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Osun borrowed N10bn in 2023, plans more borrowings in 2024 By Adebayo Adedeji


Facts have emerged that the Osun State Government under the headship of Senator Ademola Adeleke received a loan of N10,022,382,348.40 ( N10bn) in Y2023.

The loan, described in the 2023 Budget Performance report of the state as Capital Development Fund, was borrowed from international financial institutions purportedly to enhance the infrastructure of the state.

This revelation has given the lie to the boast  of the state governor, Adeleke, that his government has not obtained any loan to execute its projects.

Similarly, another document has also revealed that the state government is planning to borrow additional N50.4bn in Y2024.

These borrowings are despite the big Internal Generated Revenue ( IGR) of N39.5bn and federal allocation of N141bn that accrued to the state in 2023 and for which the state governor has failed to account.

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