Home Opinion Oyo In A Financial Mess? | Maroof Asudemade

Oyo In A Financial Mess? | Maroof Asudemade


The financial status of Oyo state under Governor Seyi Makinde is shrouded in secrecy. Pieces of news emanating from financial surveillance quarters are however confirming that all is not well with the finances of the state contrary to the façade of healthy financial situations being put up by the government and its agents.

Immediately after the inauguration of Seyi Makinde as the governor of the state in 2019, during a thanksgiving service at Winners Chapel, below are his exact statements on how he intended to change the financial fortunes of the state for the better.

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– “Oyo State Governor, Engineer Seyi Makinde, said on Sunday that the era of going cap in hand to beg for Federal allocations would soon be over in the State.

A statement by the Chief Press Secretary to the Governor, Mr. Taiwo Adisa, quoted the Governor as making the declaration during a thanksgiving service held at the Living Faith Church AKA Winners Chapel, Bashorun, Ibadan.

According to the statement, the Governor further stated that the idea of relying solely on federal allocations would soon be a thing of the past in Oyo State, as, according to him, the State’s Internal Generated Revenue (IGR) will be drastically improved through enhanced tax collection procedures.

“We want to ensure that the era of going cap in hands to Abuja to beg for allocation will soon be over in Oyo State,” he said.

The Governor also stated that his administration will continue to provide social amenities that will make the dividends of democracy get to all the people in all the nooks and crannies of the State.” –

Meanwhile, contrary to the promise made by Governor Seyi Makinde that the state was no longer going to rely on federal allocations to meet its financial obligations, a piece of information released by BudgIT as reported by InsideOyo indicated that Oyo state was among the 13 States unable to pay salaries and meet other financial obligations without the monthly federal allocations.

Events of the past one year have shown that the administration of Seyi Makinde has done nothing to improve revenue generation in the state as attested to by the recent report from BudgIT. Oyo state government has so far been relying on federal allocations to pay monthly bills and this is obviously the reason the government has plunged the state into humongous debt profile to be able to execute infrastructural projects. As things stand now, it’s apparent that the state might not be creditworthy, explaining why Seyi Makinde could not approach local banks to source for more loans to renovate Agbowo Shopping complex as he had to settle for the slavish, killing 50-year concessional arrangement with Whitestone Global, an alleged dormant company from England, over a token amount of 4.9 Billion naira.

As regards the Agbowo Shopping complex concession, there was an unconfirmed but verifiable report that a group of investors had approached the state government, offering 6 Billion naira for the renovation and a 25-year tenor for the management of Agbowo Shopping complex, with a promise to begin the renovation of the complex in 2021. But the government was said to have refused the offer on the excuse that the renovation won’t be ready if it started in 2021 and won’t be available for campaign for the reelection of Governor Seyi Makinde in 2023.

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