Oyetola Took N18bn Loan After Election Loss, It Will Take 28 Years To Repay Dept – Adeleke

Osun State Governor, Ademola Adeleke has accused his predecessor, Gboyega Oyetola, of mismanaging the state’s fund and taking a loan of N18 billion after losing the governorship election in the state.

Adeleke Calls Out Oyetola Over Osun Debt Profile

While addressing the Council of Traditional Rulers at the Ministry of Finance building, the governor said the state is indebted to the tune of N407.32 billion, apart from the debt owed local contractors.

Adeleke said Oyetola must explain why Osun is owing N76 billion in salaries and pensions after receiving N50 billion salary bailout from the federal government.

He said his administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Oyetola’s administration with a repayment period for the depts ranging from 16 months to about 28 years.

Adeleke said: “My good people of Osun state, the total loan stock as of today is N331.32 billion.

“If the N76 billion debt on salaries and pension is 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,” Adeleke told the traditional rulers.

“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 the N18 Billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.

“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 Bail Out 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.”

This comes two weeks after Gboyega Oyetola claimed he left N14 billion for Ademola Adeleke in Osun coffers despite not borrowing any money to finance the state’s economy, and paid N97 billion from the total debt inherited in 2018 when he assumed office.