• Latest
  • Trending
Osun Governorship Poll: Appeal Court reserves judgement

Adeleke: I inherited empty treasury, N407.3bn from Oyetola

6 months ago
Why Oyo Assembly sacked Irepo LG chairman

Why Oyo Assembly sacked Irepo LG chairman

42 mins ago
JUST IN: EFCC grills ex- Ekiti governor over alleged N4bn misappropriation

JUST IN: EFCC grills ex- Ekiti governor over alleged N4bn misappropriation

3 hours ago
Tinubu warns security agencies against working at cross purposes, urges them to crush oil thieves

Tinubu warns security agencies against working at cross purposes, urges them to crush oil thieves

4 hours ago
Subsidy: Petrol price will come down soon- NNPC

Subsidy: Petrol price will come down soon- NNPC

5 hours ago
Pa Okwuofu celebrates 99th birthday in style

Pa Okwuofu celebrates 99th birthday in style

7 hours ago
38-year-old emerges APGA national chairman

38-year-old emerges APGA national chairman

7 hours ago
JUST IN: Tinubu holds first meeting with service chiefs

JUST IN: Tinubu holds first meeting with service chiefs

8 hours ago
CBN frees domiciliary account holders on spending, others

JUST IN: CBN denies devaluing naira

10 hours ago
Court voids student activist’s rustication by UI

Court voids student activist’s rustication by UI

12 hours ago
Ooni to Tinubu: Engage youth, fix Nigeria, unite Africa

Ooni to Tinubu: Engage youth, fix Nigeria, unite Africa

22 hours ago
Imo governor, Uzodinma emerges Progressive Governors Forum chairman

Imo governor, Uzodinma emerges Progressive Governors Forum chairman

22 hours ago
Foundation donates N15m ICT centre to Oyo community

Foundation donates N15m ICT centre to Oyo community

1 day ago
Subsidy removal: NLC holds national protest February

NLC rejects upward review of petrol pump price

1 day ago
FULL LIST: Oyo PDP NASS candidates for 2023 elections

Two PDP senators resign from party

1 day ago
Makinde reacts as NGF names  him vice chairman

JUST IN: Makinde appoints four aides, acting CMD for LAUTECH Teaching Hospital

1 day ago
Danbatta to receive National Productivity Order of Merit award

Danbatta to receive National Productivity Order of Merit award

1 day ago
Fuel subsidy: NMDPRA urges  Nigerians not to panic, assures of smooth transition

BREAKING: NNPC confirms upward review of petrol pump price

1 day ago
APC chieftain: Forces outside our party want to install Emefiele, Lawan as Buhari’s successor

NASS leadership: Adamu working against APC’s zoning arrangement- Vice chairman

1 day ago
  • Contact Us
  • Advertise
Thursday, June 1, 2023
Newspeakonline
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
UBA
Home News

Adeleke: I inherited empty treasury, N407.3bn from Oyetola

newspeak by newspeak
December 15, 2022
in News
Reading Time: 4 mins read
0
Osun Governorship Poll: Appeal Court reserves judgement
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

>

Akinwande Soji-Ojo

RelatedPosts

Students unconscious after inhaling teargas fired by police in Osun

Cooperate with Adewole’s committee to repostion Osun APC, Oyetola tells party faithful

Accept Supreme Court’s verdict, Oyetola tells Osun APC members, supporters

Osun State Governor, Sen Ademola Adeleke, has revealed that his predecessor, Gboyega Oyetola, left an empty treasury and a debt of N407.32 billion as of November 30, 2022.

He disclosed this on Thursday during a meeting with Osun State Traditional Rulers in Osogbo, the state capital.

He also said Oyetola obtained N18 billion loan after he lost the July 16, 2022, governorship election in the state.

According to him, my administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola’s administration.

Adeleke explained that the repayment period for the loan facilities ranges from 16 months to about 28 years.

“My good people of Osun State, the total loan stock as of today is N331.32 billion.

“If 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.

“The only fund in government coffers, as of Monday 29th November, was for November 2022 Salary. Otherwise, the state treasury was empty.

“As your governor, I will ask questions on your behalf. And will demand answers,” Adeleke told the traditional rulers.

He added: “Governor 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.

“Governor Oyetola must explain how the N18 billion bridge loan taken after he lost the election on July 16, 2022, was expended.

“Governor 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.

“The 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.”

See the breakdown of the debt according to Adeleke below:

1. Budget Support Facility:
• Outstanding Balance: N51.8 Billion

• Monthly repayment: N154.9m

• Repayable Period Outstanding:
335 months = 27 years 9 months

2. Salary Bail Out Loan:

• Outstanding Balance: N38.8 Billion

• Monthly Repayment: N232.77m

• Repayable Period Outstanding:

•167 Months = 13 years 9months

3. Restructured Commercial Bank Loans:

• Outstanding Balance: N158.77 Billion

• Monthly Repayment: N1.14 Billion

• Repayable Period Outstanding:
139 Months = 11years 6 months.

4. Excess Crude Account (ECA) Loan:
• Outstanding Balance: N14.48 Billion

• Monthly Repayment: N89.97m

• Repayable Period Outstanding:
161 Months = 13 years 4 months

5.CBN Infrastructure Loan:
• Outstanding Balance: N9.2 Billion

• Monthly Repayment: N44.98m

• Repayable Period Outstanding:

205 months = 17 years 1 month

6. FGN Intervention Loan:
• Outstanding Balance:
N1.7Billion

• Monthly Repayment:
N100mYou Might Also Like

• Repayable Period Outstanding:
17 months

7. FGN Bridge Finance Facility: N18.04 Billion

According to Adeleke, a large portion of this particular loan was taken after July 16, 2022 election, which Oyetola lost.

“No information on the Repayment terms.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,” he said.

8. Foreign loans: $86.2m
No information on the Repayment Terms.

Related

What’s your Reaction?
Like
Like
0
Dislike
Dislike
0
Laugh
Laugh
0
Angry
Angry
0
Sad
Sad
0
Accurate
Accurate
0
0 Shares
Facebook Twitter WhatsApp Linkedin Messenger
×

Share this post!

Facebook Twitter WhatsApp Linkedin Messenger Telegram Tumblr
Tags: Ademola AdelekeOsun StateOyetola

Recent Posts

Why Oyo Assembly sacked Irepo LG chairman

Why Oyo Assembly sacked Irepo LG chairman

June 1, 2023
Tinubu warns security agencies against working at cross purposes, urges them to crush oil thieves

Tinubu warns security agencies against working at cross purposes, urges them to crush oil thieves

June 1, 2023
Subsidy: Petrol price will come down soon- NNPC

Subsidy: Petrol price will come down soon- NNPC

June 1, 2023
Court voids student activist’s rustication by UI

Court voids student activist’s rustication by UI

June 1, 2023
Ooni to Tinubu: Engage youth, fix Nigeria, unite Africa

Ooni to Tinubu: Engage youth, fix Nigeria, unite Africa

May 31, 2023
Imo governor, Uzodinma emerges Progressive Governors Forum chairman

Imo governor, Uzodinma emerges Progressive Governors Forum chairman

May 31, 2023
Foundation donates N15m ICT centre to Oyo community

Foundation donates N15m ICT centre to Oyo community

May 31, 2023
Subsidy removal: NLC holds national protest February

NLC rejects upward review of petrol pump price

May 31, 2023
Next Post
‘You’re preparing grounds for excuses’- Oyetola challenges Adeleke to publish loan facilities he inherited

'You're preparing grounds for excuses'- Oyetola challenges Adeleke to publish loan facilities he inherited

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newspeakonline

© 2023 Newspeak & Associates

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics

Follow Us

No Result
View All Result
  • Home
  • Latest News
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2023 Newspeak & Associates

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Newspeak We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications