The Edo State chapter of the All Progressives Congress has expressed concern over the state’s mounting debt profile, attributing the significant increase to the administration of former Governor Godwin Obaseki.
The party alleged that the debt incurred during Obaseki’s eight-year tenure was between 2000 and 3000 percent higher than the total loans accumulated by all previous administrations from 1991 to 2016.
A chieftain of the APC and Secretary of the Transition Committee, Patrick Ikhariale, made this assertion during a press briefing in Benin City shortly after the inauguration of the Assets Verification Committee by Governor Monday Okpebholo.
Ikhariale, a two-term member of the House of Representatives for Esan Central, Esan West, and Igueben Federal Constituency, provided a comparative analysis of Edo State’s debt profile.
He stated, “The total debt profile of Edo State from the administration of Chief John Odigie Oyegun in 1991 to Adams Oshiomhole’s tenure from 2008 to 2016 was less than N44 billion. However, during Godwin Obaseki’s administration from November 12, 2016, to November 12, 2024, the debt surged to over N485 billion. This represents a staggering increase of over 2000 to 3000 percent compared to previous years.”
Ikhariale further explained the significance of the ongoing asset verification exercise. “What is happening in Edo State today aligns with best international practices and is not unique to Edo. Many states within and outside Nigeria have conducted similar exercises. This is absolutely necessary to provide clarity and transparency,” he said.
He added, “The funds accumulated during the past administration were presumably allocated for specific projects or initiatives. However, it is essential for the immediate past government to provide explanations for the benefit of the public.”
Ikhariale emphasized that the Assets Verification Committee was established for fact-finding purposes and not to target any individual or corporate entity. He also encouraged members of the public to submit memoranda to the committee to ensure a comprehensive investigation.
“We are not here to witch-hunt anyone. Our goal is to uncover facts and provide accountability for the people of Edo State,” he added.
The committee’s findings are expected to shed light on the financial decisions made during Obaseki’s administration and the implications for the state’s economic future.