Ignore Fake News, No ‘Secret’ Foreign Loans On My Watch-Gov Adeleke
Governor Ademola Adeleke of Osun State has clarified and asserted that the State of the Living Spring has never taken any foreign loan since he became its chief executive in November 2022, urging the people of the state to ignore fake news.
The governor noted that this was done in response to the recent publication of the state foreign debt stock by the Debt Management Office (DMO) which showed an increase by approximately $26.56 million between December 2024 and June 2026.
The DMO’s external debt stock report as at June 30, 2026, puts Osun State’s total external debt at $101.70 million, compared with $75.14 million recorded as at December 31, 2024. The difference represents an increase of approximately $26.56 million within 18 months.
A breakdown of the DMO figures shows that the state’s multilateral debt increased from approximately $67.60 million in December 2024 to $94.15 million in June 2026. Its bilateral debt also recorded a marginal increase, moving from approximately $7.54 million to $7.55 million within the same period.
Clarifying the details of the debt profile in a statement issued in Osogbo and made available to Team@orientactualmags.com by his spokesperson, Mallam Olawale Rasheed, the governor noted that the DMO had in its report reflected the sum of $25.8 million dollars external loan taking by the previous administration for the Rural Access and Agricultural Marketing Project (RAAMP).
The loan repayment process, he added, had matured in December 2025, hence its inclusion by the DMO in its report.
The governor further submitted that there are four similar external loans taken by the previous administration which have matured for repayment and may soon be reflected in the state external debt stock.
Governor Adeleke also noted that his administration has not taken any external loan as a strategy for sustainable financial management of the state resources, chiding those accusing the state government of secretly taking foreign loans as ignorant of the statutory procedures for applying for and accessing foreign loan.
‘The above clarification is necessary to set the record straight. If at all, our administration is to take loans for any reason, it will be open to the public with utmost transparency and compliance with due process’ the statement quoted the governor as saying-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08035023079, 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
