By Peter Akinbote
The State of Osun House of Assembly has received a bill on checking the mismanagement of government funds and assets.
Tagged the State of Osun Public Financial Management Bill from the state governor, Mr. Adegboyega Oyetola, it scaled through the first reading at the plenary of the Assembly on Thursday.
Presenting the executive bill to the 26-member Assembly, the Speaker, Rt. Hon. Timothy Owoeye, stated that the passage of the bill will encourage transparency and sound management of government funds and assets.
According to him, the bill when passed into law will boost the state revenue and ensure sustainable development of Osun.
He said: “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 revenue and ensure sustainable development of the state.
“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 include; investments incomes; transfers from consolidated revenue fund; external loans and other source classified under capital receipts in the appropriation law.”
Owoeye stressed that the bill shall apply to all arms of government of Osun, including ministries, departments and agencies as well as local government councils.