Breaking News

Osun begins Interview for shortlisted Teachers across the State | GOVERNOR ADELEKE MOURNS PASSING OF EX-DIPLOMAT, DR. CHRISTOPHER KOLADE AT 93. | Banditry: Governor Adeleke Speaks on Osun Internal Security: | ADELEKE VOWS TO APPREHEND AND PROSECUTE THE PERPETRATORS OF AKINLALU’S KILLING. | GOVERNOR ADELEKE CELEBRATES PRINCE KOLAWOLE ADEWUSI ON HIS BIRTHDAY | Osun Government Says Governor Adeleke did not Grant Clemency to a Murderer, Accuses Insightinks of Peddling Fake NewsOSOGBO-4/10/2025 -Osunstate.gov.ng | GOVERNOR ADELEKE GREETS EX-DEPUTY SPEAKER, LASUN YUSUF AT 65. | Governor Adeleke Orders Full Investigation into Akinlalu Incident, Despatches Government Delegation. | GOVERNOR ADELEKE CELEBRATES GENERAL ALANI AKINRINADE AT 86 | Governor Adeleke Grants Amnesty to 36 Convicts to Mark Nigeria’s Independence Day. | Nigeria @ 65: Governor Adeleke Harps on Rule of Law & True Federalism. | GOVERNOR ADELEKE CELEBRATES REP SALAM AT 56. | GOVERNOR ADELEKE MOURNS PASSING OF ARISE TV ANCHOR, SOMTOCHUKWU MADUAGWU. | GOVERNOR ADELEKE MOURNS PASSING OF GRAND KHALIFAS OF TIJANIYAH IN OSUN AND KWARA | GOVERNOR ADELEKE GREETS ALHAJI FATAI DIEKOLA AT 69. | Tourism Agenda: Governor Adeleke to Upgrade Cultural Tourist Sites at Osogbo, Ilesa, Ife and Ede. | Governor Adeleke Salutes Professor Lukuman Jimoda Adekilekun Ahead of Landmark Inaugural Lecture at LAUTECH | GOVERNOR ADELEKE MOURNS EXIT OF SHEIKH IBRAHIM ADEKILEKUN | GOVERNOR ADELEKE CELEBRATES FIRST LADY OLUREMI TINUBU ON HER 65th BIRTHDAY. | Governor Adeleke Commends Osun PDP Restructuring and Expansion, Praises Peaceful Ward Congresses. | Governor Adeleke Commends Osun PDP Restructuring and Expansion, Praises Peaceful Ward Congresses.
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 *