By Jethro Ibileke
As of November 11, 2024, Edo State’s internal debt stood at over ₦1 trillion, while its external debt amounted to ₦282 billion, according to the State Accountant-General, Mr Julius Anelu.
The debts were left behind by the immediate past governor of Edo State, Godwin Obaseki. Governor Monday Okpebholo now has the burden to grapple with the humongous debts.
Obaseki, who governed Edo State for eight years, has thrown the state into a financial quagmire with over ₦1 trillion in internal debt and ₦282 billion in external debt.
Anelu made the revelation during a meeting with the State Assets Verification Committee.
Anelu attributed the increase in the state’s debt to the depreciation of the naira, stating that the loans were taken when the currency’s value was higher.
He noted that most of the loans were directed to the agencies for which they were secured.
The Accountant-General further informed the committee that his office had requested statements of accounts from all banks with which the state government had transactions to assist in their verification.
He pledged to provide the committee with all necessary documentation to facilitate their work.
Explaining the process of contract execution and payment, Anelu revealed that most payments were processed through commercial banks acting as sureties for contractors, who were financed through these banks.
He also mentioned that the Permanent Secretary of the Ministry of Budget and Economic Planning would appear before the committee to discuss budget implementation and performance since 2017.
Anelu assured the committee that he would cooperate fully, providing all relevant documents, including payment vouchers for transactions carried out under his tenure.
He emphasized his duty as a civil servant to comply with the committee’s request for transparency in state financial matters, including transactions handled through the office of the Secretary to the State Government.
Source: PM News
