Governor Ademola Adeleke has pushed back against insinuations that his government secretly took foreign loans, insisting he has not borrowed a dime from abroad since November 2022.
Adeleke was reacting to figures released by the Debt Management Office (DMO), which put Osun’s external debt at $101.70 million as at June 30, 2026, against $75.14 million as at December 31, 2024 — a rise of $26.56 million in 18 months.
The DMO data showed multilateral debt climbing from $67.60 million to $94.15 million, while bilateral debt moved slightly from $7.54 million to $7.55 million.
But in a statement issued by his spokesperson, Olawale Rasheed, the governor said the increase had nothing to do with his administration.
According to him, what the DMO captured was a $25.8 million loan secured by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP), whose repayment fell due in December 2025.
Adeleke disclosed that four other external loans contracted by the former government have also matured and could soon show up in the state’s debt profile.
He said his government deliberately stayed away from external borrowing as a way of managing the state’s finances sustainably, adding that critics accusing him of secret borrowing do not understand the legal process for accessing foreign loans.
“If at all, our administration is to take loans for any reason, it will be open to the public with utmost transparency and compliance with due process,” Adeleke said, describing the allegation as fake news.
Follow the OSUNDOTLIFE channel on WhatsAppKindly share this story | All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from OSUNDOTLIFE.
Contact: editor@osun.life
WhatsApp: 📲 +2348092333666