"Osun state is owing N407billion”– Gov. Adeleke reveals

Adeleke stated that his government inherited eight credit facilities, as well as a pension and debts, with payback terms ranging from 16 months to 28 years.

The new governor of Osun State, Ademola Adeleke, has revealed his predecessor, Gboyega Oyetola, took an N18 billion loan after the July governorship election in the state.

On Thursday, December 15, Adeleke told traditional rulers in Osogbo that the state is in debt to the tune of N407.32 billion.

According to him, there was no detailed record of how Oyetola spent the loan he received before or after the election.

Adeleke stated that his government inherited eight credit facilities, as well as a pension and debts, with payback terms ranging from 16 months to 28 years.

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In his words;

“My good people of Osun state, the total loan stock as at today is N331.32 billion. If the N76 billion debt on salaries and pension are added, 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 at Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.
As your governor, I will ask questions on your behalf and will demand for answers. 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.
Governor Oyetola must also explain why Osun state is owing salaries & pension to the tune of N76 Billion after collecting a N50 billion salary bail out Loan from the federal government
The creditors, especially the Commercial Banks must explain why various loans were given to an administration beyond its 4 year tenure. 28 years is equivalent to the tenure of at least four Governors.
A child that is born today would have earned a PhD at 28 years of age. This is nothing but mortgaging the future of Osun state with nothing to show for it. This is definitely not acceptable.”