Osun State’s Internally Generated Revenue (IGR) more than doubled in 2024, rising to N54.7bn from N25.3bn in 2023, according to the state’s Financial Statements and Accounts for the year ended 31 December 2024.
The report, presented by the State Auditor-General, Kolapo Idris, showed that total revenue inflows for the year stood at N306.8bn. Of this, statutory allocation accounted for N159.7bn, Value Added Tax contributed N66.8bn, while capital receipts and funds from development partners totalled N25.4bn.
On the expenditure side, the state recorded a total spend of N273.5bn. Capital expenditure was the largest item at N118.6bn, followed by personnel costs at N61.4bn. Overheads amounted to N65.7bn, while other recurrent expenditure stood at N27.6bn.
The sharp increase in IGR under Governor Ademola Adeleke’s administration has, however, triggered political debate across the state.
Kola Olabisi, spokesperson for the All Progressives Congress (APC) in Osun, dismissed the figures, alleging a lack of transparency in government operations.
“What’s there to be commended? Everything is done in secrecy. So, it cannot be the truth. How can such Internally Generated Revenue be obtained with the lackadaisical approach of the present government to governance?
“It is not an overstatement to suspect and conclude that the figures are made up. They are only doing that to arrogate to themselves the quality they do not possess. It is made up. They are only fooling the people,” Olabisi said.
But responding, the Director of Media of the Peoples Democratic Party (PDP) in Osun, Oladele Bamiji, insisted the report was credible and transparent.
“We have nothing to hide from the good people of Osun State. The Adeleke administration has been operating on the pedestal of transparency, which is partly responsible for the public presentation of the financial statements we are talking about.
“Regarding the claim that the figures could be made up, maybe APC is still operating at the realm of their own past reckless way of managing public funds. I would have expected them to point out where the reports compiled by experts are made up. Maybe they are financial illiterates,” Bamiji said.
