{"id":61214,"date":"2022-12-17T13:01:18","date_gmt":"2022-12-17T13:01:18","guid":{"rendered":"https:\/\/everyday.ng\/?p=61214"},"modified":"2022-12-17T13:01:18","modified_gmt":"2022-12-17T13:01:18","slug":"what-osun-governor-senator-adeleke-told-royal-fathers-about-states-n407b-debt","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=61214","title":{"rendered":"What Osun Governor, Senator Adeleke, told royal father’s about state’s N407b debt"},"content":{"rendered":"

Osun is Indebted to the Tune of N407.32 Billion – Governor Adeleke<\/strong>l<\/p>\n

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.<\/p>\n

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.<\/p>\n

This event is in pursuance of my pledge to Osun people to be transparent and run an open government.<\/p>\n

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:<\/p>\n

1. Budget Support Facility:
\n\u2022 Outstanding Balance: N51.8 Billion<\/p>\n

\u2022 Monthly repayment: N154.9m<\/p>\n

\u2022 Repayable Period Outstanding:
\n335 months = 27 years 9 months<\/p>\n

2. Salary Bail Out Loan:<\/p>\n

\u2022 Outstanding Balance: N38.8 Billion<\/p>\n

\u2022 Monthly Repayment: N232.77m<\/p>\n

\u2022 Repayable Period Outstanding:<\/p>\n

\u2022167 Months = 13 years 9months<\/p>\n

3. Restructured Commercial Bank Loans:<\/p>\n

\u2022 Outstanding Balance: N158.77 Billion<\/p>\n

\u2022 Monthly Repayment: N1.14 Billion<\/p>\n

\u2022 Repayable Period Outstanding:
\n139 Months = 11years 6 months.<\/p>\n

4. Excess Crude Account (ECA) Loan:
\n\u2022 Outstanding Balance: N14.48 Billion<\/p>\n

\u2022 Monthly Repayment: N89.97m<\/p>\n

\u2022 Repayable Period Outstanding:
\n161 Months = 13 years 4 months<\/p>\n

5.CBN Infrastructure Loan:
\n\u2022 Outstanding Balance: N9.2 Billion<\/p>\n

\u2022 Monthly Repayment: N44.98m<\/p>\n

\u2022 Repayable Period Outstanding:<\/p>\n

205 months = 17 years 1 month<\/p>\n

6. FGN Intervention Loan:
\n\u2022 Outstanding Balance:
\nN1.7Billion<\/p>\n

\u2022 Monthly Repayment:
\nN100m<\/p>\n

\u2022 Repayable Period Outstanding:
\n17 months<\/p>\n

7. FGN Bridge Finance Facility: N18.04 Billion<\/p>\n

A large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost.<\/p>\n

No information on the Repayment terms.<\/p>\n

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.<\/p>\n

8. Foreign loans: $86.2m
\nNo information on the Repayment Terms.<\/p>\n

My good people of Osun state, the total loan stock as at today is N331.32 Billion.<\/p>\n

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.<\/p>\n

The only Fund in government coffers, as at Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.<\/p>\n

As your Governor, I will ask questions on your behalf. And will demand for answers.<\/p>\n

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.<\/p>\n

Governor Oyetola must explain how the N18 Billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.<\/p>\n

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<\/p>\n

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.<\/p>\n

I will update you accordingly, as we progress.<\/p>\n

Find attached to my speech the attachments directly from the state’s Accountant General<\/p>\n

\u25cf.HE Senator Ademola Adeleke,
\nExecutive Governor of Osun State delivered this address at a meeting Osun State Traditional Rulers on December 15th at Osogbo, Osun State Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Osun is Indebted to the Tune of N407.32 Billion – Governor Adelekel 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 […]<\/p>\n","protected":false},"author":7,"featured_media":60771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,5786],"tags":[277,5361,1082],"class_list":["post-61214","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-statement","tag-debt","tag-fathers","tag-osun"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61214"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61214\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}