By Chiburoma Glory Nwabueze
The executive governor of Osun State, Sen. Ademola Adeleke has accused his predecessor, Gboyega Oyetola of financial misconduct and mismanaging the state debt profile.
He disclosed this in his address at a meeting with Osun State Traditional Rulers on Thursday.
The governor stated that despite the huge debt left by the previous administration, there is little or nothing to account for it.
“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 to you the official debt profile of Osun state as at November 30th, 2022 as submitted to me by the Accountant General of Osun State” he said.
“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” he added.
The governor said the state has a budget support facility outstanding balance of N51.8 Billion, monthly repayment of N154.9m and repayable period outstanding is 335 months i.e 27 years 9 months.
The state also have a Salary Bail Out Loan Outstanding Balance of N38.8 Billion, Restructured Commercial Bank Loans Outstanding Balance of N158.77 Billion. Also an Excess Crude Account (ECA) Loan Outstanding Balance of N14.48 Billion and CBN Infrastructure Loan Outstanding Balance of N9.2 Billion.
Other loan facilities according to the governor are FGN Intervention Loan Outstanding Balance of N1.7Billion and FGN Bridge Finance Facility of N18.04 Billion.
The governor alleged that a large portion of the FGN Bridge Finance loan was taken after July 16th, 2022 election which Governor Oyetola lost with 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 said.
The state Foreign loans is at $86.2m with no information on the repayment terms. He revealed that the only fund in government coffers, as at 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 for answers.” he vowed.
“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.” he added.