Osun Govt’s Borrowing For Infrastructural Development Laudable – Economic Expert

By Ismail Kolapo

An economic expert from Obafemi Awolowo University Ile-Ife, Dr. Tunji Ogunyemi, has said the idea of the State Government of Osun borrowing to uplift, upgrade and boost the infrastructural potentials of the state is a step in the right direction.

Dr Ogunyemi stated this while featuring on a radio programme monitored by our correspondent in Osogbo on Tuesday.

He said the need for infrastructural development in a state like Osun cannot be over-emphasized owing to its immense contributions to human capital development.

The financial expert also commended the present administration under the leadership of Ogbeni Rauf Aregbesola for using the money borrowed in an effective way which will in turn improve the standard of living of the people in the state.

He maintained that, there is no way government can touch the lives of the citizens without borrowing with the situation of Nigeria’s economy where little revenue accrues to the states.

According to him, “When you go for borrowing, you must use it for investment especially infrastructure.”

“Osun has borrow more than 50% of the total revenue to 150% its legal responsibility. If Osun is not borrowing there would not be any development because the monthly allocation that is available for the state is what civil servants have in salaries and significant development will not come.”

“Why is Osun government going to borrow, it is borrowing to build roads, railway, bridges and schools for the development of the state,” he remarked.