The State of Osun House of Assembly on Thursday got an executive bill to check the mismanagement of government funds and assets.
The State of Osun public financial management bill accompanied by a letter from the state governor, Mr. Adegboyega Oyetola scalled through the first reading at plenary.
The Speaker of Osun House of Assembly, Rt. Hon. Timothy Owoeye while presenting the executive bill stated that it’s 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.
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 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”.
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 higligted 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 receipts in the appropriation law.