Adeleke speaks on Osun’s debt profile, amid reported $26.56m borrowing increase

Osun State Governor, Ademola Adeleke, on Tuesday, denied taking any foreign loan since taking office in November 2022, following a Debt Management Office (DMO) update revealing a rise in the state’s debt profile.

Mr Adeleke attributed the increase in the state’s external debt to repayments and obligations arising from loans obtained by his predecessor.

The governor’s denial followed a DMO report showing that Osun’s external debt stock increased from $75.14 million as of December 2024 to $101.70 million as of 30 June 2026.

The figures represent an increase of approximately $26.56 million or 35.3 per cent increase within 18 months.

In a statement issued on Tuesday by his spokesperson, Olawale Rasheed, Mr Adeleke blamed the increase on a $25.8 million loan obtained by the previous administration led by Gboyega Oyetola, for the Rural Access and Agricultural Marketing Project (RAAMP).

“The loan repayment process had matured by December 2025, hence its inclusion by DMO in its report,” the statement read.

According to the governor, 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.

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It noted that breakdown of the DMO figures cited by the governor’s office shows that Osun’s multilateral debt rose from approximately $67.60 million in December 2024 to $94.15 million in June 2026.

“Its bilateral debt also recorded a marginal increase, moving from approximately $7.54 million to $7.55 million within the same period.”

Mr Adeleke, however, maintained that his administration had not taken any external loans since assuming office, describing allegations that it secretly borrowed foreign funds as false.

“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.