An Edo state group says that will oppose the southern state’s plan to raise funds from the local capital market. The Joint Forces for the Defence for Democracy (JOFDES) said the government’s plan to borrow twenty billion Naira from the Nigerian Stock Exchange will adversely affect the state’s economic standing.
JOFDES’s leaders Felix Isere and Kola Edokpayi staged a protest rally in the capital Benin city and said that the state government has no justification to acquire another 20 Billion Naira loan that will become a lasting yoke on the good people of the state.
“Just a few weeks to the state governorship election, the governor is making a desperate attempt to secure another loan from the stock market exchange.
“The most shocking part of it is that Mr. Obaseki is considering these loans when Edo State currently services the 150 million dollars credit obtained from the World Bank.
“Edo State domestic debt profile stands at 84.76 Billion Naira. We have the highest domestic debt in Nigeria, second only to Lagos State. We have the highest external debt in the entire South-South with an external debt of 257.92 million dollars as at March 2020,” he said.
The protesters carried placards with various inscription: “We reject the N20b loan proposal by Edo state government. “Don’t sell the future of Edo State today because of Political interest; ”Edo State is already one of the states with highest debt profile in Nigeria; 20b loan is a conduit pipe for diversion of funds.”
The group asked President Buhari, the Secretary to the Government of the Federation, the Minister of state for Budget and National Planning, Director General Debt Management Office (DMO) Abuja, the chairman Senate and House committee on local and foreign debts, the governor of Central Bank of Nigeria and other authorities to do everything within their powers to stop this loan from being approved for the governor of Edo State.