The state is indebted to the tune of N407.32 billion—Osun State Governor, Senator Ademola Adeleke

The governor of Osun State, Senator Ademola Adeleke, stated on Thursday that the state presently owes N407.32 billion in debt.

He made this known in his remarks during a gathering of the state’s traditional rulers in Osogbo, the capital of Osun State.

Apart from salary and pension obligations left over from the Governor Oyetola government, the Governor informed the group that his administration had inherited eight outstanding credit facilities, with payback terms ranging from 16 months to about 28 years.

He explained that “the large portion of this particular loan was taken after the July 16th, 2022 election, which Governor Oyetola lost, and there was no information on the repayment terms.”

“Not one kobo of this loan was left in government coffers when the deputy governor and I resumed work on Monday, 29th November 2022. There was also no explanation for how the loan was spent. Foreign loans: $86.2m.

“No information on the repayment terms. My good people of Osun State, the total loan stock as of today is N331.32 billion,” he said.

The governor added that the state is indebted to the tune of N407.32 billion. The amount owed to contractors is yet to be determined. The only fund in government coffers as of Monday 29th November was for November 2022 salaries. Otherwise, the state treasury was empty.

“As your governor, I will ask questions on your behalf and demand answers. Former Governor Oyetola must explain how the N331 billion borrowed in the name of Osun State was expended, with no obvious infrastructural development to justify this huge debt.

“Governor Oyetola must explain how the N18 billion bridge loan taken after he lost the election on July 16, 2022, was expended.”


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