Oyetola Took N18bn Loan After Election Loss, Left N407.32bn Debt

The Governor of Osun State, Ademola Adeleke has disclosed that the state is indebted to the tune of 407.32 billion naira, consisting of N76 billion money owed on salaries and pension.

Adeleke stated that his predecessor, Gboyega Oyetola took a N18.04 Billion FGN Bridge Finance Facility mortgage after the July 16th, 2022 election which Oyetola misplaced and that there’s no statistics at the compensation terms.

The governor made this revelation in an address he delivered at the assembly with the Osun State Traditional Rulers in Osogbo On Thursday. He stated the quantity owed contractors is but to be determined.

Adeleke stated that his management inherited a high-quality mortgage centers from Oyetola, other than salaries and pension money owed.

According to him, the compensation length levels from sixteen months to approximately 28 years.

Some of the loans indexed encompass Budget Support Facility, Salary Bail Out Loan, Restructured Commercial Bank Loans, Excess Crude Account (ECA) Loan, CBN Infrastructure Loan, FGN Intervention Loan, FGN Bridge Finance Facility and Foreign Loans.

Stating that the simplest fund in authorities coffers as at Monday twenty ninth November become for November 2022 Salary, the governor insisted that he could ask questions and call for solutions on how the budget had been expended.

He stated that Governor Oyetola should additionally provide an explanation for why Osun country owes salaries & pension to the song of N76 Billion after accumulating a N50 Billion Salary Bail Out Loan from the Federal Government.

Governor Adeleke additionally stated that creditors, particularly the Commercial Banks should provide an explanation for why numerous loans had been given to an management past its four year tenure.