Michael Ofulue, Osogbo

Contrary to the claims of immediate past Osun State Governor, Gboyega Oyetola that his administration left N14billion in the coffers of the state government, Governor Demola Adeleke yesterday put the debt profile of the State at N407. 32billion.

Adeleke who disclosed this during a meeting with the state traditional rulers said with the discovery of   huge debt profile of the state, it will make it difficult for him to meet the yearnings and aspirations of the people especially in payment of salaries, pension and other demands.

The Governor disclosed that his administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Oyetola’s administration. The repayment period ranges from 16 months to about 28 years.

According to him a large portion of the loan was taken after July 16, 2022 election which Oyetola lost adding that there was no information on the repayment terms.

His words: “Not one kobo of this loan was left in Government Coffers, when the Deputy Governor and I resumed work November 2022. And no explanation on how the loan was expended, saying that Foreign loans remains $86.2m of which there is no information on the Repayment Terms.

He said the state had a total loan stock of N331.32b. and N76 billion debt on salaries and pension are added, the state is indebted to the tune of N407.32b. The amount owed contractors is yet to be determined.

Adeleke hinted that the only Fund in government coffers, as at Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.

He told the Royal fathers that  Oyetola must explain how the N331billion borrowed in the name of Osun State was expended, with no obvious infrastructural development to justify this huge debt.