Adeleke denies taking foreign loans, explains rise in Osun debt
By Waliu Adetokun, Osogbo
Osun State Governor, Ademola Adeleke, has denied taking any foreign loan since assuming office in November 2022, insisting that the recent increase in the state’s external debt was due to inherited financial obligations.
According to a statement issued on Monday by his spokesperson, Mallam Olawale Rasheed, the repayment obligation on the loan matured in December 2025, leading to its reflection in the DMO’s debt report.
The governor’s position followed the latest external debt report released by the Debt Management Office (DMO), which put Osun’s foreign debt at $101.70 million as of June 30, 2026, compared with $75.14 million recorded on December 31, 2024.
The figures represent an increase of about $26.56 million within 18 months.
A breakdown of the report showed that the state’s multilateral debt rose from approximately $67.60 million in December 2024 to $94.15 million in June 2026, while bilateral debt increased slightly from $7.54 million to $7.55 million during the same period.
Reacting to the figures, Adeleke said the increase was largely connected to a $25.8 million external loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP).
The governor also disclosed that four other external loans secured by the previous administration had reached repayment maturity and could be reflected in subsequent reports on the state’s external debt.
Adeleke maintained that his administration had neither secretly nor openly obtained any foreign loan since coming into office, describing allegations of fresh external borrowing as false.
He said avoiding external borrowing was part of his administration’s approach to managing the state’s finances and ensuring sustainable use of public resources.
The governor also faulted those accusing his government of secretly securing foreign loans, arguing that such claims showed a lack of understanding of the statutory procedures involved in obtaining external loans.
“The above clarification is necessary to set the records straight. If at all, our administration is to take loans for any reason, it will be open to the public with utmost transparency and compliance with due process,” he said.
Adeleke assured residents that any decision by his administration to borrow in the future would be made public and subjected to the necessary legal and financial procedures.