Edo debt profile was less than N44bn, rose to N485 billion under Obaseki – APC

Edo State chapter of the All Progressives Congress, APC, has decried the high debt profile of the state.

It said that the debt left behind by the immediate past government of Godwin Obaseki was between 2000 and 3000 percent higher than the accumulated loans incurred by previous governments from 1991 and 2016.

Patrick Ikhariale, a chieftain of the party, secretary, APC transition committee member and member, Assets Verification Committee stated this at a press briefing shortly after the inauguration of the Committee by Governor Monday Okpebholo in Benin City.

Ikhariale, former, two-time House of Representatives member for Esan Central, Esan West and Igueben Federal Constituency, said the debt profile of the state from the administration of Chief John Odigie Oyegun in 1991 to the period of Adams Oshiomhole between 2008 and 2016 was not less than N44 billion.

He said between November 12, 2016 and November 12, 2024, the eight years period of Godwin Obaseki as governor, the debt profile rose to over N485 billion.

He said the figures represented between 2000 and 3000 percent increment.

“What is happening in Edo State today is of best international practices and not limited to Edo State.

“We had states within and outside Nigeria having to do this kind of asset verification exercise.

“We are not doing it because others are doing it, we are doing it because it is absolutely important that we do it.

“May I used this opportunity to say that in the course of the transition committee reports, Edo State that is 33 years old this year, for some of us who were not born then, Edo State was created in 1991, the total debt profile of Edo state from 1991 to 2016 was less than N44 billion.

“But as we speak today, Edo State debt profile is over N485 billion. That is to say between 2016 and November 12, 2024, Edo State has accumulated debt that is in the essence of a percentage of over 2000 or 3000 percent compared to what we had in the previous years.

“It is important that we look at the issues that concern Edo people. It is obvious that the money we are talking about must in their own estimation be used for one thing or the other, but it would be nice to hear from the immediate past government for the benefit of the members of the public.”

Ikhariale said the committee is open to receiving memorandum from members of the public.

He emphasized that the objective of the committee was not to witch hunt anybody or any corporate body but for fact finding.

Edo debt profile was less than N44bn, rose to N485 billion under Obaseki – APC