…Osun debt profile is N407.32bn – Adeleke claims
…Oyetola did not borrow a dime throughout his tenure – Aide
…Challenges Adeleke to publish details of Osun debts with procurement dates
By Ismail Azeez, Osogbo
Osun State Governor, Ademola Adeleke and former Governor Gboyega Oyetola have engaged in war of words over alleged N407 billion controversial debt.
Governor Adeleke on Thursday announced during a meeting with Osun State Traditional Rulers in Osogbo, Osun State Capital that the official debt of the state is N407.32billion, which his administration inherited by the previous government.
However, the Media aide to the immediate past Osun Governor, Adegboyega Oyetola, Ismail Omipidan, disclosed for the umpteenth time that his principal never took any bank facility for the four years he served as Governor.
Adeleke said the purpose of the conference with the traditional rulers was to officially greet the monarchs and also to present the official debt profile left by the immediate past government under leadership of Adegboyega Oyetola.
Adeleke said, “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.
“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.”
Adeleke listed the loans as Budget Support Facility with outstanding balance of N51.8 billion; Salary Bail Out Loan N38.8 billion; Restructured Commercial Bank Loans, N158.77 billion; Excess Crude Account (ECA) Loan, N14.48 billion.
Others are CBN Infrastructure Loan, N9.2 billion; FGN Intervention Loan, N1.7 billion; and FGN Bridge Finance Facility: N18.04 billion
He also added that a large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost, saying that there was 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,” he emphasized.
“There were also Foreign loans of $86.2m, and there has not been any information on the Repayment Terms,” he added.
“My good people of Osun state, the total loan stock as at 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 contractors is yet to be determined.
“The only Fund in government coffers, as at Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty. As the Governor, I will ask questions and demand for answers.
“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.
“Governor Oyetola must explain how the N18 billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.
“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 four 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,” he added
Reacting to the development, the media aide to Oyetola, Ismail Omipidan, said Governor Adeleke has further exposed his lack of understanding of governance, stressing that Oyetola did not borrow a dime throughout his four years tenure.
Omipidan insisted that his principal never took any loan facility for the four years he (Oyetola) used in office.
He said, “If you go to my principal welfare address, he stated it clearly, that like every other state, we benefitted N3billion on monthly basis for six months from the Federal Government as budget support. This money was given to all the 36 States of the federation without requesting. You can not categorise that as loan.
“The new Governor does not understand the working of government and he should have allowed those that understand the rudiment to explain it to him, So that he won’t be coming to the public to embarrass himself.”
He noted that the debt in question was incurred by the Ogbeni Rauf Aregbesola’s administration.
Omipidan further described the claim by the new governor that Oyetola took N18billion loan facility as not only outlandish but unfounded, insisting that the claim was made out of sheer ignorance and mischief.
He then challenged Governor Adeleke to publish details of the outstanding loan facilities he claimed his administration inherited and the years they were procured.
Omipidan said the Government is out to smear and blackmail Oyetola’s personality but that Osun citizens and Nigerians from far and near know the truth.
“When talking about loans, you cannot talk of maturity date without talking about the dates they were procured.
“It is either that those who prepared the speech for the Governor to read did not understand the implications of their position or they did it out of sheer mischief to expose their Principal or both. Otherwise, if they had read and understood my Principal’s Farewell Speech very well, they would not have alleged that he took N18 billion loan.
“Again, even in the table they released by themselves, they contradicted themselves. Take a look at item 7 on their list, they captured the N3 billion monthly as having commenced from December 2021 and that it came for six months. Yet, they claim the same N18 billion was accessed after the July election. You see why I said they are either confused or are out for mischief or even both.
“In the third paragraph of the speech from the rear, my Principal had said ‘for four years, we did not take any bank loan facility. But we benefitted from the N3billion monthly intervention from the federal Government for six months to cushion the effect of deductions of budget support facility and salary bailout accessed by the previous administration, just as we have paid N97 billion from the total debt we inherited in 2018.’ I want to believe that is what they have now twisted to call loan. This intervention was extended to all the 36 states of the Federation. And the monthly N3 billion for six months came before the July 16 governorship election. This is a fact that can be verified.
“Let me restate here that we never took any bank facility, and we challenge the Government to publish balances of all bank accounts belonging to the State as at November 26, 2022.
“When the Oyetola administration took over in 2018, we inherited humongous debt but we never complained or made excuses.
“What we did was to get to work and find means of making things work for the four years we have governed Osun and we reduced the debts we inherited by N97 billion.
“By the way, Governor Adeleke announced the freezing of all government accounts on November 27 when he took over. Till date, he is yet to announce that he has unfrozen the accounts. Yet, they have been spending from State Government coffers since then. So, where is the money coming from? This is where you will know that those around the Governor are a bunch of liars who are not prepared for governance but preparing grounds for excuses and non-performance,” Omipidan added.