Politics

Edo PDP Expresses Concern Over Okpebholo’s ₦100bn Loan, Says ‘It’s Another Conduit Pipe’

Published

11 months ago

June 25, 2025

...If accessed, Okpebholo would have doubled state’s domestic debt profile in less than eight months – PDP

Edo State chapter of the Peoples Democratic Party (PDP) has expressed “grave concern” over the recent approval of ₦100bn loan to the state governor, Monday Okpebholo, by the state House of Assembly.

The Edo State House of Assembly had on Tuesday approved a ₦100 billion loan facility from First Bank of Nigeria PLC to support Governor Monday Okpebholo’s administration in delivering key infrastructural projects across the state.

Reacting to this development in a statement, Dr Tony Aziegbemi, Chairman, Edo PDP Caretaker Committee, said “If this new loan is accessed, Sen. Okpebholo would have effectively doubled the state’s domestic debt profile in less than Eight months.”

The opposition party, while quoting the Debt Management Office (DMO), noted that “Edo State’s total domestic debt since creation on 27 August, 1991 as at December 31 2024 stood at One Hundred and Twelve Billion Naira (N112,000,000.00).”

The PDP added: “It took 34 years by all governors of Edo State to incur 112 Billion Debt, it is taking Sen. Monday Okpebholo Eight months to double it. This is an alarming development that raises serious questions about the long-term fiscal sustainability of the state; and indeed, about the financial competence of this APC led Administration.”

The opposition lamented that “what is particularly disturbing is the complete absence of transparency surrounding this loan,” stressed that “the people of Edo deserve to know what commitments are being made on their behalf and at what cost.”

The PDP contained: “No information has been provided regarding the identity of nominated contractors, the interest rate, repayment terms, or timeline for execution.

“It is unacceptable that such a significant financial obligation is being incurred without public scrutiny or clear justification.”

Aziegbemi, who expressed worry that “the once vibrant State Assembly has abandoned its constitutional duty to rein in the excesses of the Executive Branch of Government,” reminded the lawmakers that “infrastructure loans of this magnitude are ordinarily sourced from development finance institutions on low interest rate/concessional terms.”

He added: “Securing such a facility from a commercial bank with high interest rates is both fiscally irresponsible and economically short sighted. At the prevailing interest rate of 30% and add Ons, Edo State will be paying 35 billion Naira annually just as interest. This is alarming and acutely not sustainable.”

Aziegbemi continued: “When we raised alarm about the fall in the IGR from about N8bn monthly during the immediate past government to about N2bn monthly, Okpebholo and his hirelings in their jaundiced response lied to Edo people that the State was generating N10bn monthly.

“We are also aware that the Okpebholo government inherited over ₦50 billion in the state treasury from the Godwin Obaseki-led administration less than eight months ago.

“So, how do we justify that a government that inherited such an amount and who claims to be generating over N10bn monthly in IGR is now running to First Bank Nigeria Plc to borrow ₦100 billion. It only but exposes the fiscal irresponsibility of the Okpebholo government and affirms the drastic fall in the IGR, thereby forcing them to resort to reckless borrowing to cover up the shortfall.”

Aziegbemi, who argued that the loan “appears to be nothing but another conduit pipe to slush funds, which Okpebholo plans to service his endless list of godfathers and political thugs who helped him steal the people’s mandate during the last governorship election,” demanded a “full list of the infrastructure projects to be financed; names and profiles of the nominated contractors; the full loan agreement including interest rate, tenure, repayment terms and disbursement schedule, and “all records of proceedings and resolutions related to the loan by the State Executive Council and House of Assembly.”

Politics

Defection: Peter Obi Simply Looking For ‘Food Is Ready’ Party – Wike

Published

6 hours ago

May 6, 2026

Editor

Minister of the Federal Capital Territory, FCT, Nyesom Wike, has taken a swipe on former Labour Party presidential candidate, Peter Obi, over his recent defection.

Speaking during a media parley on Wednesday, Wike said Obi is looking for a ‘food is ready’ political party.

The minister said, “Obi was in APGA, he couldn’t build APGA. He went to Labour, he ran away again from Labour. All he’s looking for is food is ready political party.”

Recall that Obi and Rabi’u Kwankwaso, former presidential candidate of the New Nigerian Peoples Party, NNPP, on Sunday officially joined the NDC ahead of the 2027 general elections.

Politics

2027: Nobody Wants Fubara – Wike

Published

6 hours ago

May 6, 2026

Editor

The Minister of the Federal Capital Territory, Nyesom Wike, has dismissed claims that there is widespread support for Rivers State Governor Siminalayi Fubara to return in 2027.

Speaking during his monthly media parley on Wednesday in Abuja, Wike suggested that Fubara can’t claim to enjoy unanimous backing from the public.

He explained that the political crisis in Rivers State had earlier been addressed through the intervention of President Bola Tinubu, particularly during impeachment proceedings initiated against Fubara.

According to Wike, the President advised all parties to embrace peace, leading to the withdrawal of the impeachment move by the State House of Assembly after agreements were reached.

Wike, however, alleged that the governor failed to fully adhere to the terms agreed during the arbitration process.

Reacting to claims that the people were urging Fubara to seek re-election in 2027, Wike rejected the assertion, insisting that such narratives were misleading.

Wike maintained that appearing before the President for arbitration required respect for the outcome, noting that all parties were expected to uphold their commitments.

He said: “The President, intervened in the impeachment proceeding. I said withdraw, let their be peace. And the governor said, look, I’m ready for peace. Look, I’m no longer interested for this. I will not do this. The Assembly went and withdrew the impeachment.

“Having withdrawn the impeachment, he is now too smart on what you agreed before the President. It’s like when you go on arbitration.”

Wike continued, “This one is what I don’t like. Nobody wants anybody. Please, don’t tell me that. Excuse me.

You can go and tell that to the market people or children. Two years that people say he should come out. Who told you that?

“Which politician will say that I was sleeping they came and woke me? Even if people people come to wake you, can’t you say, no, I won’t do it. I’m not prepared for it.

“That you appeared before a President of the country on arbitration, the two parties on arbitration, and these people respected Mr. President, and have done their own part.”

Politics

2027: Wike Opens Up On Preferred Rivers Guber Candidate

Published

6 hours ago

May 6, 2026

Editor

The Minister of the Federal Capital Territory, Nyesom Wike, on Wednesday said he hasn’t endorsed any candidate for the Rivers state gubernatorial election in 2027.

Wike stated this on Wednesday during his monthly media parley in Abuja.

Wike said that the endorsement will come only after a meeting by the joint coalition in the state.

He said: “I haven’t endorsed anybody. And I can’t endorse anybody until the joint coalition meets.”

DAILY POST reports that questions have been raised concerning the fate of current governor of Rivers State, Siminalayi Fubara, in 2027.

The FCT Minister was reported to have endorsed former State Commissioner for Works, Alabo Dakorinama George Kelly, as his preferred candidate for the Rivers State governorship election.

Sources told DAILY POST that Wike settled for George after a closed-door meeting with key political stakeholders in Port Harcourt on Monday.