The Edo State chapter of the All Progressives Congress (APC) has expressed concern over the state’s alarming debt profile, which reportedly rose from less than N44 billion to over N485 billion during Godwin Obaseki’s administration. This staggering increase represents a 2000-3000% jump in the state’s debt burden.
According to Patrick Ikhariale, a chieftain of the APC and member of the Assets Verification Committee, the state’s debt profile from 1991 to 2016 was relatively manageable.
However, during Obaseki’s eight-year tenure, the state’s debt skyrocketed, leaving behind a significant financial burden for the incoming administration.
Ikhariale emphasized the importance of transparency and accountability in managing the state’s finances. He called on the immediate past government to provide a clear explanation for the significant increase in the state’s debt profile.
It is worth noting that in 2022, Edo State was not listed among the top ten most indebted states in Nigeria, according to the Debt Management Office (DMO).
However, more recent reports indicate that the state’s debt profile has continued to rise, with some estimates suggesting that Edo State now owes over N570 billion in domestic and external debt.
