VC Tasks Govt on  Public Financial Mgt System to Mitigate Corruption, Extravagance

Funmi Ogundare

The Pioneer Vice Chancellor, University of Ilesha, Osun State, Professor Taiwo Olufemi Asaolu, yesterday, called on the government to ensure the implementation of a dependable public financial management (PFM) system that would mitigate the risk of misappropriation, corruption and extravagance use of government resources through consistent application of standardised policies and procedures.

Asaolu made this call at the Osun State University’s fourth Candido Da Rocha Annual Memorial Lecture in Accountancy, with the theme “Improving Transparency and Accountability through Budgeting in Nigerian Public Sector.”

He explained that PFM is comprised of budgeting, expenditure management, revenue collection and financial reporting and would ensure the efficient and effective allocation of tax revenue towards the promotion of the common good.

According to him, “the implementation of a budgeting system holds significant importance within this framework. Efficient allocation of resources can be achieved by implementing a comprehensive budgeting process that aligns with the objectives of the government and the requirements of the populace.”

This system, he added, should promote the implementation of responsible financial administration; ensure equitable allocation of funds to areas like education, healthcare, infrastructure development and social development.

The vice chancellor said that the adoption of equitable and effective revenue collection could enhance the financial stability of public sector entities and reduce their dependency on external funding sources, adding that exhibition of sound financial management and timely dissemination of current financial information would foster confidence among the populace.

“Consequently, the influx of investment capital leads to the expansion of the economy, thereby establishing favourable circumstances for sustainable, long-term growth,”Asaolu stated.

In his remarks, the Vice Chancellor of UNIOSUN, Prof. Odunayo Clement Adeboboye, stated that the lecture was aimed at honouring late Mrs. Frederica Aina Omololu-Mulele, a renowned educationist, lawyer and philanthropist who through her endowment in Accountancy, was able to stimulate and advance the frontiers of knowledge in the field.