How Oyetola Used a N18 billion Loan Following Election Loss
Osun State’s governor, Ademola Adeleke, said that the state had debts of N407.32 billion, including N76 billion in outstanding salaries and pensions.
Adeleke said that Gboyega Oyetola, his predecessor, obtained a loan from the FGN Bridge Finance Facility of N18.04 billion during the election on July 16, 2022, which Oyetola lost, and that no information on the loan’s repayment terms is available.
The governor made this known in an address he delivered on Thursday in Osogbo to a meeting of the traditional leaders of Osun State. He said that no decision had been made on the amount owing to the contractors.
In addition to salary and pension problems, Adeleke said his government inherited eight unpaid credit facilities from Oyetola.
He claims that the payback time is between 16 months and about 28 years.
Excess Crude Account (ECA) Loan, Restructured Commercial Bank Loans, Excess Crude Account Loan, CBN Infrastructure Loan, FGN Intervention Loan, FGN Bridge Finance Facility, and Foreign Loans are just a few of the loans that are included.
The governor emphasized that he would ask questions and demand explanations on how the monies were used, claiming that the only cash in government coffers as of Monday, November 29th, was for the salary for November 2022.
He said that in addition to explaining why Osun state owes wages and pensions totaling N76 billion after receiving a N50 billion salary bailout loan from the federal government, Governor Oyetola must also explain why.
Additionally, Governor Adeleke said that lenders, in particular Commercial Banks, must provide justification for why certain loans were issued to a government beyond its four-year term.
