The policy will also ensure transparency and accountability in the revenue generation process of government, the state’s finance commissioner said.
The Ogun State government, Tuesday, explained that the cashless policy it is introducing will among other things ensure a uniformed, more robust and generally accepted common electronic platform for its revenue collection.
Commissioner for Finance, Kemi Adeosun, disclosed this while declaring open a one day workshop with the theme ‘’Operation of Cashless Policy in Tertiary Institutions: Bursary Officers’ Roles as Custodians’’ organized for Bursars and Accountants in the State-owned tertiary institutions.
She said that the policy will also ensure transparency and accountability in the revenue generation process of government as it reduces human interference and by extension human manipulations, pointing out that revenue leakages would be blocked and risks mitigated
She said the policy remain the only reliable means of ensuring growth in the State’s Internally Revenue Generation to execute the five cardinal programme of government, particularly now that allocations from the Federal Government was dwindling.
Recalling that the policy was first introduced in September at the College of Health Technology, Ilese-Ijebu, Ms. Adeosun stated that 10 out of the 11 State-owned tertiary institutions have been using the automated revenue collection system.
She urged participants to ensure that the policy did not only work, but surpass stakeholder’s expectation, maintaining that it would assist the government in developing an accurate and sustainable financial model for each tertiary institution to drive government’s subvention policy in the education sector.
In his remarks, the Accountant-General of the State, Seye Senfuye observed that with the provision of an Internal Generation Monitoring System to be used by the various tertiary institutions in the State, the policy would facilitate a seamless reconciliation of revenue generated.
On his part, Consultant in charge of the policy in the State, Oladejo Fajobi, commended the State government for introducing the policy within the time frame stipulated by the Central Bank of Nigeria, CBN.