Adeleke cuts Osun’s domestic debt by N69.18bn in three years

Osun State, under Governor Ademola Adeleke, has significantly reduced its domestic debt by N69.18 billion since he assumed office in November 2022. This substantial reduction has shifted the state's ranking from ninth to 18th among Nigeria's most indebted states, according to an analysis of Debt Management Office (DMO) data.

When Adeleke took office, Osun's domestic debt stood at N148.37 billion as of December 31, 2022. The debt saw a gradual decline throughout 2023, falling to N144.60 billion by year-end. The reduction became more pronounced in 2024, with the debt dropping to N87.01 billion by March and continuing its downward trend to N79.19 billion by March 2026.

This fiscal management has led to a 46.6% decrease in the state's domestic debt. Despite the reduction in the debt stock, Osun has incurred substantial expenditures on debt servicing. The state's audited financial statements show that N16.73 billion was spent on public debt charges in 2023, covering interest and principal payments.

Expenditures on debt servicing increased in subsequent years, reaching N23.05 billion in 2024 and N27.44 billion in 2025. While a significant portion of payments in 2024 was directed towards foreign debt, substantial amounts were allocated to repaying domestic principal and interest in 2025. The data indicates a consistent effort to manage and reduce the state's financial obligations.