Rédaction Africa Links 24 with Enahoro Iyemefokhai
Published on 2024-02-02 21:05:51
The All Progressives Congress (APC) in Edo State has raised concerns over the recent approval of a N11.3 billion loan by the state house of assembly for the state government. The loan, which is to be sourced from First Bank of Nigeria, is intended for agricultural palliatives, contractor finance, bank guarantee loans, and other projects.
Governor Godwin Obaseki provided a breakdown of the loan, stating that N2.2 billion is for agricultural palliatives with a repayment plan of N94.3 million over a period of 24 months. The remaining N9.1 billion is for contractor finance and bank guarantee loan, which will be used for the construction of housing units in Asokoro, Abuja, procurement of 50 CNG buses for the Edo City Transport Services, and the construction of roads and drainage in the new Coral city in Benin, among other projects.
However, the Edo State chapter of the APC has criticised the approval of the loan, describing it as unnecessary and one that will drive the state into financial distress. Jarrett Tenebe, the acting chairman of the APC in Edo State, alleged that the state already has a significant debt profile, and the additional loan will further burden the state financially.
Tenebe also accused the state government of deceiving the people by initially requesting a loan of N9 billion when, in reality, the amount is N17.5 billion. He claimed that the loan was not included in the 2024 fiscal budget recently passed by the House of Assembly, and the purpose of the loan remains unclear.
Furthermore, Tenebe alleged that the speaker of the house recalled lawmakers from recess to immediately approve the N9 billion loan. However, opposition lawmakers questioned the rationale for the loan, leading to the discovery that the actual amount was N17.5 billion. The opposition lawmakers rejected and refused to be part of the approval.
Tenebe went on to allege that the state government intends to use the loan as a means to siphon funds for the upcoming governorship election. The APC in Edo State is deeply concerned about the lack of transparency and accountability in the approval of the loan and fears that it will have detrimental effects on the state’s financial stability.
In light of these concerns, the APC is calling for greater transparency and accountability from the state government in its financial dealings. The party is also urging the people of Edo State to be vigilant and hold their leaders accountable for their actions. There is a need for responsible and prudent financial management to ensure the long-term prosperity and well-being of the state.
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