A recent report by the Edo State Assets Verification Committee has revealed that the immediate past administration of Governor Godwin Obaseki left behind a staggering debt of over N682 billion for the newly sworn-in Governor Monday Okpebholo. This marks a sharp increase from the N84 billion debt inherited by Obaseki from his predecessor, Comrade Adams Oshiomhole, in 2016.
The findings, outlined in the committee’s final report submitted to Governor Okpebholo, also highlight concerns regarding financial mismanagement and lack of accountability during Obaseki’s tenure. The report alleges that the debt under Obaseki’s leadership ballooned by a shocking 900%, with substantial portions of public funds directed towards controversial expenditures.
Among the significant revelations, the committee noted that the World Bank-funded Edo BEST program, aimed at improving basic education in the state, had questionable financial management. Out of the $75 million allocated, only $5 million reached the State Universal Basic Education Board (SUBEB), while the remaining $70 million was handled directly by the Governor’s office. Despite the large sum, schools in the state remain severely underfunded, lacking basic infrastructure such as teachers, toilets, and water facilities.
Further scrutiny was placed on expenditures like the N22 billion spent on Information and Communication Technology (ICT) services, with the committee questioning the value of these projects given the lack of tangible benefits to the state’s citizens. Additionally, N967 million was spent on consultancy for the renovation of Stella Obasanjo Hospital, with concerns over the procurement process being restricted to a single company.
The committee also raised alarm over the construction of a hotel with N19 billion allocated, where the government ceded 80% of ownership to a private company despite significant public investment.
Further, the committee discovered that the Obaseki administration had committed N700 million to the establishment of a modular refinery in Ologbo, but the funds were returned without the expected investment conversion.
In response to the findings, the committee has recommended a series of actions, including forensic investigations, criminal prosecutions, and the termination of questionable contracts. Additionally, the committee is urging a full investigation into the utilization of the World Bank funds for the Edo BEST program.
Governor Okpebholo has pledged to take action based on the committee’s recommendations, promising to prioritize transparency and accountability in the management of state resources.
