Economy

Osun Govt Rejects Bugits Report, Says It Misrepresents Fact About The State Finances

Published

7 years ago

October 23, 2017

The State Government of Osun has rejected the report of a civic technology organization, BudgiT, on the debt profile and financial situation of the state.

The Commissioner for Information and strategy, Mr Adelani Baderinwa in a statement signed and made available to CityMirrorNews in Osogbo on Monday said the report is nothing but a gross misrepresentation of fact and a narrow view on the economic importance on the massive infrastructural projects funded with the loans, and the laudable economic policies of the Governor Rauf Aregbesola’s administration.

According to Baderinwa “The BudgiT report, with all economic and financial indicators is incorrect, short of expectation from a respectable and objective organisation and total disregard to reports of other national and international organization on the true situation of the state of Osun.

“BudgiT did not take into cognition, the report of the National Bureau of Statistics which described Osun as the second economic development state after Lagos in the South-West, and the markedly economic improvement differences before and during the Aregbesola’s administration.

“Early this month, The United Nations’ Global Multi-Dimensional Poverty Index ranked Osun second richest state in Nigeria. Also, the Renaissance Capital, a leading emerging markets investment bank in Africa, has revealed that Osun, Ekiti, Lagos and Oyo states are the leading economies in Nigeria.

“Osun debt profile is put at 179bn by the NBS. The loan is still within the capacity of the government to access and pay back in a normal economic situation and government has indeed been servicing its debts without public knowledge before the Peoples Democratic Party induced economic recession. The loans obtained by the Aregbesola’s administration have been prudently and judiciously used for the transformative development that is evident in every part of the state.

“It is a well known fact that most successful governments in other parts of the world achieve development and great dynamic society through the aid of loans and other financial facilities which they put to good use as have been done in the State of Osun.

“We bring to fore, China and U.S.A that are the most developed economies in the world and are incidentally countries with highest debt profile which indicated that as rich as they are, their resources seem not enough for their development plans, thereby resorting to loans.

“The administration of Governor Rauf Aregbesola as a visionary, prudent, accountable and proactive one took the loans to finance rapid development of infrastructure that made Osun a reference point and cynosure of good governance in the land.

“May we note that with the new look that the state is carrying today in terms of infrastructure and socio-economic development by which many accolades had been poured on the government of the State of Osun led by Ogbeni Rauf Aregbesola at national and international levels, and the facts that many of its projects have been copied at national and international levels, commendation is what should be showered on the government by the people as they often do.

“The steady investment in infrastructural development like dual carriage roads, power, hospitals and education among others contributed to the growth in the GDP of Osun. He concluded