The Governor of Osun, Senator Ademola Adeleke has disclosed that the state is indebted to the tune of 407.32 billion naira, including N76 billion debts on salaries and pension.
Adeleke said his predecessor, Gboyega Oyetola took a N18.04 Billion FGN Bridge Finance Facility loan after the July 16th, 2022 election which Oyetola lost, and that there is no information on the repayment terms.
The governor made this revelation in an address he delivered at a meeting with the state traditional rulers in Osogbo, on Thursday. He said the amount owed contractors is yet to be determined.
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.