The Governor of Osun, Senator Ademola Adeleke has disclosed that the state is indebted to the tune of 407.32 billion naira, including N76 billion debts on salaries and pension.
Adeleke said his predecessor, Gboyega Oyetola took a N18.04 Billion FGN Bridge Finance Facility loan after the July 16th, 2022 election which Oyetola lost, and that there is no information on the repayment terms.
The governor made this revelation in an address he delivered at a meeting with the state traditional rulers in Osogbo, on Thursday. He said the amount owed contractors is yet to be determined.
The statement reads “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, as follows:
“Budget Support Facility: Outstanding Balance: N51.8 Billion, Monthly repayment: N154.9m, Repayable Period Outstanding:
335 months = 27 years 9 months
“Salary Bail Out Loan: Outstanding Balance: N38.8 Billion, Monthly Repayment: N232.77m, Repayable Period Outstanding: 67 Months = 13 years 9months
“Restructured Commercial Bank Loans: Outstanding Balance: N158.77 Billion, Monthly Repayment: N1.14 Billion, Repayable Period Outstanding: 139 Months = 11years 6 months.
“Excess Crude Account (ECA) Loan: Outstanding Balance: N14.48 Billion, Monthly Repayment: N89.97m, Repayable Period Outstanding: 161 Months = 13 years 4 months
“CBN Infrastructure Loan: Outstanding Balance: N9.2 Billion, Monthly Repayment: N44.98m, Repayable Period Outstanding: 205 months = 17 years 1 month.
“FGN Intervention Loan: Outstanding Balance-N1.7Billion, Monthly Repayment-N100m, Repayable Period Outstanding:
17 months.
“FGN Bridge Finance Facility: N18.04 Billion -A large portion of this particular loan was taken after 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.
“Foreign loans: $86.2m no information on the Repayment Terms. 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 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.
