Osun debt profile exaggerated- Aregbesola

The Osun State Governor, Ogbeni Rauf Aregbesola, has said that the debt profile of the state was exaggerated by the Nigeria Extractive Industries Transparency Initiative (NEITI).

Recall that NEITI released debt figure of Osun state at N165.91 Billion raising fear that it may rise.

But Aregbesola said the N165billion debt being exaggerated as huge debt was nothing compared with the development that the state has witnessed in the last six years.

The Governor stated this while declaring open a one day seminar organised for information officers in local government and local council development areas and area offices across the state.

He stated that if the so-called N165 billion debt is divided by the 4 million population of resident of the state, the burden each person out of this debt is N2,031.25 annually.

He said, “To analyse this alleged 165billion debt, Osun is made up of 4million people. Four million residents are here in Osun and this debt anyway has been transformed largely to a bond organised by Federal Government that would last for twenty years.

“Let us now divide N165billion by 4 million people for 20 years. To help you mathematically. This will give N2,031.25 as cost of N165billion debt to every resident of Osun per annum.

“Ironically, this debt that people are shouting and crying about summed up to N5:56K per person daily. This practically means that every Osun resident carries a burden of N5:56K per day.

“This government we are talking about that puts burden of N5:56K to every citizen of the state, thus feeds every pupil in the public school with N70 every school day.

“That government guarantees security for every citizen and the cost for security can not be determined. That government ensures that roads are increasingly getting better.

“That government provides access to rural areas. That government ensures that Osun school functions at the best form. That government guarantees water supply.

“That government guarantees sanitation. That government guarantees so much. That in practical economic terms, is far beyond what individual must have to give on a daily basis.”