Adeleke Denies Reports Of Undisclosed Foreign Loan

Since taking office, Osun State Governor Ademola Adeleke has denied taking covert foreign loans, calling allegations that he did so “fake news.”

This was stated in a statement signed on Tuesday in Osogbo by Olawale Rasheed, the governor’s spokesperson.

Following the Debt Management Office’s recent release of the state’s external debt stock, which revealed an increase of roughly $26.56 million between December 2024 and June 2026, the governor responded.

Osun State’s total external debt is $101.70 million as of June 30, 2026, according to the DMO’s external debt stock report, up from $75.14 million as of December 31, 2024. In just 18 months, the difference amounts to an increase of about $26.56 million.

“A breakdown of the DMO figures shows that the state’s multilateral debt increased from approximately 94.15m in June 2026. Its bilateral debt also recorded a marginal increase, moving from approximately 7.55m within the same period,” the statement read.

Adeleke said, “The loan repayment had matured by December 2025, hence its inclusion by DMO in its report.”

“The above clarification is necessary to set the records straight. If at all, our administration is to take loans for any reason, it will be open to the public with utmost transparency and compliance with due process.

He added that as part of its plan for managing state resources sustainably, his administration had not taken out any loans from outside sources.

He chastised those who claimed that the state government was secretly obtaining foreign loans, calling them “ignorant of the statutory procedures for applying for and accessing foreign loans.”

Let’s take the governor at his word that no foreign loan was secured, while looking to clear and transparent information to put the reports to rest.