Osun Governor Ademola Adeleke denies taking foreign loans since assuming office

Osun State Governor Ademola Adeleke on Tuesday firmly denied taking any foreign loan since he assumed office in November 2022, responding to a report from the Debt Management Office (DMO) that showed the state's external debt stock had risen significantly. Mr Adeleke explained that the increase was not due to borrowing under his administration but rather to repayments and obligations arising from loans obtained by his predecessor, Gboyega Oyetola. According to the DMO report cited by the governor's office, Osun's external debt stock increased from $75.14 million as of December 2024 to $101.70 million as of 30 June 2026, representing an increase of approximately $26.56 million or 35.3 per cent within an 18-month period. The breakdown of the DMO figures shows that multilateral debt rose from approximately $67.60 million in December 2024 to $94.15 million in June 2026, while bilateral debt recorded only a marginal increase, moving from approximately $7.54 million to $7.55 million over the same period. In a statement issued by his spokesperson, Olawale Rasheed, Mr Adeleke identified a $25.8 million loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP) as the primary driver of the increase. He noted that the repayment process for this loan had matured by December 2025, which is why it was included in the DMO report. The governor further stated that four other external loans obtained by the previous administration have also matured for repayment and may soon be reflected in the state's external debt stock. Mr Adeleke maintained that his administration had not taken any external loans since assuming office, describing allegations that it secretly borrowed foreign funds as false. He said: 'The above clarification is necessary to set the records straight. If at all, our administration is to take loans for any reason, it will be open to the public with utmost transparency and compliance with due process.'