N20bn loan: Group disagree with Obaseki’s moves

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The move by the Edo State government to borrow twenty billion Naira from the stock market exchange has been rejected by rigth group.
The Joint Forces for the Defence for democracy, JOFDES, in a protests states that Governor Obaseki should not sell the future of Edo State because of Political interest.
The group, expressed worries over the Governor seeking for the loans at a time when Edo State currently servicing the 150 million dollars credit obtained from the World Bank.
Leaders of the group, Felix Osewmengie Isere, Esq and Marxist Kola Edokpayi during a protest rally in Benin city, stated 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.
The leaders said, ”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.
“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 dollar as at March 2020”
The protesters carried placards with various inscription such as: ”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, called on President Buhari, Secretary to the Government of the Federation, 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 among other to do everything within their powers to stop this loan from being approved by Edo state Governor.

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