Improving Public Finance For Better Governance: The Example Of The State Of Osun

Osun State Commissioner for Finance, Dr. Wale Bolorunduro yesterday chided critics of the Rauf Aregbesola’s administration over the state’s debt, saying the allegations were untrue.

Bolorunduro, who delivered a monthly lecture of the Correspondents’ Chapel of the Nigeria Union Journalists (NUJ), held in Ibadan, spoke on the topic: “Improving Public Finance for Better Governance: The Example of The State of Osun,”described the allegation as unfounded.
According to him, no financial institution in Nigeria could grant such an amount as loan. He described those making the allegation as ill-informed and unnecessarily sensational in their allegation.
“I wonder what they are saying, I think what they (opposition) didn’t know is the dynamics of public financing, which our governor is injecting into the system,” he said.
He nevertheless explained that instead of going to the banks, “we went to the capital market and registered a programme and before you know it, we have raised enough money needed for the development of our state.”
Speaking on the state of the Nigerian economy, Bolorunduro said in order to take Nigeria to where it should be, the economy should be allowed to work.
The commissioner added: “If we must develop as a nation, we must find local lasting solution to our peculiar problems. We must endeavor to do things differently to change the scenario for the better.”
Furthermore, he pointed out that the Aregbesola administration was focused on zero-based budgeting which promotes value for money expected to lead to economic growth and development.
He disclosed that the debt sustainability plan done by the state government had shown that the sum of N60 billion was needed to turn round the state within 10 years.
“Apart from Lagos State, we (Osun) are the only state that has done debt sustainability plan for 10 years.
“If there must be development in Nigeria, it must come from the states and it would be through infrastructural development that will stimulate investments,” he declared. We must endeavour to do things differently,” he declared.
THISDAY