The records from the Debt Management Office, Abuja, has shown that the Osun State Government obtained foreign loans to the tune of $26 million within 2025 and June 2026.
The foreign debt stock, classified as multilateral and bilateral debts, of the state as at June 2026 stood at $101.7 million as against $75.8 it was in December 2024, indicating a difference of $25.9 rise within the period under review. The document was published September 25, 2026 by the DMO. See the link here:
The rise, at a current CBN exchange rate, is ₦34.9 billion.
A fresh loan of ₦34.9 billion is huge and startling, given the state government claims that it has not added to the debt profile of the state since 2022.
There is nothing unusual about loan, particularly when it is attached to infrastructural projects. However, details of such loans are expected to be communicated to the public. Did the Osun State House of Assembly OPENLY discuss and approve the new loans?
The Osun State Government needs to disclose this development to the people of Osun State, on whose behalf the purported loans were obtained. The public deserve to know what the loans, whose repayment will take over 30 years to conclude, are all about.
