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Oyo is technically bankrupt – Makinde

Governor Seyi Makinde of Oyo state, on Tuesday, said, his administration is currently seeking other means of generating revenue as the state is technically bankrupt.

He made this known while addressing members of the University of Ibadan governing council during a courtesy visit to his office.

Makinde said his administration is looking forward to a collaboration with the university particularly in the area of public-private partnership.

“When I came in, we were looking for ways to keep the government running because technically the government of Oyo state is bankrupt,” he said.

“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 Bureau of Internal Revenue came to me and said they had an issue of PAYE with the University of Ibadan.

“At the governor’s forum, I saw a document where many of the states got a huge refund from PAYE due to the federal institutions located in such states. I believe Ogun State got about N8bn; another state in the South West got N10 billion, and Oyo State got only about N91m.

“Then, I wondered what was going on here. They told me there was work in progress and that they had been talking but did not have cooperation from the University of Ibadan.

“I can give you the assurance that this is something for the federal government to refund to us. All we need to do here is open the books and see what has gone on and have an agreement. I told the chairman of the Bureau of Internal Revenue that he and I will meet with the University of Ibadan to get money. We will utilise such money immediately to do things that will lift our environment.”

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