Ademola Adeleke, the governor of Osun State, has acknowledged that Gboyega Oyetola borrowed N18 billion after falling short in the July 16th 2022 election for governor of Osun.
This comes as he also disclosed that, as of November 30, 2022, the state owes a total of N407.32 billion in debt.
In a meeting with the traditional leaders of Osun State on Thursday in the state capital of Osogbo, Adeleke made this revelation.
He claimed that, in addition to the arrears for salary and pensions, my administration also inherited eight unpaid credit facilities from the governor Oyetola’s administration.
According to Adeleke, the credit facilities’ repayment terms span from 16 months to roughly 28 years.
“My good people of Osun state, the total loan stock as of 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 of 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 answers,” Adeleke told the traditional rulers.
He added, “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 and 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 Ph.D. 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.”
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