Ademola Adeleke, Governor of Osun State, has revealed that the state is in debt to the tune of 407.32 billion naira, including N76 billion in salary and pension debts.
Adeleke claimed that Gboyega Oyetola, his predecessor, took a N18.04 billion FGN Bridge Finance Facility loan following the July 16, 2022 election, which Oyetola lost, and that no details about the loan’s repayment terms are known.
The governor revealed this in a speech he gave on Thursday in Osogbo during a gathering of the traditional rulers of Osun State. He said it has not yet been decided how much is owed to the contractors.
Apart from the debts associated with salaries and pensions, Adeleke claimed that his administration inherited eight unpaid loan facilities from Oyetola.
He claims that the repayment period is between 16 months and approximately 28 years.
Excess Crude Account (ECA) Loan, Restructured Commercial Bank Loans, Excess Crude Account Loan, CBN Infrastructure Loan, FGN Intervention Loan, FGN Bridge Finance Facility, and Foreign Loans are just a few of the loans that are listed.
The governor insisted that he would ask questions and demand answers on how the funds were used, claiming that the only fund in government coffers as of Monday, November 29th, was for the salary for November 2022.
He claimed that in addition to explaining why Osun state owes salaries and pensions totaling N76 billion after receiving a N50 billion salary bailout loan from the federal government, Governor Oyetola must also explain why.
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