The Osun State Government has announced a significant reduction in the state’s debt profile, stating that Governor Ademola Adeleke has cut the debt burden by 43 percent between 2022 and 2025.

On Wednesday 16, 2025, the state government released a statement on X to this effect, describing the development as a testament to Governor Adeleke’s prudent fiscal management, commitment to transparency, and effective debt restructuring strategy.

It read in part, “Between December 2022 and the first quarter of 2025, Osun State, under the administration of Governor Ademola Adeleke, recorded a significant decline in both domestic and external debts.

“The domestic debt dropped from N148.37 billion to N83.32 billion, while the external debt reduced from $91.78 million to $75.14 million. These figures reflect the administration’s deliberate fiscal actions to reduce the state’s debt burden and improve financial sustainability.

“The reduction in domestic debt was especially noteworthy, with a repayment of N65 billion, which represents a 43.84% decrease over the period. This level of decline indicates commitment to aggressive debt repayment and fiscal responsibility,” the Osun state Government stated.

The government explained further that the debt reduction has bettered the state’s Internally Generated Revenue (IGR), which allows it to meet credit obligations.

According to the statement, this meant that the state has “managed to reduce its external debt by $16.64million,a decrease of 18.13% despite the high exchange rate.”

“The debt reductions point to strong Governor Adeleke’s fiscal discipline and effective leadership in economic management,” the statement added