Osun State – Broke and broken

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Data from BudgIT has shown that for every ₦100 shared to the Osun State government as revenue allocation from the federation account, ₦91 is deducted to service debt. The development, according to analysts, indicates how the state’s fiscal crisis has moved from bad to worse.

BudgIT said that of the ₦6.44 billion Osun received as revenue from FAAC in January through March, ₦5.87 billion of the amount went to servicing its debt. The development is coming to fore even as the state has been grappling with years of backlogs of unpaid salaries owing to the failure of the government to judiciously harness the revenue potential of huge human and capital resources.

The state may even be on the brink of seeking life support, analysts have said. Osun also has the highest deduction done ever on any of the 36 states as a percentage of federal allocations, showing how terrible the fiscal situation of the state is at present.

A 91% federal allocation deducted in servicing the states debt profile would leave the state with only about 9% of the revenue to be used as expenditure on health, education and other financial obligations for its over 4.6 million people, according to BusinessDay’s estimate.

Osun State - Broke and broken

- Advertisement -

Osun is an extreme expression of the fact that most states of the country are technically insolvent and cannot meet their obligations. This burden on the state’s purse could have been a bit lighter but for the government’s inability to look inward and grow its stream of internally generated revenues.

As at March 2020, Osun had an outstanding domestic debt of ₦137.3 billion. Asides Lagos and some oil-producing states (Akwa Ibom, Bayelsa, Delta, Imo and Rivers), only a handful of other states (such as Ogun) have as much outstanding debt. A look at 2019 full-year internally generated revenues shows that it only generated ₦17.9 billion (1.34% of total and 19th highest nationally).

It means that Osun State’s IGR only covers 7% of the domestic debt owed (one of the worst ratios in the country). In light of the recent economic crisis resulting from the coronavirus induced lockdown, we can expect that all states will experience a significant decline in IGR, an indication that 2020 will be a difficult year for states like Osun to fund social programmes.

Unfortunately, the Federal Government is also in dire straits and is unable to help them with bailouts this time. This explains the current desperate drive for extortionary revenue generation from many states and the Federal Government. Of course, such measures will be counterproductive as they will cause businesses to shrink back. Governments need to ruthlessly cut their costs and take a view to enable businesses as opposed to extorting them.

- Advertisement -

SBM Intel

- Advertisement -
Osun State - Broke and broken - Brand SpurOsun State - Broke and broken - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

1 COMMENT

  1. “Unfortunately, the Federal Government is also in dire straits and is unable to help them with bailouts this time. This explains the current desperate drive for extortionary revenue generation from many states and the Federal Government.” – Bolaji Samuel

    From the quote above on the story that Osun State is ‘Broke and Broken, it is now an incontrovertible fact that Nigeria has speedily entered the terrain of a full and open tyrannical rule. As it is for Osun State so it is for every State in the country.

    Serious thinkers from time immemorial have shown that the state is a monster. And when it is hungry for fund to maintain the gluttonous lifestyle of those in power, as Nigeria State is at the moment, it becomes a very cold, bloodthirsty and vicious monster.

    It is difficult for me to broach the bad news that Nigerians have truly entered the ‘Darkest Moment’ of their lives. Now, everyone in Nigeria will know what it means when an oppressive government put its “knee on the neck” of the citizens. It is going to be a terrible agonising death for many.

    Nigerians should be prepared mentally, psychologically and spiritually for what is coming ahead. We can no longer sugar coat the imminent disaster. We have laid our beds so we are bound to sleep on it.

    It is too late in the day for a long heart rending sermon. We had every opportunity to prevent this day of ‘gnashing of teeth’ from happening. But we failed to act sensibly on the beautiful talents and bountiful resources Providence gave to us.

    Now the die is cast, it is too late to shed crocodile tears for Nigeria. We must take our bitter heals. It will help those who would remain alive after the horrible ordeal to heal properly from foolishness.

    SAM ABBD ISRAEL

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Osun State - Broke and broken - Brand SpurOsun State - Broke and broken - Brand Spur

Latest News

DEBx Medical Receives CE Mark Clearance and ISO 13485 Certification for Debrichem(R), a Novel Desiccant Gel for Chemical Debridement to Initiate Healing in Infected,...

  • Debrichem(R) offers a very effective, alternative approach to chronic wound care, initiating healing in more than 90 % of cases after one application[1]
  • CE mark and ISO 13485:2016 certification are important prerequisites for upcoming launches in markets worldwide
  • Chronic wounds affect 1 - 2 % of developed countries' populations,[2] unsuccessful treatment may lead to enlargement of the wound, bone involvement or in the worst case, amputation[3]
  • Debrichem soon to be launched in Europe, Hong Kong, South Africa, New Zealand and Australia


ROTTERDAM, THE NETHERLANDS - EQS Newswire - 25 February 2021 - DEBx Medical, the Dutch medical technology company revolutionizing the management of chronic wounds, is excited to highlight today the successful completion of the CE conformity assessment procedure for Debrichem(R). The innovative topical agent offers a superior alternative to surgical debridement, the current standard of care. Debrichem can now carry the CE mark for a medical device class IIb and has also been awarded ISO 13485:2016 certification. These certifications endorse the quality and safety of Debrichem to treat a high unmet medical need and the strength of the DEBx Medical team to achieve this quickly even in such difficult times. DEBx Medical plans first to launch Debrichem in Europe, South Africa as well as Hong Kong, New Zealand and Australia through a network of distribution partners; other markets will follow. DEBx Medical has started consultations with the FDA about the pathway to approval earlier this year.

Debrichem is a topical desiccant gel for chemical wound debridement used for the treatment of chronic infected and/or necrotic wounds. This novel product desiccates (dehydrates) the biofilm and the pathogens in the wound bed, debriding the biofilm chemically instead of surgically. Surrounding healthy skin is not affected.[4] The data underlying the CE mark approval show that, after a one-time 60-second application, more than 90 % of wounds result in full granulation,1 an important step in the healing process.[5] Due to its fast action and applicability outside the surgery room, Debrichem can easily be integrated within standard wound care procedures.4

"Being granted the CE mark and ISO 13485 certification for Debrichem in less than two years after founding DEBx Medical is an exciting and important milestone. I am proud of our achievements and would like to thank the whole team involved in this huge effort," said Dr. Bertus Quint, founding CEO of DEBx Medical. "Chronic wounds are painful and debilitating and patients have very limited options for healing. With Debrichem, we set out to significantly improve this situation which is frustrating for healthcare professionals and patients alike. We believe that Debrichem has the potential to meaningfully improve health outcomes and quality of life for millions of patients worldwide."

"In my day-to-day work, I experience the patients' despair associated with chronic wounds and the doctors' frustration with their inability to provide patients long-term healing. With the current COVID-19 pandemic, the situation has been exacerbated: many of our patients are in high-risk groups - elderly, diabetic or chronic cardiovascular patients - who now cannot go to the hospital for their urgently needed treatment," said David L. Helfet, MD, Professor of Orthopaedic Surgery, Weill Cornell Medical College and Hospital for Special Surgery, New York Presbyterian Hospital. "The major advantage of Debrichem is that with a relatively simple, quick, one time application it destroys the biofilm. Removing the biofilm is absolute key to get chronic wounds to heal. Debrichem is an important step forward in the management of chronic wounds and will find its place in the standard of care in a very short time. It may even have the potential to become the new gold standard for debridement in chronic wound care."

Chronic wounds are defined as wounds that have not healed, at least in part, after 4 to 12 weeks.[6] Physiologically, healing of chronic wounds is corrupted, among other factors, by excess inflammation and a recurrent or persistent, if not drug-resistant, microbial infection, often in the biofilm on a wound bed.4 The current gold standard treatment, maintenance surgical debridement, is a painful procedure performed in a sterile environment. Surgical debridement does not reliably initiate healing of the wound but can be part of an extensive wound management program requiring patients to repeatedly come into the hospital. Not surprisingly, general quality of life is impaired in patients with chronic wounds.6 Chronic wounds are estimated to have a prevalence of up to 2 % in the general population.[7] The wound etiology has an impact on outcome, arterial ulcers and venous leg ulcers are notoriously difficult to heal. Chronic wounds are also a common comorbidity of diabetes,[8] 13 % of patients with diabetes in North America to 17 % in Belgium are suffering from chronic wounds.[9] The burden of chronic wounds to healthcare systems and society around the world is substantial, exacerbated by the high rate of amputation in especially diabetic patients which is close to 34 % for diabetic foot ulcers.8 In the UK alone, chronic wounds generated costs of GBP 5.6 bn in 2018. The total wound care costs in the UK increased annually by 8 - 9 % with chronic wounds accounting for the largest share.[10]

References
[1] Cogo A et al., J Wound Care 2020;29(Sup7b):63-64. https://doi.org/10.12968/jowc.2020.29.Sup7b.1
[2] Nussbaum SR et al., Value Health 2018;21:27-32. https://doi.org/10.1016/j.jval.2017.07.007
[3] Strohal R et al., J Wound Care 2013; 22 (Suppl. 1): S1-S52. https://doi.org/10.12968/jowc.2013.22.Sup1.S1
[4] Cogo A et al., Wounds 2021;33:1-8. https://www.woundsresearch.com/article/restarting-healing-process-chronic-wounds-using-novel-desiccant-prospective-case-series
[5]http://www.shieldhealthcare.com/community/popular/2015/12/18/how-wounds-heal-the-4-main-phases-of-wound-healing/
[6] Olsson M et al., Wound Repair Regen 2019;27(1):114-125. https://doi.org/10.1111/wrr.12683
[7] Martinengo L et al., Ann Epidemiol 2019;29:8-15. https://doi.org/10.1016/j.annepidem.2018.10.005
[8] McCosker L et al., Int Wound J 2019;16:84-95. https://doi.org/10.1111/iwj.12996
[9] Zhang P et al., Ann Med 2017;49:106-116. https://doi.org/10.1080/07853890.2016.1231932
[10] Guest JF et al., BMJ Open 2020;10:e045253. https://doi.org/10.1136/bmjopen-2020-045253


The issuer is solely responsible for the content of this announcement.


About Debrichem(R)

Debrichem(R) is a disruptive new treatment option to address the infection in chronic wounds. The topical agent offers a superior alternative to surgical debridement, the current standard of care. Debrichem has been demonstrated to remove the biofilm and the pathogens from the wound bed that disrupt the onset of the natural healing process. Out of the more than 1.000 patients treated so far, more than 90 % of chronic wounds started to heal after only one treatment with Debrichem.4 The product is applied in a fast and simple, non-invasive procedure. Healthcare professionals should always consider using local anesthetics when applying the treatment. Debrichem can be used outside a surgical environment which can be particularly useful in situations, such as during the COVID-19 pandemic, where patients cannot get to hospitals to undergo surgery, avoiding long-term complications like amputation. Debrichem will be sold through a worldwide network of distributors, with the first market launches expected in Q1 2021.


About DEBx Medical

DEBx Medical B.V. is a Dutch medical technology company dedicated to revolutionizing the management of chronic wounds by enabling their healing, thereby improving the outcomes for millions of patients. DEBx Medical supports doctors and their patients from diagnosis through treatment, follow-up care, and maintenance of a healthy wound bed. The Company focuses its pipeline on targeting pathogens that corrupt wound healing, aiming to deliver affordable and effective treatment approaches that can easily be applied and implemented in daily clinical practice. Debrichem(R), DEBx Medical's first product, received a CE mark in early 2021 and will be launched in markets around the world. Debrichem offers a disruptive approach to debridement that has been demonstrated to enable healing of chronic wounds in more than 90 % of cases.

Osun State - Broke and broken - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Osun State - Broke and broken - Brand SpurOsun State - Broke and broken - Brand Spur