OYO Commissioner for Finance and Budget, Mr Bimbo Adekanmbi has explained that the N115 billion domestic debt of the state did not accrue from bank loans, but from the sum total of its indebtedness in gratuities and pensions, salaries, capital projects and budgetary deficit.
Out of the total indebtedness as at December 2016, he added that gratuities and pensions of N56 billion as well as salaries accounted for 80 percent while debt on capital projects accounted for the remaining 20 percent. This is just as he said the state was incapable of borrowing N100 billion, as speculated, because it could not meet the requirements to service such debt.
Adekanmbi gave these pieces of information during a press interaction on the financial status of the state, on Tuesday. Speaking, Adekanmbi stated that though the state would love to borrow to clear its debts, it was mandated to expand its Internal General Revenue (IGR) base and constrained by the federal government's embargo on state government's borrowing from commercial banks.
Though he noted that N150 million was spent monthly on clearing gratuities' arrears, he described as anomaly having salaries constituting 80 percent of its debt profile. On improving the state IGR from the current average monthly IGR of between N1.2billion and N1.6billion to the targeted N4billion, Adekanmbi mentioned plans to include selling lands, opening up Government Reserved Areas and widening the tax net.
Speaking further, he said that the state's workers would soon begin to get another round of salaries from 60 percent of the recent N7.9billion Paris Club refund, 100 percent of federal allocation and budget support facility. At this point, Commissioner for Information, Culture and Tourism, Mr Toye Arulogun, pointed out that the state government utilised 100 percent of federal allocation to pay workers that constitute two percent of the Oyo population.
In other comments, at the event, Adekanmbi emphasized the need for state's tertiary institutions to be self-sustaining, noting that subventions given by government were not meant to pay salaries but to support research. Overtime, he said that institutions had failed to justify the subventions they got, but were quick to attribute non-payment of salaries to non-release of subventions.
IN line with a mandate by Governor Abiola Ajimobi of Oyo state, a one-stop investment centre is to established in the state, in two months. Executive Secretary, Bureau of Investment Promotion, Mr Yinka Fatoki who disclosed this on Tuesday, said the centre is to be a centralized point of call for investors to access information on the state's potentials and process necessary documentation.
Fatoki, who spoke while addressing stakeholders to make up the centre, added that the centre will be a hub for information on investment opportunities, land allocation, especially for starting businesses in the state. According to Fatoki, the centre to be established within state Secretariat, Ibadan, has the overall intent to ease doing business in the state.
Stakeholders at the meeting who expressed interest to partner on the functionality of the centre included representatives of the Manufacturing Association of Nigeria (MAN), Standards Organisation of Nigeria (SON), National Agency for Food Drug Administration and Control (NAFDAC), Oyo State Chamber of Commerce, Industry, Mines and Agriculture (OYCCIMA), Ibadan Chamber of Commerce and Corporate Affairs Commission (CAC).
In his remarks, Vice President, MAN, Mr Vikram Deepak urged Oyo state to take a cue from the centre established by the Nigeria Investment Promotion Council. Also, Chairman, OYCCIMA, Mr Olaitan Alabi prayed that bureaucracy be checked to ensure applicants get their approval with minimal obstacles.
He also called for institutionalization of relevant infrastructure at the centre to boost the state's Internally Generated Revenue (IGR). Furthermore, Mr S. N. Anyaoha of SON, averred that the centre's operation be seamless to reduce manhours spent in registering businesses.
He added that such centre would engender the sustainability of existing industries and encourage the setting up of new ones.
Gbaju-gbaja okorin ti gbogbo aye mo si 2 face Idibia ni awon kan ti n gbee poori enu pe o kowo ti won dajo nibi ikowo-jo fun awon ti idaamu kan tabi omiran ko je ki won ni ile lori ni orileede won (Internally Displaced Persons IDPs) je.
Akole ikowojo naa ni “Eargasm”ni eyi to ti bere lati odun 2012. Odoodun si ni ikowojo naa maa n waye ni ara otun pelu orin. 2 Faces ni oun ko le maa sepe fun ara oun nitori pe, isoro lo de ba awon ti awon n se konsaati fun ki won le rowo mu lo enu. O ni ko tun wa ni dara ki iru owo bee poora, Idibia tun fi kun un pe gbogbo eni to ba n ja ile onille bo tire mole n sepe fun ara re ni.
Agba osere, Alagba Jide Kosoko, ti sedaro eekan nla ninu awon alariya, Alagba Adebayo Faleti, eni to di oloogbe ni aaro ana. Alagba Kosoko ni eniyan gidi gbaa ni Faleti je. O ni o je agba daadaa ti kii se abosi. O ni ki fi dudu pe funfun fun eni kankan. Jide Kosoko fi kun un, “Eni iyi, eni eye ni Baba Faleti je. Ko se abosi kankan laarin awa taa.
Nigerian Poet, Journalist, Actor and Yoruba Translator, Alàgbà Adebayo Faleti is dead. The accomplished thespian was 87 years old. May his gentle soul Rest in Perfect Peace.
Ace broadcaster and Veteran actor, Adebayo Faleti, aged 87 is dead. According to reports, the alumnus of Ibadan Boys High School, Faleti passed on this morning at the University College Hospital, Ibadan at about 6a.m.
Adebayo Faleti, blessed with the passion to right societal wrongs was a poet, journalist, writer and actor. He is also known as a Yoruba translator, a broadcaster, TV exponent and a pioneer of the first television station in Africa, Western Nigeria Television (WNTV).
He translated Nigeria's National Anthem from English to Yoruba as well as the speeches being made by military president of Nigeria, Ibrahim Babangida and Chief Ernest Shonekan, Head of National Interim Government of Nigeria, from English to Yoruba.
To his credit, Faleti published a dictionary containing the formal or official use of Yoruba names. He has received many awards, both locally and internationally, including the national honour of Officer of the Order of the Niger (OON) the Festival of Arts award with Eda Ko L'aropin and the Afro-Hollywood Award for Outstanding Performance in Arts