Group, Joint Forces for the Defence of Democracy (JOFDES) Monday, July 14, protested against alleged Edo State government plan to obtain N20b (Twenty billion naira) from the Nigeria Capital Market few weeks to the Edo State Governorship elections.

The group also alleged that the Godwin Obaseki-led government intends to obtain another $100Million and $150m loan from the World Bank respectively, just as it described the act as ” reckless, irresponsible and ignominious for the Obaseki-led state government to obtain another loan.”

Co-covener of the group, Kola Edokpayi and Felix Osemwengie Isere, Esq in a statement titled ‘we reject the attempt by Governor Godwin Obaseki to mortgage the future of Edo youths by his recent moves to obtain another N20b loan’, noted that the state’s domestic debt profile stands at N84.76 billion, hence it will amount to a calculated attempt by the Governor to mortgage Edo youths future.

” As if these are not enough,  we have received reliable information that Godwin Obaseki also intends to obtain another $100Million loan from the World Bank.

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“This loan, known as the performance for results loan which is awaiting board approval is aimed at funding the overblown Edo Best and Edo jobs projects. We the citizens are aware that Edo Best and Edo jobs projects are a mere facade and failed projects serving as conduit for siphoning funds for the coffers of the good people of Edo State  

” The most shocking part of it is that Mr. Obaseki is considering these loans when Edo State currently services the $150Million credit obtained from the World bank in 2016 and 2017.

” This is the highest level of political and economic betrayal for the good people of Edo State who have entrusted her collective patrimony into the hands of the governor. It is most unfair and is a demonstration of the mortgage of the future of Edo people.

Joint Forces for the Defence of Democracy (JOFDES) protesting against Obaseki’s plan to obtain N20b loan on Monday in Benin

” We find this development not only worrisome, wicked, reckless, irresponsible and ignominious but a calculated attempt to completely mortgage the future of the youth and people of Edo State. This is totally obvious because Mr. Obaseki is fully aware that Edo State is already heavily overburdened by excess debts.

” At no time in the history of our dear state have we come under the volume of indebtedness that we face today”, the statement added.

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While disclosing that the state is with the highest domestic debt in the South-South and second throughout the nation, noted that the governor has to ” answer reason why the state is indebted so high and other financial mismanagement.”

According to the protesters, with all the borrowing, citizens of the state have not seen any tangible project from the state government “apart from some renovations of already existing infrastructure and window dressing.”

” We have the highest external debt in the entire South-South with an external debt of $257.92 milliion as at March 2020.

” Second, we have the highest domestic debt in Nigeria, second only to Lagos State.

” We must get answers to these and other glaring cases of financial mismanagement that have become the hallmark of the Godwin Obaseki’s government 

” Apart from the few renovation of already existing infrastructure and window dressing of already completed projects, we have not seen any landmark or gigantic legacy projects the Obaseki Government has done with funds accruing to the state”, they said.

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The group called on President Muhammadu Buhari and other concerned authorities particularly Edo citizens to stop the loan from being approved, just as they added that if there’s any reason to obtain such loan, that should be considered after the election.

The group further said, ” We as a pro democracy group committed to defending the interest of Edo sons and daughters worldwide hereby call on the President of Nigeria, Secretary to the government of the federation, Hon Minister of state for budget and national planning, director general Debt Management Office (DMO) Abuja, the Chairman Senate and House of Representatives committees on local and foreign debts, the governor of the Central Bank of Nigeria, Senate President and speaker of the House of Representatives, DG of Nigerian Stock Exchange, Attorney General of the federation and all well-meaning Edo sons and daughters who have the future of our children at heart, to do everything within their powers to stop this loan from being approved for the governor of Edo State.

” However, if there is any genuine reason whatsoever to approve such a loan for Edo State, it can be considered after the forth coming Edo governorahip election to forestall the mismanagement of the funds under the tension that accompanies elections.”

However, in his reaction, Special Adviser to Obaseki on Media and Communication Strategy, Crusoe Osagie denied the allegation, just as he accused Pastor Osagie Ize-Iyamu of sponsoring the protest.

Protest against Obaseki’s plan to obtain N20b loan on Monday

” There is no such thing as N20 billion debt proposal by the Edo State Government, and Edo people cannot be distracted by such wild claim,” Osagie said.

Reacting to Crusoe’s allegation that the protesters were sponsored by Ize-Iyamu, Mr. John Mayaki, Chairman, Edo State APC Media Campaign Council said was insulting to the people of Edo State for the Governor’s Aide to attribute anger expressed by the citizens to Ize-Iyamu.

“It is ludicrous and insulting to the people of Edo State who are known for their agency and independence of thought, for Crusoe Osagie to suggest that the anger they expressed today on the streets of Benin over the 20 billion naira loan Obaseki is trying to obtain for his collapsing campaign was done at the behest of Pastor Osagie Ize-Iyamu.

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“Is Crusoe suggesting that Edo youths cannot read the news, interpret it, and understand the implications of a failed government seeking loans toward the end of its tenure?” Mayaki said.