Obaseki Urges Okpebholo to Settle N27 Billion Debt Owed by Edo State Government

The outgoing Governor of Edo State, Godwin Obaseki, has revealed that the state government is saddled with approximately N27 billion in debt obligations, which his successor, Senator Monday Okpebholo, will have to address upon assuming office.

Obaseki made the announcement on Friday at the People's Democratic Party (PDP) Secretariat in Benin City during an official inauguration event.

 

Governor Obaseki expressed concerns over the financial state of Edo, stressing that the debt primarily consists of costs associated with various government projects and other outstanding obligations.

He highlighted that managing these financial commitments will be one of the pressing challenges Okpebholo will face when he takes office on November 12.

 

In a pointed remark, Obaseki alleged that the incoming administration had already initiated new borrowing to fund its inauguration ceremony, which he claimed could cost between N2 billion and N5 billion. He criticized the expenditure, suggesting it would come from state funds, adding to the financial burden that the new administration will inherit.

 

“We have almost N27 billion to pay for projects and obligations,” Obaseki stated. “But they have already started spending, and they have gone to borrow money for the inauguration, which is going to cost them N2 to N5 billion. That’s the money they will first take from the treasury.”

 

Obaseki’s comments come as he prepares to leave office after a term marked by both infrastructure development initiatives and fiscal challenges. His statement appears to indicate concerns regarding the fiscal management of the incoming administration, led by Senator Okpebholo, a member of the All Progressives Congress (APC).

 

Senator Okpebholo, who will soon take the reins of Edo State, has yet to respond to the governor’s allegations or outline specific plans regarding how his administration intends to address the debt obligations. As the political landscape in Edo State shifts, the issue of state debt management and financial prudence is expected to remain a key topic of discussion.

 

Observers are watching closely as the incoming administration steps into office with significant fiscal responsibilities, and how it will balance governance priorities with debt repayment remains to be seen.