About Ministry of Finance, State of Osun

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Brief History of Ministry of Finance, State of Osun

The Ministry of Finance evolved with the creation of the State on 27th August, 1991. It was formerly known and referred to as the Ministry of Finance and Economic Development, but the nomenclature changed in 2003 with a view to making the Ministry more effective, efficient and to re-engineer the finances of the State in a more purposeful direction. It was on this basis the immediate past administration of the State decided and directed that the Ministry of Economic Planning, Budget and Development, be carved out of the Ministry of Finance.

Mission Statement

To improve the financial status of the State by maximizing the State’s revenue potentials and ensuring transparency, accountability and sustainability through effective and efficient use of the State’s financial resources.

Vision Statement

To be the most efficient and formidable vehicle through which the State Government would achieve self-reliance and fiscal sustainability.

OTHER MDAS SUPERVISED

Board of Internal Revenue Service

Headed by the Board Chairman, the Board is in charge of collection of taxes, levies and all other revenue accruable to the State Government. The Board had trained Tax Officers on Tax Administration Diagnosis Assessments Tool (TADAT) The tool had however been deployed to every nook and cranny of the State in a bid to boost the revenue performances of the State.

State and Local Governance Perform Project (SLOGOR),

The project under the supervision of the Ministry is headed by the Project Coordinator. Basically, it aims at improving transparency, accountability and quality in public financial management. Additionally, the office also supports Local Governance in its project implementation.

Debt Management Officer (DMO),

Headed by the Director General. The State’s DMO is saddled with making prompt quarterly returns on the State’s Debt Portfolio available to Federal Government Agencies and other regulatory bodies in financial sector particularly the Debt Management Office, Abuja and the Securities and Exchange Commission (SEC). The DMO also coordinates the annual rating exercise of the State and her debt portfolio by liaising with the appropriate rating agencies and the concerned Offices in the State.

The Office of the Accountant General

This Agency is headed by the State’s Accountant-General, who is in charge of keeping records of revenue and expenditure of the State Government. In addition, the Agency releases funds for all Government approved expenditures in keeping with cutting-edge technology in that regard and global best practice.

RESPONSIBILIITIES

  • to serve as Chief Adviser to the government on financial matters;
  • to facilitate Bills that aid public financial management;
  • to ensure the implementation and full compliance with the Treasury Single Account (T.S.A) policy.
  • to ensure Bank Accounts Monitoring System (BAMS) is fully in place to help Finance/Treasury Managers in their day-to-day management of the accounts of the State Government;
  • to ensure a quantum leap in Internally Generated Revenue (IGR);
  • to introduce Public/Private Partnership and fiscal policies that will serve as economic growth strategy by the State Government;
  • to ensure prudent and efficient use of the State’s financial resources,
  • to serve as a liaison between the State Government of Osun and all MDAs on financial matters.