As the 2022 Fiscal year approaches, Oyo state Government has embarked on Three-Day Workshop for Ministries, Department and Agencies, (M.D.As’), on alignment of National Chart of Account, (N.C.o.A), which encompasses budgetary and Accounting processes.
The workshop, which commenced on Monday, 23rd August, 2021, was organized by the Oyo state’s Ministry of Budget and Economic planning, comes weeks after town-hall meeting held in Seven geo-political zones of the state, which recorded the attendance of critical stakeholders in the state, for optimum productivity of Government’s activities.
While declaring the training-session open at the Ibadan Business School, the Secretary to the state Government, Olubanwo Adeosun, through the Special Assistant on Budget and Economic Planning, Professor Babatunde Musbau, lauded the implementation of projects in the state.
Musbau described the N.C.O.A as a concrete platform for effective budget preparation, as the chart addresses budgeting, accounting and analysis of all government transactions in the three tiers of Government namely, Executive, legislative and the Judiciary.
The top Government official said further that the State Government has re-engineered the socio-economic infrastructure to boost economic viability through Internally Generated Revenue, which the state Government is determined to increase from it’s sectors.
While addressing participants from Ministries, Department and Agencies, during the Training-session, Senior Special Assistant on Economic Planning, Ouwaseyi Ogunsanya, asserted that the workshop is designed to equip the work-force with adequate skills and knowledge for budget preparation.
Ogunsanya also stated that the training was borne out of the need to prepare budget in conformity with global best practices, for development of critical projects and infrastructures for, better improvement of standard of living.
While welcoming participants to the Training-session, Permanent Secretary, Ministry of Budget and Economic planning, Mofoluke Adebiyi, described the training as an important activity towards reform that would occur, soon.
Mofoluke Adebiyi also described the N.C.o.A as an intensive process for overall understanding of budget’s preparation, as balancing is required in Accounting processes.
Facilitator of the sensitization programme, Ayuba Onifade, explained the features of the N.C.o.A to include, flexibility for easy generation of financial reports of the budget which refers to an estimate of income and expenditure for a particular period of time.