The Edo State chapter of the All Progressives Congress (APC) has raised concerns over the state’s alarming debt profile, claiming it skyrocketed during the tenure of the immediate past administration led by Godwin Obaseki.
The APC asserted that the debt incurred between November 12, 2016, and November 12, 2024, under Obaseki’s leadership was 2000 to 3000 percent higher than the combined debts accumulated by previous governments from 1991 to 2016.
Patrick Ikhariale, an APC chieftain, secretary of the party’s transition committee, and member of the Assets Verification Committee, disclosed this during a press briefing after the committee’s inauguration by Governor Monday Okpebholo in Benin City, PulseNets reported.
Ikhariale, who served two terms in the House of Representatives for Esan Central, Esan West, and Igueben Federal Constituency, provided a comparative analysis of the state’s debt profile. He stated that the cumulative debt under past administrations, from Chief John Odigie Oyegun’s leadership in 1991 to Adams Oshiomhole’s tenure between 2008 and 2016, was less than N44 billion.
However, he revealed, “Between November 12, 2016, and November 12, 2024, the eight-year period under Godwin Obaseki, the debt profile rose to over N485 billion. That is to say, 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.”
PulseNets learned that the committee will conduct a thorough asset verification exercise to address these concerns. Ikhariale remarked, “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.”
Reflecting on the state’s financial history, Ikhariale further explained, “Edo State, which is 33 years old this year, had a debt profile of less than N44 billion from 1991 to 2016. But as we speak today, Edo State’s debt profile is over N485 billion.”
Also Read: Edo: Gov Okpebholo freezes all state-owned bank accounts
Ikhariale told PulseNets that the committee’s objective is purely fact-finding, not a witch hunt against individuals or organizations. He emphasized the importance of transparency, saying, “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.”
The committee, according to Ikhariale, is open to receiving memoranda from the public to ensure an inclusive and comprehensive investigation.
