Osun State Governor, Ademola Adeleke, don come out strongly to deny allegations say him administration secretly collect foreign loan since e enter office for November 2022. The governor describe the allegation as fake news, insist say him government never secretly or openly collect any foreign loan. But as the governor dey clear him name, fresh figures from Debt Management Office (DMO) don raise another serious question about the state’s financial situation. Osun foreign debt don increase by approximately $26.56 million between December 2024 and June 2026. Adeleke say make nobody confuse inherited financial responsibility with fresh borrowing, but the big question still remain: who borrow the money, when dem borrow am, and why the debt figures dey increase?
SECRET FOREIGN LOAN: ADELEKE BREAK SILENCE OVER $26.56 MILLION INCREASE
For statement wey him spokesperson, Olawale Rasheed, sign and release for Osogbo on Tuesday, November 10, 2026, Adeleke reject claims say him administration don secretly enter any foreign loan agreement. The governor maintain say since e take over government for November 2022, him administration never collect foreign loan, whether secretly or openly. According to the statement, the recent DMO report show say Osun foreign debt increase from $75.14 million as of December 2024 to $101.70 million as of June 2026.
Na approximately $26.56 million increase within 18 months, and this development don make people begin ask questions about the state’s borrowing history. As expected, the figures don attract public attention because whenever government debt dey increase, citizens naturally wan know wetin dey happen to their state’s finances.
But Adeleke say the increase no come from any fresh secret borrowing under him administration. According to the governor, part of the explanation connect to a $25.8 million foreign loan wey the previous administration obtain for Rural Access and Agricultural Marketing Project (RAAMP). The project focus on improving rural roads and making transportation of agricultural products easier for farmers and rural communities.
Adeleke explain say the repayment obligation on the loan mature by December 2025, making the debt reflect for the state’s financial records. Him also mention four other similar foreign loans wey the previous administration obtain and wey their repayment obligations fit soon begin reflect for Osun debt profile. In simple language, the governor dey tell people say na inherited financial responsibility dem dey see, no be new loan wey him government secretly collect. So, while the debt figures dey attract attention, Adeleke insist say the explanation dey inside the financial decisions of the previous administration.
SECRET FOREIGN LOAN: WETIN DMO FIGURES DEY TELL OSUN PEOPLE?
To understand the matter better, the DMO figures show say Osun foreign debt rise from $75.14 million for December 2024 to $101.70 million for June 2026. When dem break the figures down, multilateral debt increase from approximately $67.60 million to $94.15 million, while bilateral debt move slightly from $7.54 million to $7.55 million. This mean say na multilateral borrowing account for almost the entire increase recorded within the period. However, one important thing wey citizens need understand be say increase in government debt figures no automatically mean say the sitting governor secretly collect fresh loan.
Outstanding debt fit increase because of inherited loans, fresh loan disbursements, exchange-rate changes and other financial adjustments. Therefore, the figures alone no prove say Adeleke administration secretly borrow the money. But dem still raise important questions wey government suppose answer with proper financial records.
Interestingly, this no be the first time Adeleke government don defend itself over Osun debt profile. For December 2024, the governor’s spokesperson had also referred to DMO figures to explain say the administration reduce the state’s debt compared with the situation wey e inherit for December 2022. The government then claim say external debt reduce from $91.78 million for December 2022 to $78.17 million for June 2024.
However, the latest figures don bring another round of financial discussion, and citizens deserve more than political explanations from any administration. Government suppose provide clear details about the original loan agreements, how much money dem receive, wetin dem use am do, how much dem don repay and the outstanding balance. If the loans truly come from the previous administration, making the relevant documents available go help settle the matter. After all, public debt no be family property wey government fit discuss only when political arguments begin. Na public money, and citizens get every right to understand how e dey managed.
As the controversy continue, Adeleke don maintain say him administration no secretly collect foreign loan and promise say any future borrowing wey government consider go follow proper legal and transparent process. But the issue of Secret Foreign Loan don open another important conversation about inherited debt, government accountability and public access to financial information. The governor don give him own explanation, but the next important step na to make the relevant documents available so people fit understand exactly how the debt increase happen. Because for government finance, numbers fit confuse people, political statements fit generate arguments, but na proper records dey reveal the full story. OGM News Pidgin go continue to monitor the matter and bring una fresh updates as more details emerge.
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