Osun Receives 11Billion Naira from the Controversial Excess Loan Reductions

It has now been confirmed that the accruing Excesses Reductions from Paris Club and London Club loans due to Osun State has been released to the tune of 11.116billion, CiltyMirrorNews learnt.

Our Correspondent reliably gathered that the money was released to the Starling Bank Account of the state around 2:45pm on Wednesday, December 7, 2016.

The source further confirmed that the said sum was just the first batch of the fund that was due to the state from the Excess Reductions spanning 1990 to 2002 by above mentioned International creditors.

It would be recalled that the state, through the Director, Bureau of Communication and Strategy, office of the Governor, Mr Semiu Okanlawon had on Thursday, Nov 29, 2016 debunked any release of fund to the state from the Excess Reductions, claiming that it was “mere propaganda and blatant lie deliberately cooked to incite public against government and cause disaffection among the citizenry”.

Meanwhile, the federal government earlier in the week disclosed that the total of 157billion naira is available for sharing among 14 states from the controversial Paris and London club’s excess loans reductions, where the maximum amount declared to be accruing to any state is 15.7billion naira.

However, up till now, the state government has not come out to announce the receipt of the money in line with the statutory financial responsibility of every federating unit.