OYETOLA: Doing Much More with Much Less - By Jimoh Olorede

No government anywhere in the world can successfully embark on any meaningful capital project without a substantial fiscal base. Essentially, insufficiency or nonavailability of funds (fiscal base) has always been a justification for borrowing by governments which often leads to indebtedness. 

It is a fact that many countries of the world are in debt! In Nigeria, according to the Debt Management Office (DMO), the country's public debt hit a total of #32.2trillion naira at the end of September 2020. In a breakdown given by the DMO, the Federal Government's total debt stood at 28trillion naira as at September 2020 while the debt of the states and the Federal Capital Territory (FCT) stood at #4.19tn. 

Facts are sacred. And for this sacredness, they should be factually stated. Out of the #4.19tn states' debt (including the FCT's), Osun State has its own share whose balance stood at #151.4billion naira as at November 27, 2018, when Mr. Adegboyega Oyetola assumed office as the newly elected Governor of the State.

Findings from the DMO also corroborate this as it revealed that Osun State was between sixth to seventh biggest debtor out of the 36 states of the Federation, with an accumulation of a debt burden of #147 billion as at March 2019 (less than five months after Oyetola's assumption of office) resulting from borrowing by previous regime. 

Again, facts are sacred! So, stating the facts as they are should not be mischievously misconstrued as casting aspersions on the former government. Like I stated in more than a couple of my previous related narratives, the previous regime met the situation aground, and in its own wisdom, resolved it needed loans to turn the situation around. And that's exactly what it did. 

Consequently, getting to two years (if not more), the present administration in the state had to augment for fulfillment of its recurrent expenditure obligations, as there's a monthly shortfall of about #1.9 billion. The _Business Day_ newspaper's report on August 11, 2020, that 'for every #100 shared to the Osun State government as revenue allocation from the federation account (FAAC), #91 is being deducted to service its debt', suffices in this instance.

Despite this parlous financial situation, Osun State under Mr. Adegboyega Oyetola's administration has been growing by leaps and bounds in the last two years recording unprecedented development. 

In the last two and a half years, Oyetola led government has completed construction and rehabilitation of many roads (with some still ongoing) within the state. 

It has completed the upgrade of General Hospitals Ejigbo and Ifetedo as well as the upgrade of State Hospital, Asubiaro, Osogbo, with building of 120-bed Ward, 30-flat Doctors' Quarters, and provision of world class modern equipment. 

In the area of primary health, Oyetola's administration has rejuvenated 332 Primary Health Centres (PHCs); one in each of the 332 political wards in the state. 

It's a paradox of fact that Osun the state with the lowest federal (FAAC allocation) fiscal accessibility remains one of the states with highest level of social responsibility with Oyetola's all-inclusive style of governance. 

The inclusive, responsive and responsible government of Osun under Oyetola's watch was one of the states of the federation with records of earlier implementation and payment of new minimum wage for its workforce. The state has also, since January 2020, implemented special salary structure (COHESS and COMESS) for its health workers in order to thwart incessant brain drain in the sector. 

Oyetola with zero treasury on assumption of office on November 27, 2018 has never failed in his government's responsibility, especially in performance of the state's recurrent expenditure obligations; prompt payment of full salaries and pensions as well as other statutory obligations including provision of security which also requires huge finance. 

The helmsman of the state, Mr. Adegboyega Oyetola is making everybody amazed about the pace of development in the state, as it's difficult to believe that a state which spends #91 on loan servicing/repayment out of every #100 accruing to it could still do this much with much less remaining in its treasury.

*Olorede* (oloredejimoh@gmail.com), is a media teacher, writer, researcher and scholar.