Osun gov denies securing $35m loan, rejects APC accusations

Osun State Governor, Ademola Adeleke

The Osun State chapter of the All Progressives Congress has accused Governor Ademola Adeleke’s administration of secretly finalising plans to secure a $35 million loan—equivalent to N56 billion—under the NG-CARES programme.

At a press conference in Osogbo on Monday, the APC spokesman, Mr Kola Olabisi, raised concerns that the loan, if approved, could plunge the state into severe financial distress.

Olabisi alleged that Osun had previously entered into a covert agreement to obtain a $16 million (N26.6 billion) loan for the ‘Nigeria for Women Project’ without public knowledge.

He warned that the fresh N56 billion loan would be drawn from the second phase of NG-CARES, known as NG-CARES Additional Financing.

“The loan facility, reportedly signed by the state Commissioner for Finance and witnessed by the Accountant-General, is set to be disbursed early next year,” Olabisi said.

“The lack of transparency surrounding the project has fueled speculation that the loan, which will be repaid over 30 years, may be diverted for the 2026 governorship election.”

He further explained, “The first phase of NG-CARES ended in June 2024. However, Governor Adeleke has been misled into pursuing the second phase.

“The state has already signed all relevant documents to signify its intent to participate in NG-CARES Additional Financing.

“The Naira equivalent of this loan is N24 billion, and disbursement is expected imminently. In total, the state will secure $35 million (N56 billion) from the NG-CARES facility.”

Dismissing claims that Adeleke’s administration has not borrowed since taking office, Olabisi accused the governor of mismanaging significant state resources over the past year.

“We urge Osun people to demand transparency regarding the true financial standing of the state,” he declared. “The people should not be left in the dark while the government burdens them with eternal debt.”

Olabisi also alleged that among the 53 prisoners recently granted state pardon by Governor Adeleke, one, Amein George, was a police officer facing murder charges at the Ilesa Magistrate Court.

Governor’s response
Reacting to the allegations, the spokesperson for the governor, Olawale Rasheed, dismissed the APC’s claims, asserting that the governor followed due process in granting pardons.

Rasheed clarified, “The governor does not unilaterally grant pardons. The State Advisory Council on Prerogative of Mercy was duly established and reviewed each case meticulously over several days before arriving at 53 deserving cases.”

Criticising the APC’s selective outrage, Rasheed added, “If they believe an error occurred, they can file a petition. The governor exercised his power within the confines of the law. Picking one case out of 53 reeks of mischief.”

On the loan allegations, Rasheed categorically denied that Osun State had acquired foreign loans under NG-CARES.

“As a member of the executive council from the onset, I can affirm that no loan approval request has been made for any project.

“This is fake news, which the APC has continuously peddled. Osun people are discerning and educated—they know when their government is borrowing,” he said.