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Economic Crisis: Osun APC Says Previous Bailout Insufficient, Begs FG For More

By Timothy Agbor, Osogbo

The Osun State chapter of the All Progressives Congress (APC) has appealed to the federal government for another financial intervention that would totally nip in the bud the economic recession battling the state.
Besides, the party asked President Muhammadu Buhari led federal government to extend the offer to other states of the federation in order to urgently arrest the escalating salary crisis affecting them.
This call was made in a statement issued and signed by the Osun APC’s Director of Publicity, Research and Strategy, Kunle Oyatomi, a copy of which was made available to our correspondent in Osogbo on Wednesday, April 20, 2016.
The federal government of Nigeria
through the Central Bank of Nigeria had released a bailout fund to the tune of N34.9 billion to Osun State in August
2015 to pay for the arrears of salaries and pensions. This fund was also released to other sates in the country.
But, according to the party, the N34.9 billion released to Osun state was inadequate and has only marginally addressed the crisis. The party stated that other states also experienced this fate.
While praising the federal government for its previous bailout intervention, the APC in Osun state decried what it termed a situation in which many states are owing their workers salaries between 5 and 10 months.
The statement reads: “To avoid an emergency that could create difficulties for the economy in the next decade, the Federal Government must address the problem now, even it means having recourse to our reserves’.
“We are approaching an emergency on this crisis, because not only is the crisis spreading like wild fire across states, it is assuming a dimension that would seriously affect the economy of the country.
“What was cynically thought to be an Osun problem is now suddenly a national emergency which the Federal Government can ill afford to ignore.
“We cannot play the ostrich in a situation as critical as this.”
The APC further stressed that the salary crisis is a critical factor in the economic stagnation the nation is experiencing currently.
“Except it is handled nationally by the Federal Government, it is unlikely that the crisis will go away soon. We are therefore appealing to President Muhammadu Buhari and the Federal Government to help the affected states out of this crisis’, the party said.
The APC further argued that, “since it has been impossible for states to use internally generated revenue to pay its workers, it is unlikely to do so in the next decade without major restructuring of the political and economic landscape of the country as it currently exist.”

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