Osun uncovers irregularities in tertiary institutions finances

Osun State government, on Thursday, hinted that it has discovered irregularities in the financial records of its four tertiary institutions, including the Ladoke Akintola Teaching Hospital (LAUTECH), Osogbo.

Making this disclosure while presenting financial report on the income and expenditure of government for the  year 2014 at a forum held in Osogbo, the state’s Auditor-General, Alhaji Folorunsho Adesina, listed the affected institutions to inlcude Osun State colleges of Education in Ila and Ilesa, Osun State College of Technology, Esa-Oke, Osun State Polytechnic, Iree and Lautech Teaching Hospital, Osogbo.

He howver did not give details of the irregularities.

Quoting the report, Adesina said the government received balance of N10 billion as at December 2014, describing projects and programmes executed in the year under review as “satisfactory,” considering the available revenue.

He stated that a total sum of N86,350,297,421.53 revenue was received from all sources by government, while the total recurrent and capital expenditure stood at N91,609,161,623.98.

Adesina further maintained that a sum of N36,161,401,369.83 representing 42 per cent was received as statutory allocation while excess crude oil money got by the state stood at N15,483,131.64 representing 0 per cent.

Also, during the year under review, Value Added Tax (VAT) was N8,462,390,580.46 representing 10 per cent and Internally Generated Revenue (IGR) N11,290,953,507.23 representing 13 per cent were received by government.

Other cash receipts during the period, Adesina said included; capital receipt amounting to N8,389.903.657.82 representing 10 per cent; Exchange Rate Gains N34,284,226.53 representing 0 per cent; Internal loan N17,751,365,735.28 representing 20 per cent and other incomes amounting to N4,244,515,212.74 representing 5 per cent.

Adesina also explained that bulk of the state earnings for the year were expended on recurrent expenditure worth N68,041,170,137.15 while N23,567,991,486.83 was spent on capital expenditure.

He stressed that expenses on economic sector of N5,407,940,186.92 representing 23 per cent included construction and rehabilitation of roads across the state, community rural electrification projects, construction of 120 metric tonnes capacity warehouse and establishment of processing mill for yam and grain plantation.

“The social sector got the lion share of the capital expenditure of N14,474,487,557.79 representing 61 per cent which includes supply of drug and medical consumables to hospitals, rehabilitation and renovation of the dental clinic, supply of fund for distribution of Opon-Imo, renovation of state hospital.

“Others include supply of furniture to public schools among others while the Regional Planning and Environmental Development Sector with N1,402,223,850.66 representing 6 per cent involved dredging of rivers and streams across the state, development of train station and streetscape in Osogbo as well as rehabilitation and expansion of Ejigbo water scheme,” Adesina asserted.