FORMER Senate committee chairman on Appropriation, Iyiola Omisore, on Monday, said he had raised the alarm that Osun State was running deficit budget about three years ago, contending that the state’s present precarious financial situation stemmed from poor management of funds.

He maintained that for the state to overcome its financial problems, the governor, Mr Rauf Aregbesola, should show remorse and reduce the overhead cost, thus saving funds to pay the outstanding salaries of workers.

Omisore, who is the governorship candidate of the Peoples Democratic Party (PDP) during the August 9, 2014 gubernatorial election, made these disclosures in Ile-Ife shortly after participating in a live programme aired by Crown FM station.

He alleged that the debt profile of the state stands at N480 billion, saying that “about two or three years ago, I raised the alarm that Osun ship was heading for a wreck.”

According to Omisore, “Let the governor humble himself and show remorse. He must reduce overhead cost. He should sell off the helicopter and show leadership by example. He should adhere to the principle of financial regulations. The issue of inflated road contracts must stop.”

Reacting to Omisore’s claims on Monday, Governor Aregbesola said that Omisore had “merely demonstrated further the mischief and ignorance he is known for with the fraudulent N480 billion loan figure he alleged.”

Speaking through his Director for Bureau of Communications and Strategy, Mr Semiu Okanlawon, he asserted that “every knowledgeable person in Osun and beyond has the figures of the Osun borrowings by the virtue of our open nature of administration.

“Osun could not have borrowed in secrecy as the two bonds in the capital market and the Sukuk Bond were taken in celebrated manners.

“While we took N14.4 billion Sukuk bond with two tranches, the state government also approached the capital market for a N30 billion loan.

“These are verifiable facts and which are in the public domain. So, what new thing has Mr Omsiore said other than regurgitating the same old-fashioned, weather-beaten lies that could not help him dislodged Aregbesola in the August 9 governorship election?”