Osun State’s Governor, Ademola Adeleke, addressed recent concerns over the state’s increasing debt, clarifying that no new foreign loans have been taken since he assumed office in November 2022. His remarks come in light of a report from the Debt Management Office (DMO) that noted a significant rise in the state’s external debt.
The DMO’s update revealed that Osun’s external debt grew from $75.14 million in December 2024 to $101.70 million by June 30, 2026, marking an increase of approximately $26.56 million, or 35.3 percent over 18 months. In a statement issued by his spokesperson, Olawale Rasheed, Adeleke pointed to loan repayments and obligations attributed to the previous administration, led by Gboyega Oyetola.
According to Adeleke, a $25.8 million loan taken by Oyetola’s administration for the Rural Access and Agricultural Marketing Project (RAAMP) has matured, thereby contributing to the current debt figures. He noted that other external loans from previous terms are also nearing maturity and may soon reflect in the state’s debt stock.
The governor highlighted that Osun’s multilateral debt rose from approximately $67.60 million to $94.15 million during the same period, while its bilateral debt saw a minimal increase. Furthermore, Adeleke reiterated his commitment to transparency, asserting that any future loans sought by his administration would be disclosed to the public with full adherence to due process and transparency standards.
