Adeleke: Osun’s $26.56m debt rise not from new loans
AI Executive Briefing
Gemini Flash AI~45s readOsun State Governor Ademola Adeleke has refuted allegations of secret foreign borrowing, clarifying that the recent $26.56m rise in the state's debt profile is due to the maturation of loans inherited from the previous administration. The governor emphasized that his administration has not initiated any new external debt.
Context & Background
- ✦The Debt Management Office (DMO) reported an increase in Osun State's external debt from $75.14m in December 2024 to $101.70m in June 2026.
- ✦The state government highlighted that the increase is primarily linked to the Rural Access and Agricultural Marketing Project loan, which matured in December 2025.
Key Figures & Named Entities
Governor Ademola Adeleke:Stated that any future loans would be transparent and follow due process.Olawale Rasheed:Spokesperson for the governor who signed the official statement.$26.56m:The total increase in external debt reported by the DMO between December 2024 and June 2026.
Outlook & Next Steps
The state government indicated that four additional external loans from the previous administration may soon be reflected in the state's external debt stock as they reach maturity.
Key Takeaways
AI Summary- Governor Ademola Adeleke denies taking new foreign loans, labeling reports of secret borrowing as fake news.
- The $26.56m increase in Osun State's foreign debt is attributed to a $25.8m loan secured by the previous administration for the Rural Access and Agricultural Marketing Project.
- The state government maintains that any future borrowing will be conducted with transparency and in compliance with due process.
Key Facts:December 31, 2024: Osun State's total external debt was recorded at $75.14m as of December 31, 2024.December 2025: The external loan repayment for the Rural Access and Agricultural Marketing Project matured.June 30, 2026: Osun State's total external debt reached $101.70m, reflecting an increase of approximately $26.56m over 18 months.
Editorial Excerpt
Osun State Governor, Ademola Adeleke, has denied taking new foreign loans, attributing the state's $26.56m debt increase to a loan from the past admin.
Frequently Asked Questions About This Story
Why did the Debt Management Office report an increase in Osun State's foreign debt?
The increase of $26.56m is attributed to the inclusion of a $25.8m external loan taken by the previous administration that matured for repayment.
Has the current administration under Governor Adeleke taken any new foreign loans?
No, Governor Adeleke has explicitly denied taking any new foreign loans since assuming office.
