{"id":41800,"date":"2021-04-26T17:52:13","date_gmt":"2021-04-26T17:52:13","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=41800"},"modified":"2021-04-26T16:45:27","modified_gmt":"2021-04-26T16:45:27","slug":"osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert","title":{"rendered":"Osun debt: Every citizen is owing the sum of N38,140 \u2013 Economic expert"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>It has been observed that going by the current debt burden on Osun State, every citizen of the state is owing the sum of N38,140.<\/p>\n

This observation was made by Dr. Tunji Ogunyemi, an economist and historian during a radio current affairs programme in Osogbo Monday.<\/p>\n

According to Dr. Ogunyemi, Osun is the most indebted state in Nigeria after Bayelsa while Ekiti and Plateau follow directly behind, adding that Osun does not generate any revenue due to its very low Internally Generated Revenue (IGR).<\/p>\n

While advising that Osun manages its debt burden very well, he advised that politicking should be left out because Osun does not generate enough IGR to do anything significant about her domestic debt.<\/p>\n

Dr. Ogunyemi revealed that the state had gone borrowing from the beginning.<\/p>\n

In his words, \u201cThe burden of Osun State had been increasing from the beginning. There had been a gradual pile up since the administration of Isiaka Adeleke.<\/p>\n

\u201cBoth Prince Olagunsoye Oyinlola and Rauf Aregbesola added to the liability through the United Bank for Africa (UBA) and Sukuk loan and This has impacted on the state\u2019s finances.<\/p>\n

\u201c40 percent of debt during Aregbesola era was owed to Sukuk and will mature in 2026.<\/p>\n

\u201cOsun has no capacity for capital projects. The capacity for the state to earn IGR has diminished except it goes borrowing again because her IGR is very insignificant.<\/p>\n

\u201cOsun can\u2019t pay workers salaries from her IGR but would depend on the federation allocation to augment because of the low income.<\/p>\n

\u201cOsun is owing N182. 7 billion and it will take the state six years to pay back her debt.<\/p>\n

\u201cIf anything happens to the IGR of Osun in two months without federation allocation, Osun will crumble and come on its knees\u201d, he added.<\/p>\n

He advised that since Osun was an agrarian state rather than a civil service one as most pundits have always claimed, it should look inwards in tapping its human capital and natural resources as a way out of its debt burdens.<\/p>\n

According to him, \u201cIt is possible for Osun to buy back her debt by floating bonds to its citizens.<\/p>\n

\u201cShe could also look for opportunities of imposing taxes internally. Personal income tax is a means of improving IGR. It has to do something about taxation. Property and ground rent should be looked into because Osun is blessed with lots of lands.<\/p>\n

\u201cOsun should also explore means to shore up IGR by taxing those who use her forests and tax sawmill businesses.\u201d<\/p>\n

Replying, the Chief Press Secretary to the Osun State Governor, Ismail Omipidan stated that in spite of the situation, there is still hope in Osun as the current leadership is doing everything possible to inspire the hope.<\/p>\n

He added that the administration has been able to block some leakages and set government priorities right especially when COVID-19 hit.<\/p>\n

The governor\u2019s spokesman noted that government has discharged its responsibility, and he believed strongly that the situation will not continue like that.<\/p>\n

\u201cThe debt profile of the state is a public issue already since the statistics are from authoritative sources but when the state\u2019s finances improve, government will do the needful.\u201d<\/p>\n

While declaring that government will look at some of the suggestions, Omipidan revealed that templates and strategies are on ground to improve the state\u2019s IGR through agriculture, mining and tourism whose benefits would be reaped shortly.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. It has been observed that going by the current debt burden on Osun State, every citizen of the state is owing the sum of N38,140. This observation was made by Dr. Tunji Ogunyemi, an economist and historian during a radio current affairs programme in Osogbo Monday. According to Dr. Ogunyemi, Osun is […]<\/p>\n","protected":false},"author":84,"featured_media":41799,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,254,3969],"class_list":["post-41800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria","tag-osun-debt"],"yoast_head":"\nOsun debt: Every citizen is owing the sum of N38,140 \u2013 Economic expert - Nigeria<\/title>\n<meta name=\"description\" content=\"It has been observed that going by the current debt burden on Osun State, every citizen of the state is owing the sum of ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Osun debt: Every citizen is owing the sum of N38,140 \u2013 Economic expert\" \/>\n<meta property=\"og:description\" content=\"It has been observed that going by the current debt burden on Osun State, every citizen of the state is owing the sum of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-26T17:52:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/04\/img-6086ee04084c8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Osun debt: Every citizen is owing the sum of N38,140 \u2013 Economic expert\",\"datePublished\":\"2021-04-26T17:52:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\"},\"wordCount\":578,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/04\/img-6086ee04084c8.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\",\"Osun debt\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/osun-debt-every-citizen-is-owing-the-sum-of-n38140-economic-expert\",\"name\":\"Osun debt: Every citizen is owing the sum of N38,140 \u2013 Economic expert - 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