Governors Must Now Look Beyond Oil State governments are beginning to dig into their savings to pay salaries because the Jonathan government has been unable to pay them what is due to them. In the last three months, there has been a N466 billion shortfall in payments to state governments. The reason, of course, has principally been because of the massive crude oil theft that has now reached an industrial scale, according to Chatham House, a London-based think-tank. Jonathan is uninterested in solving the problem because he knows the thieves and will not disturb their smooth stealing operations. If the president doesn’t know the thieves, the security agencies should draw his attention to “General” Boyloaf’s last statement, which is to the effect that it is they (Niger Delta militants) that are stealing (sorry, taking) the oil, because it belongs to them. But that is not my beef today as I have written and talked enough on the oil theft but the president is not interested. I am more concerned at this moment about states and their governors. For a long time also, some of us have said state governors should look beyond oil. Many didn’t listen. Now they know why. They may be able to augment with the savings for now but, very soon, even that will be depleted and banks will not grant them loans because it will be obvious that they will not be able to repay any such loans, since their only source of repayment – the federal government – had become defective and ineffective. There appears to be danger ahead for everyone. But state governors must start looking beyond oil immediately.
Posted on: Wed, 02 Oct 2013 15:23:25 +0000