The Oyo State Governor, Abiola Ajimobi has raised alarm that about 28 states in the country might have gone technically bankrupt due to biting deficits

Expressing similar sentiments, his Osun State counterpart, Mr. Rauf Aregbesola, also said that the country was sitting on a tinderbox with its army of unemployed youths

The governors bared their minds at the 7th annual Lateef Femi Okunnu lecture, delivered by Ajimobi and titled: “State financing and over-dependence on oil: issues and challenge,” held at the weekend at the Obafemi Awolowo University (OAU) Ile- Ife.

The event was put together by the Muslim Law students of OAU, during when Okunnu, SAN, a former federal commissioner of works, was honoured with a distinguished award. 

Apart from the much discussed overdependence on oil revenue, Ajimobi said that penchant for tax evasion by citizens, public and corporate entities as well as corruption and disrespect for the rule of law were besetting the states.
To get out of the doldrums, he again reminded the country that agriculture value chain was a neglected potential cash cow that must be revisited.

Besides, the governors said that the country’s fortune could be turned around if the opportunities in solid minerals, information and communication technology, services, manufacturing and others were explored.