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Oyetola leaves 407.32 billion debt, Adeleke tells traditional council 

From Lateef Dada, Osogbo

Osun State Governor, Ademola Adeleke, on Thursday disclosed that the state is indebted to the tune of N407.32billion including debts on salaries and pensions.

He presented the debt profile before the council of traditional rulers presided over by the Ooni of Ife, Oba Adeyeye Ogunwusi.

Noting that the figures were released by the Accountant-General of the state, O. R. Alabi, Adeleke said the total debt stands at N331.32 billion with N76 billion debt on salaries and pension making N407.32 billion.

The Governor disclosed that the debts include Budget Support Facility of N51.8 billion to be paid for 27 years and 9 months on a monthly repayment of N154.9 million.

Others are a salary bailout loan of N38.8billion to be paid for 13 years and 9 months; restructured commercial bank loan of N158.77billion with a repayable period of 11 years and 6 months;

Excess Crude Account (ECA) loan of N14.48billion with a repayable period of 13years and 4 months; CBN Infrastructure loan of N9.2billion payable for 17 years and one month; and FG intervention loan of N1.7billion with a repayable period of 17months.

The Governor stated that the FGN bridge finance facility stands at N18.04 billion, alleging that “a large portion of this particular loan was taken after the July 16th, 2022 election which Governor Oyetola lost.

“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. And no explanation on how the loan was expended,” Adeleke added.

According to the Governor, there is no information on the repayment terms of the $86.2million foreign loan, vowing that “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 was 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 N50 billion salary bail out a loan from the Federal Government,” he added.

The traditional rulers promised to set up a committee to investigate by verifying the veracity of the claim, advising that the Governor should not be distracted.

Speaking on behalf of the monarchs, the Oluwo of Iwo, Oba Abdulrosheed Akanbi, said he didn’t believe that Oyetola could do such as alleged, vowing that the ex-governor owed the state explanation if he truly said that.

“Since you said what you presented today is from the Accountant-General, don’t discard it. If somebody has done these, question him but give room for a fair hearing. I don’t want to jump to a conclusion, but I know Oyetola cannot do such. But if he has done so according to what was presented today, the former governor should tell us. We deserve to know the truth,” he added.

Similarly, Olowu Kuta, Oba Adekunle Oyelude charged Adeleke not to be distracted by the debt profile of the state but to face governance.

His words: “Don’t be distracted face governance, your hundred days in office is counting your success is what is important to us,” he added.

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