_Oyetola took N18bn loan After Loosing election -Governor Adeleke_

An Address By Governor Adeleke to Traditional Rulers on the state of Osun Finances

” I am pleased to welcome our royal majesties and fathers to this all important event. I called this meeting first to meet our royal fathers and to present to you the official debt profile of Osun state as at November 30th, 2022 as submitted to me by the Accountant General of Osun State.

With high sense of responsibility, I am reporting to our people through our traditional rulers, the total debt profile inherited by my administration from Governor Oyetola’s administration.

This event is in pursuance of my pledge to Osun people to be transparent and run an open government.

My administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola’s administration. The repayment period ranges from 16 months to about 28 years, as follows:

1. Budget Support Facility:
   • Outstanding Balance: N51.8 Billion

• Monthly repayment: N154.9m

• Repayable Period Outstanding:
335 months = 27 years 9 months

2. Salary Bail Out Loan:

• Outstanding Balance: N38.8 Billion

• Monthly Repayment: N232.77m

• Repayable Period Outstanding:

•167 Months = 13 years 9months

3. Restructured Commercial Bank Loans:

• Outstanding Balance: N158.77 Billion

• Monthly Repayment: N1.14 Billion

• Repayable Period Outstanding:
139 Months = 11years 6 months.

4. Excess Crude Account (ECA) Loan:
   • Outstanding Balance: N14.48 Billion

• Monthly Repayment: N89.97m

• Repayable Period Outstanding:
161 Months = 13 years 4 months

5.CBN Infrastructure Loan:
• Outstanding Balance: N9.2 Billion

• Monthly Repayment: N44.98m

• Repayable Period Outstanding:

205 months = 17 years 1 month

6. FGN Intervention Loan:
   • Outstanding Balance:
   N1.7Billion

• Monthly Repayment:
N100m

• Repayable Period Outstanding:
17 months

7. FGN Bridge Finance Facility: N18.04 Billion

A large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost.

No information on the Repayment terms.

Not one kobo of this loan was left in Government Coffers, when the Deputy Governor and I resumed work on Monday 29th November 2022. And no explanation on how the loan was expended.

8. Foreign loans: $86.2m

No information on the Repayment Terms.My good people of Osun state, the total loan stock as at today is N331.32 Billion.

If the N76 billion debt on salaries and pension are added, the state is indebted to the tune of N407.32 Billion . The amount owed contractors is yet to be determined.

The only Fund in government coffers, as at Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.

As your Governor, I will ask questions on your behalf. And will demand for answers.

Governor Oyetola must explain how the N331 Billion borrowed in the name of Osun State was expended, with no obvious infrastructural development to justify this huge debt.

Governor Oyetola must explain how the N18 Billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.

Governor Oyetola must also explain why Osun state is owing salaries & pension to the tune of N76 Billion after collecting a N50 Billion Salary Bail Out Loan from the Federal Government

The Creditors, especially the Commercial Banks must explain why various loans were given to an administration beyond its 4 year tenure. 28 years is equivalent to the tenure of at least four Governors. A child that is born today would have earned a PhD at 28 years of age. This is nothing but mortgaging the future of Osun State with nothing to show for it. This is definitely not acceptable.

I will update you accordingly, as we progress.

Find attached to my speech the attachments directly from the state’s Accountant General

●.HE Senator Ademola Adeleke,
Executive Governor of Osun State delivered this address at a meeting Osun State Traditional Rulers on December 15th at Osogbo, Osun State Capital.

I didn’t take bank loan,
Debts Were Incurred By Aregbedola not me- Oyetola

Meanwhile the immediate past governor of Osun State, Gboyega Oyetola, says his administration did not take any bank loan during his four years regime in the state.

Oyetola noted that the debt raised by Osun State Governor, Ademola Adeleke, was incurred by Ogbeni Rauf Aregbesola’s administration.

The governor made this known via a statement issued on Thursday by his media aide, Ismail Omipidan.

He further described the claim by the governor that Oyetola took N18 billion loan as not “only outlandish but unfounded”, stressing that the claim was made out of ignorance and mischief.

He challenged Governor Adeleke to publish details of the outstanding loan facilities he claimed his administration inherited and the years they were procured.

Omipidan said Adeleke wants to smear and blackmail Oyetola’s personality, saying Osun citizens and Nigerians know the truth.

“When talking about loans, you cannot talk of maturity date without talking about the dates they were procured.

“It is either that those who prepared the speech for the Governor to read did not understand the implications of their position or they did it out of sheer mischief to expose their Principal or both. Otherwise, if they had read and understood my Principal’s Farewell Speech very well, they would not have alleged that he took N18 billion loan.

“Again, even in the table they released by themselves, they contradicted themselves. Take a look at item 7 on their list, they captured the N3 billion monthly as having commenced from December 2021 and that it came for six months. Yet, they claim the same N18 billion was accessed after the July election. You see why I said they are either confused or are out for mischief or even both.

“In the third paragraph of the speech from the rear, my Principal had said ‘for four years, we did not take any bank loan facility. But we benefitted from the N3billion monthly intervention from the federal Government for six months to cushion the effect of deductions of budget support facility and salary bailout accessed by the previous administration, just as we have paid N97 billion from the total debt we inherited in 2018’.

“I want to believe that is what they have now twisted to call loan. This intervention was extended to all the 36 states of the Federation.And the monthly N3 billion for six months came before the July 16 governorship election. This is a fact that can be verified.

“Let me restate here that we never took any bank facility, and we challenge the Government to publish balances of all bank accounts belonging to the State as at November 26, 2022.

”When the Oyetola administration took over in 2018, we inherited humongous debt but we never complained or made excuses. What we did was to get to work and find means of making things work for the four years we have governed Osun and we reduced the debts we inherited by N97Billion.

“By the way, Governor Adeleke announced the freezing of all government accounts on November 27 when he took over. Till date, he is yet to announce that he has unfrozen the accounts. Yet, they have been spending from State Government coffers since then.

“So, where is the money coming from? This is where you will know that those around the Governor are a bunch of liars who are not prepared for governance but preparing grounds for excuses and non-performance,” Omipidan noted.