Gov Adeleke Denies Obtaining Foreign Loan, Blames Inherited Debt Maturity
By Kazeem Adekunle Tiamiyu
Odun State Governor,Senator Ademola Jackson Nurudeen Adeleke has denied taking any foreign loan, secretly or openly, since he assumed office in November 2022.
This is contained in a statement signed by Mallam Olawale Rasheed, Spokesperson to the State Governor.
The Governor described reports suggesting that his administration took a foreign loan as “mere fake news.”
Governor Adeleke was reacting to the recent publication of the State’s foreign debt stock by the Debt Management Office (DMO).
According to the DMO report as at June 30, 2026, Osun State’s total external debt stands at *$101.70 million*, compared to *$75.14 million* recorded as at December 31, 2024. This represents an increase of approximately *$26.56 million* within 18 months.
A breakdown of the figures shows that the State’s multilateral debt increased from approximately $67.60 million in December 2024 to $94.15 million in June 2026. Its bilateral debt also recorded a marginal increase, from approximately $7.54 million to $7.55 million within the same period.
*Clarifying the increase*, Governor Adeleke explained that the DMO had reflected the sum of *$25.8 million* external loan taken by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP).
He said the loan repayment process had matured by December 2025, hence its inclusion by the DMO in its report.
The Governor further disclosed 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’s external debt stock.
Governor Adeleke maintained that his administration has not taken any external loan as a strategy for sustainable financial management of State resources.
He chided those accusing the State Government of secretly taking foreign loans as ignorant of the statutory procedures for applying for and accessing foreign loans.
“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 was quoted as saying.
