N407bn Debt: Adeleke Vows To Probe Oyetola, Accuses Former Governor Of Borrowing After Elections
Osun State Governor, Senator Ademola Adeleke, has put the total debt portfolio of the state at N407.32 bn.
Adeleke, who spoke at the monthly meeting of Osun State Traditional Rulers, held in Osogbo on Thursday, explained that the figure was arrived at after various sums of money in the eight credit facilities inherited were added to arrears of salaries and pension owed workers and retirees.
The governor said his administration inherited eight outstanding loan facilities repayable between the period of 16 months and 28 years, totalling N331.32bn, while the administration also had N76bn debt of arrears of salaries and pensions owed by the previous administration.
He said, “The total loan stock as of today is N331.32bn. If the N76bn debt on salaries and pension are added, the state is indebted to the tune of N407.32bn.
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The amount owed to contractors is yet to be determined. The only fund in government coffers as of Monday, November 29, 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 N331bn borrowed in the name of Osun State was expended with no obvious infrastructural development to justify this huge debt.
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“Governor Oyetola must explain how the N18bn Bridge Loan taken after he lost the election on July 16, 2022, was expended. Governor Oyetola must also explain why Osun State owes salaries and pensions to the tune of N76bn after collecting an N50bn salary bailout loan from the Federal Government.
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