VAT: Osun gets 14.7b in 2020

Osun state Governor Adegboyega Oyetola

Osun state government received N14,725,950,020.87 as Value Added Tax (VAT) from the federal government in the year 2020, it was gathered.

The VAT, according to the audited financial accounts of the state for the 2020 fiscal year presented by the state Auditor General, Folorunsho Adesina, Tuesday, was part of N31,298,936,478.49 total amount received as statutory allocation for the year.

The statutory allocation of N31billion received in 2020 also includes excess cause oil, IGR, aids and grants, and other revenue from the Federal Account Allocation Committee (FAAC).

According to Adesina, the audited financial reports were made public as part of efforts to keep the citizens abreast of the financial status of the State, showcase prudence in the management of the available resources and, by extension, strengthen the existing public trust and confidence that have been the hallmarks of Governor Adegboyega Oyetola’s administration.

The report revealed the astronomical improvement in the State Internally Generated Revenue as a total sum of N13,805,843,339.25 was generated in 2018; N17,720,122,360.44  in 2019 and N19,642,333,010.68 in 2020 respectively.

Adesina, who lauded the high sense of commitment of the Oyetola-led administration to ensure accountability, transparency and probity in the management of the State’s resources, noted that 2019 audited account was presented earlier this year due to the adverse effects of the protracted Covid-19 pandemic that has been ravaging the universe.

The summary of the Audited Financial Statements as presented puts the Total Revenue (inflows) at N99,048,740,967.00 and Total Recurrent and Capital Expenditure (outflows) at N86,470,726,806.86 respectively.

The Net Balance on Total Revenue and Total Expenditure was N12,578,014,160.14 and Opening Balance as at January 1st, 2020 was N10,356,616,311.14 while the Total Closing Balance as at December 31st, 2020 was N22,934,627,471.28 respectively.

Analysis of Recurrent Expenditure indicates that Personnel Expenditure has N28,748,672,359.37 and Recurrent Expenditure has N17,928,291,392.63.
Also, analysis of Capital Expenditure indicates that Administrative Sector has N5,392,638,753.82; Economic has N27,896,438,968.24; Law and Justice has N58,309,514.17 and Social has N6,416,375,818.63 respectively.

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