Osun State Governor, Ademola Adeleke, has dismissed allegations that his administration secretly obtained foreign loans, insisting that the increase in the state's external debt arose from financial obligations inherited from his predecessor.

Adeleke, through his spokesperson, Olawale Rasheed, said his administration had not secured any foreign loan since assuming office in November 2022.

He explained that the increase included a 25.8-million-dollar loan obtained by the previous administration for the Rural Access and Agricultural Marketing Project, which matured for repayment in December 2025.

The governor was reacting to a Debt Management Office report showing that Osun's external debt rose from 75.14 million dollars in December 2024 to 101.7 million dollars in June 2026.