Osun Debt Profile Is 179bn

Government of the State of Osun said it has been vindicated by the release of the National Bureau of Statistics (NBS), which put the debt profile of the state at N179billion.

According to a statement by the state Commissioner for Information and Strategy, Adelani Baderinwa, the state government said that the NBS has put both the internal and external loans, bond and other credit line obtained by the State Government at N179bn, as against the wanton figure of N600bn at a time, N450billion at another and N400billion as found suitable by the bound of hopeless opposition.

The statement noted that the totality of the N179bn includes all loans and all other debt instruments obtained by all administrations that have ruled the state since its creation and those inherited from the old Oyo state.

The commissioner said that, even with the NBS’s N179bn debt figure, the loan is still within the capacity of the state government to access and pay back in a normal economic situation, saying the government has indeed been servicing the debts without public knowledge “before the Peoples Democratic Party induced economic recession”.

According to him, but for the sudden drop in the federal allocation which was as a result of the mismanagement of the country’s resources and brazen corruption by the PDP-led federal government, the state would have continued to run without any noise and financial stress as it had been doing.

“For what it worth, we state that the loans obtained by the Aregbesola’s administration have been prudently and judiciously used for the undisputable, glaring and transformative development that is evident in every part of the state. Any thinking or submission contrary to this must be a product of deluded mind and or mischievous head.

“It is a well known fact that most successful governments in other parts of the world achieve development and great dynamic society through the aid of loans and other financial facilities which they put to good use as have been done in the State of Osun.

“We bring to fore, China and U.S.A that are the most developed economies in the world and are incidentally countries with highest debt profile which indicated that as rich as they are, their resources seem not enough for their development plans, thereby resorting to loans.

“The administration of Aregbesola as a visionary, prudent, accountable and proactive one took the loans to finance rapid development of infrastructure that made Osun a reference point and cynosure of good governance in the land.

“With the new look that the state is carrying today in terms of infrastructure and socio-economic development by which many accolades had been poured on the government of the State of Osun led by Ogbeni Aregbesola at national and international levels, and the facts that many of its projects have been copied at national and international levels, commendation is what should be showered on the government by the people as they often do.

“We are proud of Aregbesola for his ingenuity, vision and ceaseless efforts in transforming Osun to an Eldorado. With the loans, Osun has been able to summon the challenges of poor roads and dilapidated school infrastructures.

“We now have good roads and modern schools; our hospitals are now a reliable healthcare centres and not death centres; the state capital is now having a befitting look unlike before. It is left for the mischief makers and the naysayers to appreciate the good work of Ogbeni Aregbesola”, the statement read.