Governor Ademola Adeleke on Thursday declared that he inherited N407.32 billion debt from the administration of his predecessor, Adegboyega Oyetola when he took over power in November 28th 2022.
Adeleke made the declaration at the meeting of Osun State Traditional Rulers which he attended to present the debt profile of the state.
He noted that he inherited eight outstanding loan facilities, apart from salaries and pension debts from governor Oyetola’s administration, stressing that repayment period ranges from 16 months to about 28 years.
According to him, “Outstanding Balance for Budget Support Facility is N51.8 Billion, balance for salary bail out is N38.8, for Restructured Commercial Bank Loans N158.77 billion is the balance while for Excess Crude Account (ECA) Loan, Outstanding Balance is N14.48 Billion.
“CBN Infrastructure Loan has outstanding balance of N9.2 Billion as FGN Intervention Loan outstanding Balance is N1.7Billion and FGN Bridge Finance Facility loan is N18.04 Billion.”