By John Dike, Osogbo
Osun State Governor Ademola Adeleke, has denied allegations that his administration has secretly or openly obtained foreign loans since assuming office in November 2022, describing the claims as misleading and a product of misinformation.
The governor’s clarification followed the latest external debt stock report released by the Debt Management Office (DMO), which showed that Osun State’s foreign debt increased by approximately $26.56 million between December 2024 and June 2026.
According to the DMO report as of June 30, 2026, Osun’s total external debt stood at $101.70 million, compared with $75.14 million recorded on December 31, 2024.
The increase of about $26.56 million within 18 months has triggered questions about the state’s borrowing activities and the financial management of the Adeleke administration.
A breakdown of the figures showed that the state’s multilateral debt rose from approximately $67.60 million in December 2024 to $94.15 million in June 2026, while bilateral debt increased marginally from $7.54 million to $7.55 million within the same period.
However, Adeleke explained that the increase did not represent fresh foreign borrowing by his administration, but largely reflected the repayment maturity of external loans obtained by the previous administration.
He specifically identified a $25.8 million foreign loan secured by the previous government for the Rural Access and Agricultural Marketing Project (RAAMP), explaining that its repayment process matured in December 2025, leading to its reflection in the DMO’s latest debt report.
The governor further disclosed 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.
Adeleke maintained that his administration had deliberately avoided external borrowing as part of its strategy for sustainable management of the state’s resources.
He also criticised those accusing the government of secretly obtaining foreign loans, arguing that such allegations demonstrated a lack of understanding of the statutory procedures required for applying for and accessing external 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.
The governor’s spokesperson, Mallam Olawale Rasheed, who signed the statement, said the clarification was intended to address public concerns surrounding the state’s rising external debt figures and correct what the government described as misleading interpretations of the DMO report.
