Alhaji Rauf Olaniyan, deputy governor of the state of Oyo, said Saturday that it was unfair to compare the current state administration with the previous one, as the available funds were no longer accessible.
Therefore, it justified the decision of the state government to finance development projects through loans.
Olaniyan told reporters in Ibadan that such loans would underpin the meager monthly federal allowance and internally generated revenue, IGR.
The state government had faced criticism for a proposed N100 billion bond to finance some projects.
Critics had asked why the state government was proposing another N100 billion bond after taking a loan of N39 billion to obtain N139 billion in two years.
Olaniyan explained that the monthly federal allocation and the IGR were not enough for the state to embark on development projects.
He said that the funds accumulated in the state’s portfolio decreased daily, adding that the situation required the need to borrow to carry out development projects.
The lieutenant governor failed to compare the loan taken by the immediate previous administration with what the current administration had taken from the start.
Olaniyan said that the immediate past administration does not need to borrow at all, given the various funds accumulated, such as the Paris club, excess crude oil and some overpaid repayments.
He said that those funds accumulated for the immediate previous administration were responsible for the executed projects, “which are not available now.”
His words: “The last administration does not need to borrow money then, because there was enough money.
“They have the Paris club, excess crude oil, and some reimbursements for overpayments made to the Oyo state government.
“There is nothing like it now. The people of Oyo state have chosen us, they should give us the opportunity; We will not betray them.
“They should give us the support to comply,” added Olaniyan.
The lieutenant governor also congratulated Muslims across the state and urged people to continue their departure in peace and harmony.
“We should continue to go out in peace; The state of Oyo belongs to all of us, ”he said.