The Edo State Chapter of the Peoples Democratic Party (PDP) and the APC-led government on Wednesday bickered over the state Assembly’s approval of a N100 billion loan request by Governor Monday Okpebholo.
The House of Assembly, on Tuesday, approved N100 billion loan request for Okpebholo to carry out infrastructural development across the state.
This was contained in a statement by Dr Anthony Aziegbemi, Chairman of the Edo PDP Caretaker Committee in Benin.
“According to the Debt Management Office, Edo’s total domestic debt since 1991 stood at N112 billion as of December 31, 2024.
“If accessed, this loan means that the current administration would have doubled Edo’s debt in just eight months what took 34 years to accumulate,” he said
He alleged absence of transparency, adding that there were no details on projects, contractors, interest rates, or timelines disclosed to the public so far.
He noted that Edo citizens deserved to know what financial commitments were being made in their name and what exact cost the burden placed on future generations.
“It is unacceptable to incur such debt without scrutiny or explanation. The state assembly has failed its constitutional oversight duty by endorsing this vague borrowing plan.
“Ordinarily, loans of this magnitude are sourced from development finance institutions with low-interest rates not from commercial banks charging exorbitant rates up to 30 percent,” he added
According to Aziegbemi, when PDP flagged the IGR decline from eight billion to two billion, they falsely claimed Edo was generating N10 billion monthly.
“Yet this same government reportedly inherited over N50 billion from the Obaseki administration less than eight months ago, so where has all the money gone,” Aziegbemi queried.
Aziegbemi reminded the state government and Assembly that the Freedom of Information Act 2011 applied to all levels of government in Nigeria.
He disclosed that in light of the supreme court’s 2025 ruling in Osakue v. Edo state, PDP would file an official FOI request demanding full loan transparency.
The PDP, therefore, demanded the details of all projects to be financed: contractors’ names and profiles, the full loan agreement, and assembly records.
” Edo PDP says no to mortgaging our future. We will not stand by while our people’s resources are hijacked to fund private political greed,” Aziegbemi said.
Reacting, the Chief Press Secretary to Governor Monday Okpebholo, Fred Itua noted that Edo government was not obtaining a direct N100 billion loan in spite of the Assembly’s approval of the facility.
In a statement, Itua stated that the state government was acting as a guarantor to contractors, enabling them to secure funding for key infrastructure projects from First Bank.
He explained that the facility allowed selected contractors to access funds directly, supported by the state’s financial guarantee to ensure smooth project implementation.
“Governor Okpebholo’s administration is adopting this innovative funding model to fast-track infrastructure development across Edo, with disbursements tied directly to project-specific needs.
“First Bank Plc will release funds to contractors based on verified project requirements, with a total facility tenure of 40 months,” he said.
