Osun State owes N407.32bn – Adeleke

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Lagos, Dec. 15, 2022 – Gov. Ademola Adeleke of Osun State says the state is indebted to the tune of N407.32 billion as at the end November.

Adeleke told a meeting of Osun State Traditional Rulers in Osogbo on Thursday that Oyetola must be made to explain how he accumulated the debts.

He said that Oyetola took a bridging loan of N18 billion after he lost the governorship election on July 16, 2022.

According to him, his administration inherited eight outstanding loans facilities, apart from salaries and pension debts, adding that the repayment period for the loan facilities ranged from 16 months to about 28 years.

“My good people of Osun State, the total loan stock as of today is N331.32 billion.

“If the N76 billion debts 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.

“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 he spent the N18 billion bridge loan taken after he lost the election on July 16, 2022.

“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 bailout 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.” (GBN)

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