Governor Seyi Makinde of Oyo State on Tuesday declared that the state is technically bankrupt.
Makinde made this declaration while playing host to the members of the Governing Council of the University of Ibadan, who were in his office on a courtesy call.
Makinde had on Saturday announced that he met a whooping N150billion debt when he took over power from his predecessor, Mr. Abiola Ajimobi on 29th May this year.
The Governor, while speaking on Tuesday, said the state government is technically bankrupt while his administration is looking at ways to salvage the situation and run the government.
He said the situation is so critical that, if the state was to be a private entity, he won’t lend a dime to the state government but would advise them to start winding up proceedings.
Makinde, who described UI as an important member of the community, said his government will collaborate with the institution especially in the areas of Public-Private Partnership which will engender a kind of synergy between the academia and the government.
He appealed to the visitors to ensure that the research outcomes on the university’s shelves are made available to the government to be utilized to better the lives of the people.
Makinde said, “When I came in, we were looking for ways to keep the government running because technically the government of Oyo state is bankrupt. If I take it as a private entity, I won’t lend a dime to the government of Oyo state. I will ask them to start winding up proceedings. So, we have been looking for ways to keep the government running. We have been beaming our searchlight on areas we can get money.
“The University is a very important member of this community. We will like to collaborate with the university especially in the area of Public-Private Partnership (PPP) and for us, there should be a serious synergy between the academia and the government because the majority of the very good research outcomes stay on the shelf in the university.
“We want those to come out for us to work together to utilize those research outcomes to better the lives of our people. The government of Oyo state is keen and ready for such a partnership.
“The Agbowo shopping complex in front of the university is an eyesore. It is a lot of money that was sunk in there and we are not getting any value. As a matter of fact, that structure is a security threat to the university community.
“We are looking at it and I am sure before we mark our 100 days, there will be a pronouncement on how we intend to turn that shopping complex into something that brings benefit to the university community and residents of the state in general.
“The Bureau of Internal Revenue came to me and said they had issue of PAYE (Pay As You Earn) with the University of Ibadan. And at the governor’s forum, I saw a document where a lot of the states got a huge refund from PAYE due to the federal institutions located in such states. I believe Ogun state got about N8billion; another state in the South West got N10 billion; and Oyo state got only about N91million.
“Then, I wondered what was going on here. They told me that it was work in progress and that they had been talking and did not have cooperation from the University of Ibadan.”
