Breaking News

Osun begins Interview for shortlisted Teachers across the State | Governor Adeleke Surpasses APC’s 12 Years Records under Three Years – Osun Student Leaders | Governor Adeleke Reviews State Policies at Exco Meeting, Issues Further Directives to MDAs. | Osun Appoints Director-General and Special Envoy on Climate Change and Renewable Energy | Governor Adeleke Expands Start-Up Grants to 2000 Youth/Women, Flaunts Achievements in Cooperative Financing. | GOVERNOR ADELEKE FELICITATES WITH ODUA INVESTMENT GROUP CHIEF, OTUNBA LAI ORIOWO ON HIS BIRTHDAY. | Students’ Requests: Governor Adeleke Says Phase 1 of Ada-Ire Road is Completed as Phase 2 will Soon Commence. | Osun State Government Launches Imole Wi-Fi: Public Internet Service Introduced. | Governor Adeleke Congratulates Dr. Akindele on His Birthday Anniversary, Eulogized His Commitment to Duty. | GOVERNOR ADELEKE CELEBRATES DR BOLORUNDURO ON HIS BIRTHDAY. | Gov Adeleke Resolves Feud Within Ife PDP as Stakeholders Reunite Ahead of 2026 | GOVERNOR ADELEKE MOURNS THE PASSING OF OLOFA OF OFATEDO | Governor Adeleke Bags New Honours, Decorated as Patron of FRSC Special Marshals, Pioneer Patron of Forensic Guards Nigeria. | Maulud Nabiyy: Renew your commitments to a prosperous Osun, Governor Adeleke tasks Muslims. | Gov. Adeleke: Osun Is President’s Home, Must Not Be Turned Into Battleground. | GOVERNOR ADELEKE GREETS ZAMFARA GOVERNOR, DAUDA LAWAL, AT 60. | GOVERNOR ADELEKE SALUTES VICE PRESIDENT SHETTIMA AT 59. | Olubadan Designate Endorses Governor Ademola Adeleke for Second Term | Osun State Government Affirms Confidence in Deputy Governor and Prof Wale Oladipo | Governor Adeleke has approved Iwo-Osogbo Road Since January, 2025 — Spokesperson | OSUN WORKERS IN MASS APPRECIATION RALLY FOR GOVERNOR ADELEKE.
System Analyst September 10, 2024

Osun Govt Blames High Debt Service Rate on Weak National Currency

NEWS RELEASE

OSOGBO- 10/09/2024- Osunstate.gov.ng

The Osun State government has responded to a report from the National Bureau of Statistics listing Osun as number ten among states with high debt service payments.

In a statement signed by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, the state Government clarified that the apparent rise in the monthly loan repayment on the State’s foreign loan is not as a result of any new borrowing but a consequence of the nation’s weak currency following the devaluation of Naira.

The NBS report picked by opposition platform had noted as follows:
“Osun State, located in Nigeria’s southwest, is culturally known for the Osun-Osogbo Festival. In 2024, Osun recorded N3.4 billion in external debt service costs, up from N1.57 billion in 2023. This represents an increase of N1.83 billion or about 116%”

The public would kindly recall that repayment on foreign loans is usually done based on the prevailing exchange rate of the local currency (Naira) to the US$ Dollar.

As the repayment is done in line with prevailing rate, there is an increase in the naira value of monthly loan repayment on foreign loans portfolio of all the States of the Federation.

The inevitable increase, therefore, is not only peculiar to Osun, rather, it is applicable to all the States and the Federal government.

The public is assured that the state financial management is responsible and sustainable without any new indebtedness.

Signed:
Oluomo Kolapo Alimi,
Hon Commissioner for Information and Public Enlightenment

Leave a Reply

Your email address will not be published. Required fields are marked *