Oyo State is Technically Bankrupt - Gov Makinde Laments

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.

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.