn, while capital receipts and development partners’ funds stood at ₦25.4bn.
While lamenting the failure of some MDSs to render audited account, Idris called for non release of funds to some agencies over the administration deficiency.
He said, “Direct stoppage of release of overhead to ministries that have not rendered proper accountability as noticed by the Auditor-General is hereby recommended.
“Total adherence to standards guiding preparation of accounting books and records. Inspectorate and management services department in Accountant-General’s office should be strengthened for more efficiency and effectiveness.
“And, sincerely speaking, over the years, Osun State has been doing well in following necessary financial regulations and appropriation laws.”
Noting a rise in revenue from the Federation Account, the state Auditor-General called for a more aggressive revenue drive targeting the informal sector to further strengthen the state’s financial base.
“Thousands of informal sectors need to be captured. What I expect of internal revenue is to make sure they are all well-captured so that they can easily take whatever is due to the government from them.
“For instance, now, look at the way things are done in the motor parks all around the state. The law states that whatever is accrued to motor parks, 30% of it must be given to those who are operating there and 70% to the government.
“But up to today, none of them has ever given anything to the government of the state. They take all 100%. That is why you see them living fat. The normal thing is that 70% of it must come back to the state government, while they retain 30%, and the control we normally have over it is that it is the state that will print the receipt and give it to them.
“And another thing is that the state itself was ready to take care of the garages and provide their necessities. They will have to provide them with security, toilets, lights, and other things for the place to be habitable for them.”
He therefore charged stakeholders to collaborate and develop a more robust Internally Generated Revenue (IGR) system for the government.
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