Traditional rulers in Osun State were left in disbelief as the State’s Governor, Senator Ademola Adeleke, revealed that his administration inherited a debt stock of N407.32 billion amidst an N18billion naira loan taken after losing election.
Governor Adeleke who met the traditional rulers for the first time since his inauguration last month, said he took the decision of informing the kings across the state in line with his campaign promise of running an open and transparent Government.
The Governor disclosed that the accumulated debts is in eight categories, noting that repayment period of the debts ranges from 16 months to about 28 years.
“With high sense of responsibility, I am reporting to our people through our traditional rulers, the total debt profile inherited by my administration from Governor Oyetola’s administration,” the Governor noted in a speech read at the meeting.
“My administration inherited eight outstanding loan facilities, apart from salaries and pension debts, from Governor Oyetola’s administration. The repayment period ranges from 16 months to about 28 years.”
A breakdown of the debts, according to the Governor are: Budget Support Facility– N51.8 billion, Salary Bail Out Loan– N38.8 billion, Restructured Commercial Bank Loans– N158.77 billion, Excess Crude Account (ECA) Loan– N14.48 billion, CBN Infrastructure Loan– N9.2 billion, FGN Intervention Loan– N1.7 billion, FGN Bridge Finance Facility– N18.04 billion, Foreign Loans– $86.2 million.
“My good people of Osun State, the total loan stock as at 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,” Governor Adeleke pointed out, adding that money owed contractors by the past administration is yet to be determined.
The disclosure rattled the audience and for several minutes, traditional rulers in the hall were seen tapping each other in apparent disbelief at the revelation on the state’s debt profile.
In a brief remark shortly after the Governor’s presentation, the Chairman of the Osun state council of Obas, HIM Oba Adeyeye Ogunwusi Enitan, the Ooni of Ife, appreciated Governor Adeleke for the honour done to traditional rulers by sharing with them the position of the finances of the state, saying he is the first Governor of the state to do such.
“For what you have done by involving traditional rulers, you will succeed. We will support you with everything within our reach to navigate this challenge,” Oba Ogunwusi noted.
“With what you brought here, we will not be far from you and support you with our ideas to ensure you achieve your set objectives for the state.”
The Alie of Ilie, Oba Oladapo Olagunoye Siyanbola, Orisajenyo Ii, who towed the line of the Ooni of Ife, charged the Governor not to be dissuaded by the situation he met on ground, pledging the readiness of the traditional rulers to offer constructive advise to move the state forward.
“While the disclosure is overwhelming, my advise to you is to remain focus on executing your agenda, and you will always have our support in overcoming this and taking this state forward,” he added.
In his own contribution, the Olowu of Kuta, Oba Hammed Adekunle Makama Oyelude, welcomed the disclosure of Governor Adeleke as a good score point in transparency, but however advised him not to be distracted by the situation of things he met on the ground.
He urged the Governor to look beyond the unfavourable condition he inherited and see how he can deliver good governance for the Osun people within the available resources, warning that his opponents are waiting for his government to fail, which he must not allow to happen.
Oba Adekunle Adeogun Okunoye, the Eburu of Iba, lauded Governor Adeleke for setting the standard in transparency and accountability by involving traditional rulers with finances of the state, saying it is indicative of the kind of government he wants to run.
He charged the Governor to keep to his promise of returning governance to the grassroot, noting that local government in his domain under the past administration was nearly inexistent.
In a brief response to the remarks of the monarchs, Governor Adeleke appreciated the Obas for their understanding and promises to continue to engage them in matters that affect the state.
“This disclosure is not for political purpose but was in line with my campaign promise to run an open and transparent Government,” he said, nothing that notwithstanding the distressing condition he inherited, “I am assuring you that all my campaign promises will be kept. I trust God to support us in achieving our set goals. I have a blueprint and my 100 days programme is already in play.
“I will be meeting with traditional rulers, maybe every quarterly to brief you of what we are doing and our plans”, Goveror Adeleke promised.
