{"id":101980,"date":"2022-12-15T16:34:25","date_gmt":"2022-12-15T15:34:25","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=101980"},"modified":"2022-12-15T16:34:25","modified_gmt":"2022-12-15T15:34:25","slug":"oyetola-took-n18bn-loan-after-losing-election-osun-indebted-to-tune-of-n407-32b-adeleke","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/oyetola-took-n18bn-loan-after-losing-election-osun-indebted-to-tune-of-n407-32b-adeleke\/","title":{"rendered":"Oyetola took N18bn loan after losing election, Osun indebted to tune of N407.32b \u2013 Adeleke"},"content":{"rendered":"<p>The Osun State Governor, Ademola Adeleke, has disclosed that his predecessor, Gboyega Oyetola, took N18 billion loan after he lost the July 16th, 2022 Osun governorship election.<\/p>\n<div dir=\"auto\">\n<div dir=\"auto\">\nThis is as he also revealed that the state is indebted to the tune of N407.32 billion as of November 30th, 2022.<\/p>\n<p>Adeleke disclosed this on Thursday during a meeting with Osun State Traditional Rulers at Osogbo, Osun State Capital.<\/p>\n<p>According to him, my administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola\u2019s administration.<\/p>\n<p>Adeleke explained that the repayment period for the loan facilities ranges from 16 months to about 28 years.<\/p>\n<p>\u201cMy good people of Osun state, the total loan stock as of today is N331.32 Billion.<\/p>\n<p>\u201cIf the N76 billion debt on salaries and pension are added, the state is indebted to the tune of N407.32 billion. The amount owed to contractors is yet to be determined.<\/p>\n<p>\u201cThe only fund in government coffers, as of Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.<\/p>\n<p>\u201cAs your governor, I will ask questions on your behalf. And will demand answers,\u201d Adeleke told the traditional rulers.<\/p>\n<p>He added, \u201cGovernor 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.<\/p>\n<p>\u201cGovernor Oyetola must explain how the N18 Billion Bridge Loan taken after he lost the election on July 16, 2022, was expended.<\/p>\n<p>\u201cGovernor Oyetola must also explain why Osun state is owing salaries and pension to the tune of N76 Billion after collecting a N50 Billion Salary Bail Out Loan from the Federal Government<\/p>\n<p>\u201cThe creditors, especially the Commercial Banks must explain why various loans were given to an administration beyond its 4-year tenure. 28 years is equivalent to the tenure of at least four governors. A child that is born today would have earned a Ph.D. at 28 years of age. This is nothing but mortgaging the future of Osun State with nothing to show for it. This is definitely not acceptable.\u201d<\/p>\n<p>See the breakdown of the debt by Adeleke below:<\/p>\n<p>1. Budget Support Facility:<br \/>\n\u2022 Outstanding Balance: N51.8 Billion<\/p>\n<p>\u2022 Monthly repayment: N154.9m<\/p>\n<p>\u2022 Repayable Period Outstanding:<br \/>\n335 months = 27 years 9 months<\/p>\n<p>2. Salary Bail Out Loan:<\/p>\n<p>\u2022 Outstanding Balance: N38.8 Billion<\/p>\n<p>\u2022 Monthly Repayment: N232.77m<\/p>\n<p>\u2022 Repayable Period Outstanding:<\/p>\n<p>\u2022167 Months = 13 years 9months<\/p>\n<p>3. Restructured Commercial Bank Loans:<\/p>\n<p>\u2022 Outstanding Balance: N158.77 Billion<\/p>\n<p>\u2022 Monthly Repayment: N1.14 Billion<\/p>\n<p>\u2022 Repayable Period Outstanding:<br \/>\n139 Months = 11years 6 months.<\/p>\n<p>4. Excess Crude Account (ECA) Loan:<br \/>\n\u2022 Outstanding Balance: N14.48 Billion<\/p>\n<p>\u2022 Monthly Repayment: N89.97m<\/p>\n<p>\u2022 Repayable Period Outstanding:<br \/>\n161 Months = 13 years 4 months<\/p>\n<p>5.CBN Infrastructure Loan:<br \/>\n\u2022 Outstanding Balance: N9.2 Billion<\/p>\n<p>\u2022 Monthly Repayment: N44.98m<\/p>\n<p>\u2022 Repayable Period Outstanding:<\/p>\n<p>205 months = 17 years 1 month<\/p>\n<p>6. FGN Intervention Loan:<br \/>\n\u2022 Outstanding Balance:<br \/>\nN1.7Billion<\/p>\n<p>\u2022 Monthly Repayment:<br \/>\nN100m<\/p>\n<p>\u2022 Repayable Period Outstanding:<br \/>\n17 months<\/p>\n<p>7. FGN Bridge Finance Facility: N18.04 Billion<\/p>\n<p>A large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost.<\/p>\n<p>No information on the Repayment terms.<\/p>\n<p>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.<\/p>\n<p>8. Foreign loans: $86.2m<br \/>\nNo information on the Repayment Terms.<\/p><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Osun State Governor, Ademola Adeleke, has disclosed that his predecessor, Gboyega Oyetola, took N18 billion loan after he lost the July 16th, 2022 Osun governorship election. This is as&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":101981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-101980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oyetola took N18bn loan after losing election, Osun indebted to tune of N407.32b \u2013 Adeleke - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/oyetola-took-n18bn-loan-after-losing-election-osun-indebted-to-tune-of-n407-32b-adeleke\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oyetola took N18bn loan after losing election, Osun indebted to tune of N407.32b \u2013 Adeleke - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Osun State Governor, Ademola Adeleke, has disclosed that his predecessor, Gboyega Oyetola, took N18 billion loan after he lost the July 16th, 2022 Osun governorship election. 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