How Oyetola Took N18bn Loan After Election L0ss, Left N407.32bn D3bt – Adeleke Reveals

Ademola Adeleke, the governor of Osun State, said that the state owes 407.32 billion naira in debt, including N76 billion in unpaid wages and pensions.

Adeleke claimed that Gboyega Oyetola, his predecessor, acquired a N18.04 billion FGN Bridge Finance Facility loan during the July 16, 2022 election, which Oyetola lost, and that no details about the loan’s repayment terms are known.

The governor revealed this in a speech he gave during a gathering of the traditional rulers of Osun State on Thursday in Osogbo. He stated that the sum owed to the contractors has not yet been decided.

Adeleke said his administration inherited eight outstanding loan facilities from Oyetola, apart from salaries and pension debts.

According to him, the repayment period ranges from 16 months to about 28 years.

Some of the loans listed include Budget Support Facility, Salary Bail Out Loan, Restructured Commercial Bank Loans, Excess Crude Account (ECA) Loan, CBN Infrastructure Loan, FGN Intervention Loan, FGN Bridge Finance Facility and Foreign Loans.

Stating that the only fund in government coffers as at Monday 29th November was for November 2022 Salary, the governor insisted that he would ask questions and demand answers on how the funds were expended.

He said that Governor Oyetola must also explain why Osun state owes salaries & pension to the tune of N76 Billion after collecting a N50 Billion Salary Bail Out Loan from the Federal Government.

Governor Adeleke also said that creditors, especially the Commercial Banks must explain why various loans were given to an administration beyond its 4 year tenure.