Osun State is in deep financial problems, the Governor Aregbesola led state is left with just N6 million naira.
A report detailing the Distribution of Revenue Allocation to State Governments by Federation Account Allocation Committee for the month of January, 2016 Shared in February, 2016, showed that Osun State is left with N6,229,795.23 million.
The breakdown of how this happened, shows that the state received a Total Gross Allocation of N2.422billion, while Total deductions (External debts, ISPOs & Others) amounted to N2.416billion, which left the state with a Net Amount of N6.23 million.
Osun state will have to rely on its Internally Generated Revenue (IGR), which is now about N1.5 billion according to the State Website.
This will still not be enough for the state considering the fact that salaries of workers will have to be paid amongst other projects that will be embarked upon. Developmental projects which will alleviate poverty in the State will also be limited.
Ogbeni Rauf Aregbesola has several times lamented the impact of the dwindling oil prices on the fortunes of the state and has said he is looking for ways to diversify the economy of the state.