Osun not financially distressed ' Commissioner

Osun State Commissioner for Finance, Dr. Wale Bolorunduro, has said the 20-year-old state was not financially distressed.Bolorunduros declaration came after a motion entitled: "Looming danger of bankruptcy in states: The need for fiscal evaluation," came up on the floor of the House of Assembly last Thursday.The motion was sponsored by Action Congress of Nigeria lawmaker representing in Ekiti-North, Mr Olubnumi Adetunbi.Speaking with our correspondent on Saturday, Bolorunduro said the financial standing of the state had changed dramatically since Aregbesola took over power on November 26, 2010.According to Bolorunduro, the state government has saved N32bn in the last nine months through "fiscal discipline, integrity and transparency."He said, "The state account inherited from the Olagunsoye Oyinlola administration was in the red. The state inherited a huge debt profile of N18.3bn and repayment loan of N1bn monthly to last 36 months."But the Aregbesola administration has turned all that around. Osun under Oyinlola was borrowing N1bn monthly to meet financial obligations but weve turned that around."Now Osun no longer borrows monthly to meet its obligations. We have saved N32bn. Banks now want to do business with us. Our free cash flow is sufficient to meet our short-term immediate obligations. So, Osun cannot be described as being financially distressed."
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