Osun is Indebted to the Tune of N407.32 Billion under Oyetola – GOVERNOR ADELEKE ALLEGES

Spread the love

READ ALSO:   LOOTING OF OSUN LODGE, ABUJA: Adeleke not prepared for governance, allegation diversionary  OYETOLA AIDE

THERE seemed to be no end to the crossfire between the incumbent Governor, Senator Ademola Adeleke and his predecessor, Adegboyega Oyetola over the assets and liabilities of Osun State.

 

 

 

 

 

 

 

 

 

 

In an address to the Council of Obas on Thursday, December 15, 2022, Adeleke told the monarchs that Osun State was indebted to the N407.32 billion incurred by the government of Oyetola.

 

 

 

 

 

 

FULL TEXT:

“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 Osun state’s official debt profile as of 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.

READ ALSO:   OSUN APC Colludes with SEGILOLA, Mining Companies to Deprive Osun of Billions of Naira ; PDP

 

 

 

 

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

READ ALSO:  OSUN Workers Welcomes Their New Governor, Ademola Adeleke To Office In Grand Style (SEE VIDEO)

 

 

 

 

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 of 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 to contractors is yet to be determined.

The only Fund in government coffers, as of 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 answers.

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

 

 

 

 

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

READ ALSO:   OSUN APC condemns PDP for using thugs to cause bloody attacks on members, residents across the State

 

 

 

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.”

 

 

 

 

 

Dear Distinguished Friends in Nigeria and Diaspora,

Kindly add SOJ WORLDWIDE to the WhatsApp groups you belong for all our news updates using this number, 08023851511.

 

 

 

 

We are here to update you with news updates on Politics, Sports, Gossips Human Interests, Opinions, National and Global news end so on.

 

 

 

 

Above all, we are here to update you on the crossfire between APC and PDP in Osun State including all other news of interest.

 

 

 

 

Also, contact us for all your adverts.

Thank you.

Adesoji Omosebi
Editor-in-Chief
SOJ WORLDWIDE….an ONLINE NEWS with a difference.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.