Osun State Governor, Ademola Adeleke, has denied taking any secret foreign loan since assuming office, describing the claim as fake news.
This was contained in a statement signed by the governor’s spokesperson, Olawale Rasheed, and obtained by The PUNCH in Osogbo on Tuesday.
The governor’s response followed a recent publication of the state’s foreign debt stock by the Debt Management Office, which showed an increase of approximately $26.56m between December 2024 and June 2026.
“The DMO’s external debt stock report as of 30 June 2026 puts Osun State’s total external debt at $101.70m, compared with $75.14m recorded as of 31 December 2024. The difference represents an increase of approximately $26.56m within 18 months.
“A breakdown of the DMO figures shows that the state’s multilateral debt increased from approximately $67.60m in December 2024 to $94.15m in June 2026.
“Its bilateral debt also recorded a marginal increase, moving from approximately $7.54m to $7.55m within the same period,” the statement read.
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Clarifying the details of the debt profile, Adeleke stated that the DMO had reflected the $25.8m external loan taken by the previous administration for the Rural Access and Agricultural Marketing Project.
Adeleke said, “The loan repayment had matured by December 2025, hence its inclusion by the DMO in its report.
“The governor further submitted that there are four similar external loans by the previous administration which have matured for repayment and which may soon be reflected in the state external debt stock.
“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 in compliance with due process.”
He also noted that his administration had not taken any external loan as part of its strategy for sustainable management of state resources.
He chided those accusing the state government of secretly taking foreign loans, describing them as ignorant of the statutory procedures for applying for and accessing foreign loans.
