The Edo State Accountant-General, Julius Anelu, has disclosed that the administration of former Governor Godwin Obaseki left behind an internal debt of over N1 trillion and an external debt of N282 billion.
Anelu revealed this during a meeting with the Edo State Assets Verification Committee, attributing the sharp rise in the debt profile to the depreciation of the naira.
He explained that at the time the loans were taken, the naira’s value was significantly stronger, making repayments more challenging under current economic conditions.
Speaking to the committee, Anelu assured members of his office’s commitment to providing comprehensive financial records and statements from all banks involved in transactions with the state government.
“We have written to all banks in the state to furnish us with their statements of accounts for the committee’s review,” he said.
The Accountant-General also noted that investigations would reveal that most of the loans were directly channelled to the specific agencies for which they were secured.
He promised to submit all necessary documents, including payment vouchers, to aid the committee’s work.
On the execution of contracts and payments, Anelu explained that most transactions were facilitated through commercial banks, which acted as guarantors for contractors and financed their projects.
Additionally, Anelu disclosed that the Permanent Secretary of the Ministry of Budget and Economic Planning would soon appear before the committee to explain the state’s budget performance and implementation since 2017.
“As a civil servant, it is my duty to present all financial transactions carried out during my tenure as Accountant-General,” Anelu stated.
He added that financial activities involving the office of the Secretary to the State Government also passed through his office.
He further recommended the formation of a sub-committee to address areas that the main committee might overlook, suggesting that such a measure could expedite the verification process.
The meeting comes as part of efforts by the current administration of Governor Bamidele Okpebholo to assess the state’s assets, liabilities, and financial status.
The revelations raise fresh concerns about the fiscal health of Edo State and the impact of the debt burden on its development agenda.
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