The Oyo State governor, Abiola Ajimobi, raised the alarm yesterday that, about 28 of the 36 states of the Federation are technically bankrupt.
Ajimobi disclosed this when he delivered the seventh annual Lateef Femi Okunnu lecture entitled: “State Financing and Over-dependence on Oil: Issues and Challenges,” organised by Muslim Law Students of the Obafemi Awolowo University (OAU), held at Ile-Ife, at the weekend.
According to Ajimobi, the 28 states have purportedly gone technically bankrupt as a result of biting financial deficits in the country, adding that the crash in the price of crude oil and oil glut have had negative impact on the country’s economy.
He stated that penchant for tax evasion by citizens, public and corporate entities, as well as corruption and disrespect for the rule of law were biting the states hard.
His words: “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, the public treasury. To do otherwise is to incur 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.”
Also, Osun State governor, Rauf Aregbesola, noted that the country was sitting on a tinderbox with its army of unemployed youths.
Aregbesola averred that an estimated N625 billion could be injected into the economy on a monthly basis, while more than N7 trillion also could be injected into the economy annually if 25 million youths said to be unemployed are gainfully employed. (Daily Sun)