Adeleke dismisses reports of secret foreign loan

Osun State Governor Ademola Adeleke has dismissed allegations that his administration secretly secured foreign loans, labeling such claims as fake news. According to Punch, the Governor attributed the state's increased debt stock to loans from previous administrations.

Daily Post Nigeria reports that Adeleke has not taken any foreign loans, either secretly or openly, since taking office on November 27, 2022. The Governor's spokesperson, Olawale Rasheed, explained that the rise in debt is largely due to a $25.8 million foreign loan obtained by the former administration for the Rural Access and Agricultural Marketing Project (RAAMP).

This clarification follows a Debt Management Office (DMO) report showing that Osun State's total external debt rose from $75.14 million on December 31, 2024, to $101.70 million by June 30, 2026. The DMO report indicates that multilateral debt increased from approximately $67.60 million to $94.15 million during that period, while bilateral debt saw a marginal increase from approximately $7.54 million to $7.55 million.

Brief written by urgent.news from Punch, Daily Post Nigeria — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.