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The Osun State Government has clarified that the high debt service rate reported by the National Bureau of Statistics (NBS) is primarily due to the weakening naira, not new borrowing. Osun is listed among the top ten states with significant debt service burdens.
In a statement, Kolapo Alimi, the Commissioner for Information and Public Enlightenment, explained that the state’s debt service has risen because foreign loans are repaid based on the exchange rate, which has worsened due to the naira’s depreciation.
Alimi also pointed out that Osun’s debt situation stems from the 12-year tenure of the previous All Progressives Congress (APC) government. The increased repayment is part of a broader issue affecting all states and the Federal Government, driven by the naira’s weakening against the US dollar.
He reassured the public that the Ademola Adeleke administration has managed the state’s finances responsibly without incurring new debt.
