All over the world, organisations in both private and public sectors draw budget to attain specific goals and objectives. While budgeting in the private sector is market driven, and profit oriented, the contrary is the case in the public sector. The public sector is resource constrained as it is funded mostly by taxation.
Hence government at various levels often ensure that budget is well prepared in advance in order to render service to the people particularly in a democratic dispensation where citizens expect so much from elected leaders.
“Budget” as the name implies, “is a plan, quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and/or expenditure to be incurred during that period and the capital to be employed to attain a given objective.”
In Osun State, which is a forward looking brand, the art of budget making has been taken to greater heights. Osun State under the leadership of Ogbeni Rauf Aregbesola has not only touched lives, but with the execution and implementation of its six point agenda, it has also turned the economy of the state around.
The Internally Generated Revenue (IGR) under the Aregbesola regime increased by 100 percent. Yet this was achieved without necessarily foisting a higher tax regime on the people.
According to Dr. Wale Bolorunduro, Commissioner for Finance, who spoke at a workshop held for civil servants in the state, “The approach we adopted was to plug loopholes and stop the losses incurred through manual collection and manual processing.