Fiscal Transparency: Osun Govt. Invests In Technology To Improve Process...... Finance Commissioner says benefits are numerous

Kingsley Omoyeni As part of efforts to strengthen its public financial management system for more transparency in gover...





Kingsley Omoyeni




As part of efforts to strengthen its public financial management system for more transparency in governance, the state government of Osun has signed off on the contract to develop a customized State Integrated Financial Management Information System(SIFMIS). 

The project, when completed within the next six months, will give the government and the people of Osun a globally acceptable platform for open Governance and further boost the accountable style of governance which the Adegboyega Oyetola administration has always strived to achieve.

Done with a grant from the European Union and the World Bank, the project will among other benefits assist in the preparation of the state's annual budget through an automated process for efficiency while also automating the warrant process. 

Commissioner for Finance, Mr Bola Oyebamiji in a statement shortly after signing the contract on behalf of the state government in his office, explained that the state had already kick-started the reform even without external support with the implementation of action plans such as the Tax Administrative Law and Bonds and Other Related Laws which were developed and passed in 2012.

Oyebamiji who described the achievement as an hallmark of the concerted efforts of different personalities within the State, the European Union and the World Bank, explained that when completed, the Office of the Accountant-General will be empowered to produce government’s annual financial statements the day after the end of each financial year.

According to Oyebamiji, "the report of Public Expenditure Management and Financial Accountability Review conducted across the six European Union Focal States in Nigeria in 2010 shows that public financial management system was weak and action plan was inclusively developed to close the gaps. 

"The government of Osun being a reform focused one has without external support prioritized and kick-started implementation of the action plan. Notably, Tax Administrative Law and Bonds and Other Related Laws were developed and passed in 2012.

"With the passion and unrelenting efforts at ensuring reform of public service, the government of Osun and other EU-Focal States approached the European Union Commission and the governments’ prayer to complete public financial management reforms in record time was granted; that development gave birth to the State and Local Government Reform Project(SLOGOR)". He stressed. 

The Project Coordinator(SLOGOR), Mr Yemi Ijidele said the platform when completed will definitely enhance accountability and transparency in governance, stressing that it will also reduce the cost of governance to a large extent as funds paid to third parties would be eliminated. 

He said it is a good development that the government of Osun through the help of the European Union and World Bank has finally taken step to have a comprehensive information back bone in terms of the technology to run a modern transparent government, explaining that other components will be inbeded in the platform as time goes on.

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GT News: Fiscal Transparency: Osun Govt. Invests In Technology To Improve Process...... Finance Commissioner says benefits are numerous
Fiscal Transparency: Osun Govt. Invests In Technology To Improve Process...... Finance Commissioner says benefits are numerous
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