Since November, 2022, Governor Ademola Deleke has kept the true debt profile of the state a top secret for reasons best known to him and his mediocre kitchen cabinet. But the recently published audited financial statement of the state has further burst their bubble as the document in pages 60 and 61 reveal that the domestic debt of the state increased to N55.3billion in 2023 from N46.8billion the current administration met it in 2022.
A further study of the document indicates that a new Finance Lease loan of N4.2billion was obtained by the government in 2023. Just as the existing domestic debt of N705.6million for the Ministry of Agriculture and Food Security went up to N2.9billion. A N280.8million debt previously written against the Ministry of Rural Development and Community Affairs also rose to N1.4billion in 2023, the debt of the Ministry of Youth & sports which leaped to #1.02billion to #1.61.7million. The summation of the additional loans to the above three ministries in 2023 was #3.92billion.
While the administration continues in its hide-and-seek, tongues are beginning to wag while a state government which devoted #19billion for the office of the Governor in 2023 is planning to spend another #13billion for the same office in 2024, would obtain loans of above #8bilion to executes it’s project. Already, of the N13billion planned for the office of the governor in 2024, N8.9bn had already been disbursed as at end of Q2, June.
As part of the 2024 expenses for the office of Governor Adeleke, 20 Units of 2023 Model Toyota Landruiser Prado Jeep, valued at N3billion, have been approved for purchase. For the office of the governor again, 7 units of HP Pavilion Laptops, valued at N14.7million, are also in the budget for purchase. Just as N685million and N435million (totaling N1.1billion) are earmarked for the renovation of the governor’s office and quarters respectively Why should the state governor budget this humongous sum for his office at a time many pensioners in the state still receive pittance of N5,000 every month.
Besides the fact these schools are no longer habitable for teachin Why should a state governor who spent no dime to defray gratuity arrears and pension arrears from January-June 2024 invest scarce resources on frivolities and personal comfort? In the 2024 budget of the state, N6billion and N5.4billion are voted for settling of gratuity arrears and pension arrears respectively, but nothing was released as at end of June. If the government of Osun is making fortune out of the misfortune of the citizens as the situation appears to be, particularly in respect of the enormous allocation accruing to the state on account of high dollar rate through Foreign Exchange Rate Gains, it is sensible the government is motivated to give back to the financially troubled compatriots.
Since July 2023 when the naira was floated and foreign exchange market was liberalized by President Bola Tinubu, Osun State has received over N25billion as gains from the FX Exchange Rate. Given what has come to Osun State in the last 14 months from Foreign Exchange Gains, there is no reason the state government should not have declared health and education sectors, at all levels, free. But sadly, those critical areas of human existence are not the priorities of the state government. Even at that, the government still borrows to sustain to sustain the opulence of the state actors.