Edo in Financial Turmoil: Obaseki’s Administration Pushes Debt to Trillions Internally, Billions Externally

Edo in Financial Turmoil: Obaseki’s Administration Pushes Debt to Trillions Internally, Billions Externally

Edo State’s financial situation has come under scrutiny as the Accountant-General, Julius Anelu, disclosed that the state’s internal debt had surpassed N1 trillion as of November 11, 2024. Additionally,…READ MORE…

the state’s external debt stands at a staggering N282 billion.

Anelu made these revelations during a meeting with the Edo State Assets Verification Committee. He attributed the significant rise in the debt profile to the devaluation of the naira, noting that the loans were initially taken when the currency’s value was stronger.

The Accountant-General further informed the committee that his office had reached out to all banks involved with state transactions, requesting their account statements to aid the ongoing verification process. He emphasized that thorough investigations would show that most of the loans had been directly allocated to the agencies for which they were intended.

In terms of contract execution, Anelu explained that payments for projects were primarily processed through commercial banks, which acted as guarantors and financing bodies for the contractors. He also revealed plans for the Permanent Secretary of the Ministry of Budget and Economic Planning to testify before the committee to discuss the state’s budget performance since 2017.

Anelu assured the committee that his office would fully cooperate, providing all relevant documents, including payment vouchers, to facilitate the verification of the state’s financial transactions. He expressed a commitment to transparency, emphasizing that as a civil servant, his role is to fully support the committee’s efforts.

To streamline the verification process, Anelu suggested the creation of a sub-committee to handle areas that might not require attention from the main committee, which he believes will help expedite the overall process.

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