Osun State Governor, Ademola Adeleke, has described allegations that his administration had secretly secured foreign loans as fake news, insisting that the increase in the state’s external debt stock was linked to inherited financial obligations.
This is as Governor Adeleke also denied taking any foreign loans, either secretly or openly, since assuming office on November 27, 2022.
Adeleke’s clarification followed the latest external debt report released by the Debt Management Office, DMO, which showed that Osun’s foreign debt increased by approximately $26.56 million between December 2024 and June 2026.
According to the DMO report, “Osun State’s total external debt stood at $101.70 million as of June 30, 2026, compared with $75.14 million recorded on December 31, 2024.”
Explaining the development through his spokesperson Olawale Rasheed on Tuesday, Governor Adeleke said the increase was largely attributable to a $25.8 million foreign loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project, RAAMP.
“The inherited loan matured for repayment in December 2025 leading to its inclusion in the DMO’s external debt figures.
“Four other foreign loans obtained by the previous administration had also matured for repayment and could soon be reflected in the state’s external debt profile,” he said.
Adeleke maintained that his administration had not obtained any external loan since assuming office, adding that borrowing was not part of its strategy for managing the state’s financial resources.
He also criticised those accusing his government of secretly obtaining foreign loans, arguing that such allegations demonstrated a lack of understanding of the statutory procedures required to secure external financing.
“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,” the governor said.
The governor said the clarification was necessary to address public concerns surrounding Osun State’s rising external debt profile.
