Adeleke denies taking foreign loans, explains rise in Osun debt stock
By Deborah Oladejo, Osogbo –
Osun State Governor, Ademola Adeleke, has denied taking any foreign loans since assuming office in November 2022, either secretly or publicly, describing those making such allegations as ignorant of the statutory procedures for applying for and accessing foreign loans.
The governor’s reaction followed a recent report by the Debt Management Office (DMO), which showed that the state’s external debt stock increased by approximately $26.56 million between December 2024 and June 2026, according to a statement signed by his spokesperson, Mallam Olawale Rasheed, on Tuesday.
The statement partly reads: “The DMO’s external debt stock report as of June 30, 2026, puts Osun State’s total external debt at $101.70 million, compared with $75.14 million recorded as of December 31, 2024. The difference represents an increase of approximately $26.56 million within 18 months.
“A breakdown of the DMO 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, moving from approximately $7.54 million to $7.55 million within the same period.”
Explaining the increase, Adeleke said the $25.8 million external loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP) had reached maturity for repayment, accounting for its reflection in the DMO report.
He added that four other similar external loans obtained by the previous administration had also matured for repayment and could soon be reflected in the state’s external debt profile.
The governor maintained that his administration had not obtained any foreign loans, explaining that it had adopted a sustainable approach to managing the state’s resources.
“The above clarification is necessary to set the records straight. If our administration is to take loans for any reason, it will be done openly, with utmost transparency and in compliance with due process,” Adeleke added.
