He attributed the current economic challenge to the misrule of the past administration led by Goodluck Jonathan.
He said even governors elected on the platform of the Peoples Democratic Party, which ruled the country in the last 16 years agreed with their colleagues from other parties that the "challenge today is as a result of abuses of yesterday".
Oshiomhole spoke with State House correspondents shortly after a meeting he had with President Muhammadu Buhari at the Presidential Villa, Abuja.
He said he and five of his colleagues had earlier met with Buhari on Tuesday to discuss the huge challenges being faced by many of the states.
Part of the problem, he said, was that many workers were not being paid.
According to him, once salaries wee not paid, the situation creates a vicious circle with landlords not getting their rents and market women unable to sell, leading to a depressed economy.
He said, "These issues were discussed yesterday (on Tuesday) and as usual President Buhari has been extremely supportive even though we all agree including PDP governors among us that the crisis that we are being faced was as a result of the misrule of the past.
"The challenge of today is as a result of the abuses of yesterday.
"But inspite of that, President Buhari has been very helpful. But for that, many states would have gone into crisis. I don't know what you will call a state that is completely insolvent and bankrupt.
"We have to appreciate the President for the leadership he has provided; I mean we all have a greater sense of security today than was the case around this time a year ago."
