Politics
JUST IN: Oyetola Took Loan In Billions After Losing Election – Adeleke
Published
3 years agoon
By
Editor
The Osun State Governor, Ademola Adeleke, has disclosed that his predecessor, Gboyega Oyetola, took N18 billion loan after he lost the July 16th, 2022 Osun governorship election.
This is as he also revealed that the state is indebted to the tune of N407.32 billion as of November 30th, 2022.
Adeleke disclosed this on Thursday during a meeting with Osun State Traditional Rulers at Osogbo, Osun State Capital.
READ ALSO: Adeleke, Oyetola In Verbal War Over Alleged Looting Of Governor’s Lodge
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.”
READ ALSO: Why I Issued Executive Orders – Adeleke
See the breakdown of the debt by 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:
N100m
• Repayable Period Outstanding:
17 months
7. FGN Bridge Finance Facility: N18.04 Billion
A large portion of this particular loan was taken after July 16th, 2022 election which Governor Oyetola lost.
READ ALSO: Tribunal: Oyetola Closes Case, Panel Admits Adeleke’s Results
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.
8. Foreign loans: $86.2m
No information on the Repayment Terms.
PUNCH
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Politics
Coalition: Abure-led LP Gives Obi 48 Hours To Leave Party
Published
20 hours agoon
July 3, 2025By
Editor
The Abure-led faction of the Labour Party has given the presidential candidate of the party in the 2023 election, Peter Obi, a 48 hours ultimatum to leave the party haven formally joined the coalition party.
This was contained in a statement signed by the faction’s National Publicity Secretary, Obiora Ifoh, in Abuja, on Thursday.
He explained that the Labour Party under Abure’s leadership remains vehemently opposed to joining the coalition while dismissing members of the coalition as “power mongers whose only interest was self and not the people.”
The party warned Nigerians that the often mouthed ‘new Nigeria is Possible’ is a ruse and cannot be achieved with the assemblage of old, recycled, desperate and frustrated politicians in the coalition.
READ ALSO::Only A Formidable Coalition Can Salvage Nigeria, Says Peter Obi
Ifoh said the party is aware that all those who mismanaged Nigeria over the years are the ones that gathered themselves in the coalition while noting that desperate politicians can’t birth new Nigeria.
He said, “We are aware of several nocturnal meetings between Peter Obi and some of our members, lobbying them to join him in his new party. We’re also aware that a number of them has refused to defect with him.
“Labour Party has consistently said it is not part of the coalition and therefore, any of our members who is part of the coalition is given within 48 hours to formally resign his membership of the party.
“Labour Party is not available for people with dual agenda, people with deceptive persona. The party will not avail itself to individuals who have one leg in one Party and another leg elsewhere.
“People who in the morning they will claim to be in the Labour Party and in the evening they are in coalition.
READ ALSO: Peter Obi Condemns Tinubu’s Saint Lucia Trip
“Nearly 70 per cent of the Nigerian population are youths who are tired of the old order, tired of gerontocrats deciding their fate. The new Nigeria that the youths are dreaming of, is not what can be realized from what we are seeing in the coalition.
“These people are opportunistic politicians who are only interested in relaunching themselves into circle of power, people who are desperate to continue holding on to power.
“The new Nigeria of our dream can only be realised through the Labour Party, and the party is willing to lead Nigerians along that trajectory.
“I therefore urge all members of the party to remain loyal and keep the party structure intact ahead of future elections.”
Politics
Only A Formidable Coalition Can Salvage Nigeria, Says Peter Obi
Published
20 hours agoon
July 3, 2025By
Editor
The presidential candidate of the Labour Party in the 2023 elections, Peter Obi, has given his full support for the coalition of opposition parties aimed at ending President Bola Tinubu’s rule in 2027.
He explained that it was a fact that no single group can change Nigeria alone, hence the need for people to come together to pursue the goal.
The former Amambra State Governor said this in a post on his verified X handle, on Thursday.
READ ALSO: Peter Obi Condemns Tinubu’s Saint Lucia Trip
He said this just as the Julia Abure-led faction of the Labour Party has given him 48 hours within which to formally resign from the party or risk expulsion.
Obi in his post wrote, “Yesterday, the coalition members formally adopted the African Democratic Congress (ADC) for the 2027 Nigeria General Elections with Distinguished Senator David Mark serving as the National Chairman and H.E. Ogbeni Rauf Aregbesola serving as the National Secretary.
“Our commitment is to sacrifice and work together towards the 2027 General Elections, ensuring that Nigeria gets a competent, capable, and compassionate leadership that will prioritise the nation’s future by putting the welfare of Nigerians first.
REAS ALSO: Peter Obi Speaks As Port Harcourt Refinery Begins Production
“This decision was not made lightly. It comes from deep reflection on where we are as a country and what must be done to move forward.
“No one group can change Nigeria alone. To dismantle the structures that keep our people in poverty and insecurity, we must build bridges, not walls even when those bridges are uneasy. A New Nigeria is Possible. -PO.”
Politics
I Don’t Owe Anybody Explanation On Truce With Fubara – Wike
Published
23 hours agoon
July 3, 2025By
Editor
Federal Capital Territory FCT minister, Nyesom Wike, on Thursday, declared that peace has returned to his home state, Rivers, saying he does not owe anyone an explanation on the terms of the truce.
Wike disclosed this during a Media chat monitored in Abuja.
READ ALSO: ‘Peace Has Returned To Rivers’ — Wike, Fubara Speak After Meeting Tinubu
According to him, several people had turned the crisis in Rivers State into an “oil well”, from which they were drawing illicit funds for their selfish interests, saying such fifth columnists are no longer happy that he has reconciled with the suspended Governor of the state, Siminalayi Fubara.
Details later…
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