Osun to boost financial system with SIFMIS

The initiative is aimed at curbing corruption in the public service and building an “impregnable and efficient” financial system that will enhance Osun budgetary implementation.

Inaugurating the application at the Government Secretariat in Osogbo, Oyetola said it would serve as a potent weapon to rid the system of corruption, unnecessary bottlenecks and catalyze the administration’s development strategy, which is targeted at providing prosperity and better life and services for the citizens.

In his words, “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 instil 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.”

Commending the European Union and the World Bank whose support gave birth to the building of SIFMIS, Oyetola noted 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 autopilot.

“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 the State Integrated Financial Management Information System that we are commissioning today.”

In his remarks, the Commissioner for Finance, Bola Oyebamiji said 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.

While giving the update on the SIFMIS project, the project manager, Mr. Gabriel Oginni, said “The objective of SIFMIS is to improve efficiency in financial transactions and reporting through effective utilisation of the simple but robust automated system.”