Edo State’s Accountant-General, Julius Anelu, revealed that former Governor Godwin Obaseki left over N1 trillion in internal debt for the state, along with an external debt of N282 billion.
Anelu made this disclosure during a meeting with the Edo State Assets Verification Committee.
He attributed the increase in the state’s debt profile to the depreciation of the naira, which had an impact on the value of loans taken during Obaseki’s administration.
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Anelu also disclosed that his office had requested statements of accounts from all the banks involved in transactions with the state government to assist the committee’s work.
Furthermore, Anelu explained that payments for most state projects had been made through commercial banks that served as sureties for contractors, who in turn financed the execution of the projects.
He also mentioned that the Permanent Secretary of the Ministry of Budget and Economic Planning would appear before the committee to explain the state’s budget implementation from 2017 onwards.
