The Edo State Government has been left with a staggering debt burden of N682 billion by the previous administration of Governor Godwin Obaseki. This revelation was made by the Edo State Assets Verification Committee, which was set up by the current Governor, Monday Okpebholo.
The committee’s report showed that the Obaseki administration had increased the state’s debt profile by 900% since 2016 when Obaseki took over from Comrade Adams Oshiomhole. The report described the debt burden as “outrageous” and attributed it to a lack of financial discipline by the previous administration.
One of the major areas of concern highlighted by the committee was the Edo BEST program, which was sponsored by the World Bank. The committee found that only $5 million out of the $75 million allocated for the program was utilized by the State Universal Basic Education Board (SUBEB), while the remaining $70 million was managed by the Office of the Governor.
The committee also raised questions about the procurement process for the Stella Obasanjo Hospital project, which was awarded to a company for N427 million in 2022. The contract was later increased to N727 million and then to N967 million, with the committee describing the process as “shady.”
Furthermore, the committee found that the Obaseki administration had committed over N19 billion to the construction of a hotel, with the state retaining only 20% ownership. The committee described this arrangement as “curious” and recommended that it be investigated further.
The report also highlighted instances of vehicle suppliers being paid in full for armoured vehicles that were not delivered to the government. Additionally, there were cases of government vehicles being taken away by officials without authorization.
The Edo State Government has promised to take action on the recommendations made by the committee, including the prosecution of officials who were involved in the questionable transactions. The government has also vowed to recover any misappropriated funds and to ensure that those responsible are held accountable.
