Pursuant to the State of Osun Debt Management Office (Establishment) Law 2012, the Debt Management Office, hitherto operating as a department under the Ministry of Finance has been reconstituted. This is contained in a release signed by the Ag. Director General, State of Osun Debt Management Office, Mr. Tunde Adejumo.
The reconstitution according to the statement became imperative so as to fortify the office and give it the required statutory backing and autonomy. The release further stipulates that according to section 27 of the law, the powers of any Ministry or extra-ministerial Department over any debt involving the state shall, by virtue of the law and without further assurances, be vested in the office as from the commencement of the law (June 28, 2012).
The statement also stated that, the Governor of the State of Osun, Ogbeni Rauf Aregbesola has approved the immediate implementation of the law and has consequently approved the appointment of a Director General for the office. The release further stated that, it has become mandatory for all Ministries, Agencies and Departments of the State Government of Osun to refer all issues relating to borrowing in consonance with the law to: State of Osun Debt Management Office, Finance Building State Secretariat Complex, Gbongan Road, Abere