Governor Seyi Makinde of Oyo State on Tuesday said the state was technically bankrupt, and disclosed that his administration was still looking for ways to salvage the situation.

This came few days after the governor revealed that the state was indebted to the tune of at least N150 billion.

The governor made this declaration while receiving members of the Governing Council of the University of Ibadan who paid him a courtesy visit.

Makinde, who said the situation was very critical, maintained that if the state were a private entity, he would not lend a dime to it but would advise them to start winding up proceedings.

The governor also promised to make a pronouncement on how to turn around the moribund Agbowo Shopping Complex within the first 100 days of his administration.

He lamented that it was unfortunate that the hitherto busy shopping complex had become an eyesore and security threat to both the university and neighbouring communities.

Makinde also promised that his government would collaborate with the University of Ibadan, especially in the area of public-private partnership.

He said: “The university is a very important member of this community. We will like to collaborate with the university, especially in the area of public-private partnership (PPP) and, for us, there should be a serious synergy between the academia and the government because the majority of very good research outcomes stay on the shelf in the university.

“We want those to come out for us to work together to utilize those research outcomes to better the lives of our people. The government of Oyo State is keen and ready for such a partnership.”