BRIEF HISTORY OF THE MINISTRY
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.
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.
To be the most efficient and formidable vehicle through which the State Government would achieve self-reliance and fiscal sustainability.
OTHER MDAS SUPERVISED
- 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.