The Osun State Governor, Mr. Rauf Aregbesola, says the N55 million federation allocation to the state for the month of September, 2015, could not even settle the electricity bill of the government secretariat.
Aregbesola said the development was evidence that Nigeria was experiencing an economic meltdown and urged residents of the state to return to agriculture as oil could no longer sustain the nation’s economy.
During the inauguration of the new Ife/Orile-Owu 33KV feeder line at Orile-Owu in Ayedaadee LG, he said, “We must at this point tell ourselves the truth; there is no money coming from the Federation Account, 34 million barrels of Nigeria’s crude oil are on the sea without buyers.
“Money coming from the Federation Account has reduced seriously and our hope of survival is in our hands, what our forefathers lived on was agriculture.
“We must now go back to the farms and work. We also need to pay our taxes so that the government can meet its responsibilities. For September, our state got N55.8 million. The money we received cannot pay for the power supply by IBEDC that we use at the state secretariat monthly.
“I want to use this opportunity to admonish us to return to the farms, what we used to rely on as a country and state is no longer there. Oil prices have now dropped seriously, even at about $41 per barrel from a price of over$ 100; Nigeria still cannot sell her oil in the international market.”