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The All Progressives Congress (APC) governorship candidate in Ogun State, Senator Solomon Olamilekan Adeola, has promised to restructure the state’s debt, expand mining investment and overhaul revenue collection to provide more funds for development if elected in 2027.
Adeola, popularly known as Yayi, told a media parley in Lagos that his administration would negotiate longer repayment periods with lenders, block revenue leakages and develop new income sources.
Putting Ogun’s debt at about N538 billion, he attributed part of the increase to exchange-rate movements affecting foreign loans.
“Some loans were collected at N400 a dollar, some at N600 a dollar, but the moment exchange rate jumped to about 1,000 plus a dollar, you multiply it… take it up!” he said.
He said restructuring would allow the state to meet its obligations while retaining funds for development, rather than defaulting.
“All you need to do is to come, look at the debt profile, sit with the lenders and agree with them,” he said.
Adeola identified mining as a major opportunity, promising to pursue federal licences and establish special-purpose vehicles through which the state could partner with private investors.
He said Ogun should participate strategically in the development of its mineral resources, earning revenue through taxes, ground rent and business interests while creating jobs.
The candidate also proposed weekly meetings with revenue-generating agencies to identify leakages and untapped income sources.
“What are the loopholes? Where are we losing money? What are the things we can do to generate more revenue?” he asked.
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Adeola said lottery operators would be required to register with a state commission and contribute what he described as “good cause money,” rather than conventional corporate tax.
“If you don’t register with us, you can’t play lottery in my state. You cannot,” he said.
Addressing questions about his Ogun origin, Adeola challenged journalists to investigate his family history rather than rely on claims circulated by political opponents.
“Report to Nigerians where Yayi is from,” he said.
He stated that his father was buried at the family home in Iyana Ipaja, Lagos, while his mother and maternal grandmother were buried at Victoria Garden City Cemetery and Ikeja, respectively.
Adeola also denied being dismissed by The Guardian, saying he voluntarily resigned. He maintained that his name change was advertised in the newspaper and communicated to the organisation.
“I advertised it in The Guardian, I notified The Guardian newspaper,” he said.
He accused opponents of using personal attacks to distract from the state’s development needs and challenged them to present their programmes.
“I’m the candidate to beat. They can’t match me. I have addressed you here today, let them come and address you and tell you what they have for the state,” he said.
