Osun State governor, Ademola Adeleke said Thursday that the State is broke and swimming in debt of about N407.32 billion.
He disclosed during the monthly meeting with Osun State Traditional Rulers, that the only money in the Osun State treasury was the the November Salary of the civil servants.
Governor Adeleke told the gathering that his administration took over eight outstanding loan facilities with 16 months to 28 years payement period, totalling N331.32 billion. This is in addition to a N76 billion debt of arrears of salaries and pensions owed by the previous administration.
“The total loan stock as of today is N331.32 Billion. If the N76 billion debt on salaries and pensions are added, the state is indebted to the tune of N407.32 billion. The amount owed to contractors are yet to be determined. The only fund in government coffers, as at 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. 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 & pensions 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.”

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