STATES HAVE GONE BANKCRUPT, Says. Ajimobi

The governor of Oyo State, Abiola Ajimobi, has raised the alarm that about 28 states in the country might have gone
technically bankrupt.
The governors disclosed this at the 7th annual Lateef Femi
Okunnu lecture, delivered by Ajimobi and titled: “State
financing and over-dependence on oil: issues and
challenge,” at the Obafemi Awolowo University, Ile-Ife.
The event was put together by the Muslim Law Students of
OAU.
He said that penchant for tax evasion by citizens, public and
corporate entities, as well as corruption and disrespect for
the rule of law were major challenges facing the states.
To get out of the doldrums, he again reminded the country
that agriculture value chain was a neglected potential cash
cow that must be revisited.
Besides, the governors said that the country’s fortune could
be turned around if the opportunities in solid minerals,
information and communication technology, services,
manufacturing and others were explored.
Ajimobi said, “Our attitude is antithetical to development.
We need to change our attitudes completely about payment
of taxes and levies if we must avert the impending economic
doom.
“As I speak, I can conveniently say that 28 states are
technically bankrupt. The jaundiced view that taxes and
levies might be embezzled if paid is an anathema. Public
office holders are supposed to hold in trust public treasury.
To do otherwise is to court the wrath of the law after leaving
office.
“To the youths, I challenge you to imbibe positive leadership
qualities such as you have found in our honoree and among
other distinguished personalities you have seen or read
about.
“You must join the moving train of development and explore
information technology positively to advance in the current
and future world.”
On his part, expressing similar sentiments, his Osun State
counterpart, Mr. Rauf Aregbesola, also said that the country
was sitting on a tinderbox with its army of unemployed
youths.
Aregbesola was confident that an estimated N625bn and
more than N7tr could be injected into the economy on a
monthly and annual basis respectively if the 25m youths
said to be unemployed are gainfully employed.
The Osun helmsman noted that the creative energy of the
citizens, especially the youth, would be activated and
unleashed if the states and the country were to respond to
the pervading challenges
appropriately.
He said, “This will lead to increased productivity and wealth
creation on a scale that we have never witnessed before.
“If the 25m youths said to unemployed by the National
Bureau of Statistics today decide that they want to work and
decently earnN25,000 every monthly it means N625bn new
money will enter into the Nigeria economy.
“Here we need to separate between earning and collecting. If
the youths decide to work like bulls then we will be talking
about more than N7tr new money annually entering into the
Nigerian economy.”