Governor Ademola Adeleke of Osun State on Thursday revealed that his administration inherited a total debt profile of N407.32 billion as at November 30, 2022 from the previous administration.
Adeleke made the disclosure yesterday during a meeting with traditional rulers in the state led by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, in Osogbo, the state capital.
He said, “My administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola’s administration. The repayment period ranges from 16 months to about 28 years,” Ademola stated.
He added that there is no information on the repayment terms of the loan including foreign loans totalling $86.2 million.
“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 no explanation on how the loan was expended.
“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, 2022, was for November 2022 salary. Otherwise, the state treasury was empty.
Governor Adeleke declared his intention to probe the immediate past administration on behalf of the people of the state.
In their response, the Olowu of Kuta, Oba Adekunle Makama advised the governor not to be distracted but rather face governance, adding that his hundred days in office is counting.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
