Budgetary Sitting: Financial Secretary Presents Financial Report; Debates Ensue Over Non-Issuance of Receipts

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By Adedoyin Oguntade 
The Great Ife Students' Union's first budgetary sitting was held on Saturday, December 21, at Ajose Lecture Theatre. The Financial Secretary of the Students' Union, Fajuyi Ikeoluwa, presented the financial report. The opening balance was ₦166,591.85, and the current balance is ₦886,056.85. The total income from the crowdfunding for the union buses is ₦223,990, and the income from the SUB ventures is ₦498,500.

A critical issue was raised when the financial secretary was asked to provide the receipts for payments made for SUB ventures. The financial secretary made it known that there are no union receipts. She further stated that all payments made for the Students' Union Building ventures have been done through transfers. This sparked debates among the honourables. The Assistant Secretary General, Omisore Michael, was called to provide an explanation. Babatimehin Kinfeosi, the Secretary General, was not present at the sitting, and according to the parliament, she did not send any correspondence.


Based on Schedule 2 of the Great Ife Students' Union constitution, the section on income under the financial instructions of the Central Executive Council states that, "The Financial Secretary shall, within one week of receipt, bank all monies received on behalf of the Union. The Financial Secretary shall issue properly authenticated receipts of the Union addressed to the payer in respect of all monies received, either in the form of cash or bank teller from any sources whatsoever. In the case of receipts by cheque, the Financial Secretary shall ensure that such cheques are deposited by the bank. All cheques received must be duly crossed before banking."

In this case, the Secretary General has the responsibility of informing the Financial Secretary to issue receipts for payments made concerning SUB ventures.

The President of the Students' Union, Omoboriowo Damilola, explained that the lack of access to funds for receipts has made it impossible to issue them. He stated that the Financial Secretary and the Secretary General should only be questioned if they fail to issue receipts after the budgeted amount has been approved and disbursed. Section 54 of the constitution states, "The Union building shall be maintained by the Central Executive Council, which shall make necessary allocations, partitions, and adornments when and where necessary."

It was established by the president that the office of the Secretary General is responsible for the activities and maintenance of the Students' Union building.

The motion to set up a three-member committee was accepted to investigate the matter. Honourable Yusuf Oluwarotimi (ROMEO) from Law, Honourable Daefficient, and Honourable Akilapa were nominated as members of the committee, and they accepted the nominations.The speaker, Honourable Oladepo Olakunle, stated that the report from the committee is expected in two weeks' time. Eventually, the approval of the financial report was postponed.



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