Between December 2022 and the first quarter of 2025, Osun State, under the administration of Governor Ademola Adeleke recorded a significant decline in both domestic and external debts. The domestic debt dropped from ₦148.37 billion to ₦83.32 billion, while the external debt reduced from $91.78 million to $75.14 million. These figures reflect the administration’s deliberate fiscal actions to reduce the state’s debt burden and improve financial sustainability.
The reduction in domestic debt was especially noteworthy, with a repayment of ₦65 billion, which represents a 43.84% decrease over the period. This level of decline indicates commitment to aggressive debt repayment and fiscal responsibility. It also indicate improved internally generated revenue (IGR) which allows the state to meet credit obligations without the burden of additional borrowing.
Osun State has also managed to reduce its external debt by $16.64 million, a decrease of 18.13% despite the high exchange rate. The debt reductions point to strong Governor Adeleke’s fiscal discipline and effective leadership in economic management.
OSUN DEBT PROFILE:
DOMESTIC DEBT
DECEMBER 2022 — #148,366,712,357.73
MARCH 2025 — #83,317,509,490.45
REDUCTION – #65,049,202,867.28
% REDUCTION- 43.84%
EXTERNAL DEBT
DECEMBER 2022 — $91,779,393.97
DECEMBER 2024 — $75,137,121.28
REDUCTION — $16,642,272.69
% Reduction – 18.13%
Source: Debt Management Office (DMO)
http://www.dmo.gov.ng
