Governor Abiola Ajimobi of Oyo State, yesterday sounded an alarm that out of the 36 states of the federation, about 28 have technically gone bankrupt.
He made this known over the weekend while delivering the seventh annual Lateef Femi Okunnu lecture titled: “State Financing and Over-dependence on Oil: Issues and Challenges.” The event was organised by Muslim Law Students of the Obafemi Awolowo University, OAU, Ile-Ife.
Linking the going under of the states to the biting financial deficits in the country, he stressed that the crash in the price of crude oil and oil glut have had negative impact on the country’s economy.
He stressed 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.
According to him, “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 speaking, the host governor, Ogbeni Rauf Aregbesola of Osun State stressed that the country was sitting on a tinderbox with its army of unemployed youths.
He averred that an estimated N625bn could be injected into the economy on a monthly basis, while more than N7trn also could be injected into the economy annually if 25 million youths said to be unemployed are gainfully employed.
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