The Governor of the State of Osun, Adegboyega Oyetola, on Friday, 26 March, 2021 inaugurated the State Integrated Financial Management Information System (SIFMIS) to strengthen the financial management of the state’s treasury.
The initiative was to curb corruption in the public service and build an “impregnable and efficient” financial system that will enhance Osun budgetary implementation.
Inaugurating the application at the premises of the Office of the Accountant General of the State, State Government Secretariat, Abere, Osogbo, Oyetola said the initiative was aimed at leaving an enduring financial and economic legacy for the State.
He said the application would henceforth serve as a potent weapon to rid the system of corruption, unnecessary bottlenecks and serve as a catalyst to the administration’s development strategy, which is targeted at providing prosperity and better life and services for the citizens.
Oyetola said the initiative would further help the State to instill financial discipline in her bureaucracy and make the State a player in global financial best practices and a model in financial efficiency in the nation.
“As a government, we are desirous of leaving an enduring financial and economic legacy for the State. It is our belief that the best way to fight corruption in the public service is to build an impregnable and efficient financial system.
“The State Integrated Financial Management Information System is a financial application that will enhance our budgetary efficiency. It is a potent weapon for achieving our resolve to rid our system of corruption and unnecessary bottlenecks.
“This application is a catalyst to our development strategy, which is targeted at providing prosperity and better life and services for our people.
“It will also further instill financial discipline in our bureaucracy and make our State a player in global financial best practices and a model in financial efficiency in the nation.
“With the commissioning of the State Integrated Financial Management Information System today, it is certain that the State is on the path of achieving financial efficiency and economic transformation.
“Our civil servants are our greatest resource in the achievement of our mandate and the implementation of our policies. We count on them in our resolve to make this initiative work. We shall engage in capacity building to hone their skills so that the aim of this initiative can be achieved”, Oyetola added.
Commending the European Union and the World Bank whose support gave birth to the building of SIFMIS, Oyetola noted that the collaboration had helped the State to develop a system that will make its bureaucracy efficient and put its financial system on auto pilot.
He further stated: “We believe that the best way to achieve sustainable development and economic transformation is to develop a system that will make our bureaucracy efficient and put our financial system on auto pilot.
“To achieve this end, we went on a search and our quest produced a best practice compliant application, the State Integrated Financial Management Information System. We are grateful to the European Union and the World Bank whose support gave birth to the building of State Integrated Financial Management Information System that we are commissioning today.”
In his remarks, the state Commissioner for Finance, Mr. Bola Oyebamiji commended the Governor in the way and manner he has been managing the economy of the State, saying the institutionalisation of the application would go a long way to place the State on the efficient and effective socioeconomic and financial world map.
Oyebamiji who is the Chairman of the SIFMIS Committee, said the facilities put in place would further give the State a strong foundation for e-governance, quality data management and improve financial reporting through full IPSAS Accrual Accounting Standard among others.
“What we are witnessing today is another attestation of the efficacy of the Oyetola’s leadership strategy and unparalleled foresight towards State development.
“In less than two years, the Administration has continued to move from strength to strength on many fronts as today’s launching is another first in the annals of our dear State.
“Mr. Governor’s desire to enthrone an efficient and robust public service has started manifesting; with the SIFMIS being laughed today as we are sure that in no distant time service delivery within our public service will compete favourably with the world standards,” he added.
Giving update on the SIFMIS project, the project manager, Mr. Gabriel Oginni, said the sole objective of the application was to improve efficiency in financial transactions and reporting through effective utilisation of simple but robust automated system.