A crisis is currently brewing at Dennis Osadebay Avenue the seat of administrative power in Edo State over Obaseki’s overture in seeking a fresh 1.5Billion Naira loan from Sterling bank.
The loan is said to have been facilitated by Obaseki’s close friend who is alleged to be the chairman of the Bank.
Edo lawmakers have kicked against Obaseki’s renewed effort of securing more loans at the eve of the Edo September 19th governorship election.
According to the lawmakers Obaseki intends to get the 1.5 Billion Naira loan approval with his less than seven illegal seven house of assembly members that were inaugurated at midnight.
The lawmakers called on the general public to resist Obaseki’s renewed effort in mortgaging the state by securing huge loans from different financial institutions over phantom project interventions.
From statistics available from the Budget office of the federation Edo State total revenue inclusive of IGR, FAAC, External debt and Domestic debt totals 337.8bn within 2017 and 2019 not including revenues till the tail end of 2016 and revenues allocated in 2020.
Just days ago Obaseki secured a further 75 million dollars loan from the World Bank.
Obaseki’s renewed effort in securing bank loans from every available financial sector should be scrutinized by the appropriate financial authorities.