The Ogun State domestic debt profile stands at N106 billion while its monthly average Internally Generated Revenue (IGR) is also N7 billion, it was learnt yesterday.
The Commissioner for Finance, Adewale Osinowo, who broke the news in Abeokuta, the state capital, said of the N106 billion debt burden, N14.5 billion was reportedly incurred from the bailout funds.
He was being grilled by members of the House of Assembly, presided over by the Chairman of the House Committee on Finance and Appropriation, Victor Fasanya.
The commissioner said the Ibikunle Amosun administration had paid all the state and local government pensioners till date.
On the finances of the state, he said the government would soon access N17.3 billion, the fourth tranche of the bailout fund, as the process for its release was being perfected.
According to him, the fund, which is domiciled at the Central Bank of Nigeria (CBN), will be released as all conditions for its disbursement were being finalised with relevant agencies.
Osinowo assured the lawmakers that the government would continue to promote accountability and transparency in its activities.
The commissioner said 60 per cent of the bailout fund would go into the payment of workers’ salaries, gratuities and severance allowances, which he said are beyond the initial 50 per cent agreement with the Federal Government, while the remaining would be expended on social services.
He added that Ogun State had not accessed the N17.3 billion bailout funds, contrary to insinuations in some quarters that the government had misappropriated it.
Oshinowo reiterated that the previous bailout funds were used to offset cooperative deductions and other arrears of all categories workers in the state public service.
Listing the amount so far received, the commissioner said the state got N10.6 billion as first tranche; N5.7 billion for the second tranche and another N5.7 billion as the third tranche of the bailouts from the Federal Government.