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JUST IN: Oyetola Took Loan In Billions After Losing Election – Adeleke

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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.

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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.

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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.

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“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.

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“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.”

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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

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• Monthly repayment: N154.9m

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

2. Salary Bail Out Loan:

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• Outstanding Balance: N38.8 Billion

• Monthly Repayment: N232.77m

• Repayable Period Outstanding:

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•167 Months = 13 years 9months

3. Restructured Commercial Bank Loans:

• Outstanding Balance: N158.77 Billion

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• Monthly Repayment: N1.14 Billion

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

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

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• Monthly Repayment: N89.97m

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

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

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• Monthly Repayment: N44.98m

• Repayable Period Outstanding:

205 months = 17 years 1 month

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

• Monthly Repayment:
N100m

• Repayable Period Outstanding:
17 months

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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

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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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2027: Bauchi Speaker Responds To Call To Join Guber Race

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The Speaker of the Bauchi State House of Assembly, Hon. Abubakar Suleiman, has responded to those calling him to declare interest in the 2027 governorship race, saying it’s not the right time considering the fact that a lot of works are to be done.

Recall that Bauchi State Coalition of Youth and Civil Society Groups, during a press conference held earlier this week, urged the Speaker to consider contesting for the top seat, citing his experience and achievements in public service.

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Responding to the call in a statement made available to INFO DAILY, the Speaker, who appreciated the confidence reposed in him by the coalition, however, maintained that governance and the fulfillment of his current mandate remain his immediate priority.

READ ALSO: Bauchi Speaker Knocks Wike Over Threats To PDP Governors, Wants Security Agents To Take Action

While we sincerely appreciate the compliments and support expressed by the Bauchi State Coalition of Youth and Civil Society Groups, we believe that now is not the appropriate time to declare interest in any political position, including the 2027 gubernatorial race,” he said.

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He added, “This is not the time. There is still a lot to do. Our primary focus at this moment is on representation and governance, serving the interests of our constituents faithfully.”

The Speaker stated that when the time is right to pursue such political ambitions, it would be done transparently and in consultation with party leaders, political allies, and the people of Bauchi State.

READ ALSO: NYSC Urges Bauchi Governor To Reconstruct Collapsed Camp Fence

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We hold a mandate entrusted to us by our constituents, and it is our duty to act in their best interests,” he noted.

He urged the coalition and supporters to continue praying and supporting his efforts in delivering impactful governance.

Our commitment remains to serve with integrity and to prioritize the welfare of our constituents above all,” he said.

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Atiku, El-Rufai Coalition Seeks INEC Registration For New Party

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The National Opposition Coalition Group, led by former Vice President Atiku Abubakar and ex-Kaduna State Governor, Nasir El-Rufai, has formally applied to the Independent National Electoral Commission for the registration of a new political party—the All Democratic Alliance.

The application, dated June 19, was acknowledged by INEC on Friday, signalling the coalition’s determination to float a new platform instead of aligning with any existing political party.

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The formation of ADA, backed by some other key political heavyweights, including former Rivers State Governor, Rotimi Amaechi and Umar Ardo, convener of the League of Northern Democrats and former aide to President Olusegun Obasanjo, seeks to capitalise on mounting public dissatisfaction and political realignments to stop President Bola Tinubu at the next poll.

READ ALSO: Atiku, Obi Arrive Abuja For Consultative Group Meeting

The application comes just a few days after INEC warned political groups that no amount of pressure or public sentiment would override the need for strict compliance with constitutional and electoral guidelines.

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The commission reiterated that party registration remains a rigorous constitutional process—not merely a political declaration.

With Thursday’s application, the national opposition coalition has now put an end to weeks of speculation about whether it would revive a dormant political platform or launch a fresh one altogether.

READ ALSO: Trump Orders Mass Layoffs At Voice Of America, Other US-funded Media

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A copy of the application letter, obtained by our correspondent in Abuja, was jointly signed by the association’s Protem National Chairman, Chief Akin A. Rickets, and Protem National Secretary, Abdullahi Elayo.

The letter partly read, “We respectfully write to the Independent National Electoral Commission, requesting the registration of our association, the All Democratic Alliance, as a political party.

“This is a sequel to the decision taken by the Nigerian National Coalition Group to sponsor our association for full registration.

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READ ALSO: Troops Engage Terrorists In Fierce Gun Battle To Repel Gwoza Invasion

“The name of the party shall be All Democratic Alliance with ADA as our acronym and ‘Justice for All’ as our slogan.”

The coalition also submitted relevant documents, including the party’s constitution, manifesto, logo, and minutes of its foundational meetings.

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The party’s symbol prominently features a maize (corn), which the applicants say represents abundance, resilience, and sustenance—core ideals they hope to promote.

We have further attached our manifesto encompassing details of our party ideology and our constitution providing the legal framework that defines our identity, structures, and organisation,” the letter continued.

 

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Rivers LG Administrator Appointed By Ibas Resigns

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The administrator of the Ahoada East Local Government Area of Rivers State, Goodluck Ihemnacho, has resigned.

Ihemnacho is one of the administrators appointed by the state Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), for the 23 LGAs of the state.

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The resignation was contained in a letter dated June 20, 2025, addressed to the state sole administrator and obtained by our correspondent.

In the letter which has flooded the social media space, Ihemnacho said his resignation was informed by his desire to return to the private sector.

READ ALSO: Rivers Women Walk Out On Ibas’ Wife, Chant ‘We Want Fubara’

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The resignation letter partly read, “I humbly write to your noble office to convey to you my resignation as the administrator, Ahoada East LGA.

“My sincere gratitude goes to the government of Rivers State and the good people of Ahoada East for finding me worthy to serve as Ahaoda East LGA from 11th day of April 2025 to 20th day of July 2025.”

Meanwhile there are speculations that Ihemnacho resigned to pave the way for him to contest the forth-coming LG elections in the state, though this has not been verified.

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