Adeleke Denies Taking Foreign Loans, Explains Rise In Osun Debt Stock

Osun State Governor, Ademola Adeleke, has denied taking any foreign loans since assuming office in November 2022, attributing the recent increase in the state’s external debt stock to inherited loans that have matured for repayment.

Adeleke was reacting to the latest Debt Management Office (DMO) report, which showed that Osun’s external debt increased by approximately $26.56 million between December 2024 and June 2026.

The DMO report put the state’s external debt at $101.70 million as of June 30, 2026, compared with $75.14 million recorded on December 31, 2024.

A breakdown of the figures showed that multilateral debt rose from approximately $67.60 million to $94.15 million, while bilateral debt increased marginally from $7.54 million to $7.55 million within the period.

However, the governor said the increase did not represent fresh foreign borrowing by his administration.

According to him, the DMO figures reflected a $25.8 million loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP).

He explained that the loan repayment process matured in December 2025, leading to its inclusion in the state’s external debt profile.

Adeleke further disclosed that four similar external loans obtained by the previous administration had also matured for repayment and could soon be reflected in the state’s debt stock.

The governor maintained that his administration had not taken any external loan, describing allegations of secretly obtaining foreign loans as fake news.

He also questioned the understanding of those making the allegations, arguing that accessing foreign loans involves statutory procedures that cannot be bypassed