You borrowed money for non-existent projects - APC replies Gov Obaseki on state of economy

News Agency Of Nigeria

April 12, 2021 4:32 PM

The All Progressives Congress (APC) has faulted claims by Gov. Godwin Obaseki of Edo, that Nigerian economy was in critical situation due to huge debt burden.

Godwin Obaseki [Twitter/@GovernorObaseki]

Retired Col. David Imuse, chairman of the state APC caretaker committee, said this in a statement by Mr Ofure Osheobo, the assistant secretary of the committee on Monday in Benin.

Imuse described Obaseki’s criticism of the Federal Government on handling of the economy as ‘a classic case of the pot calling the kettle black.’

“The true position is that under Obaseki’s watch, the economy of Edo is in dire straits with the governor bereft of ideas on how to get it out.

“The state is engulfed in a foreign debt of 300 million dollars and a domestic debt including loans from commercial banks, the capital market, and other doubtful sources, approaching N120billion as at March, for non-existent projects.

“In the past seven months, Obaseki has plunged Edo into higher debts by taking more loans which has seen a 67 per cent increase in its debt profile.

“Edo under him has overtaken Rivers as the state with the highest foreign and domestic debt in the South South and it is on a steady course to displace Lagos as Nigeria’s most indebted state,” he said.

Imuse said that while Kogi had successfully reduced its domestic debt from N132.5 billion to N73 billion, Edo had spent more money servicing debts than financing education, healthcare and infrastructure even without a state cabinet.

He described as spurious, alarmist, untrue and wicked, claim by Obaseki that Nigeria was on its way to becoming another Argentina in terms of low currency value.

He advised the governor to use his membership of the National Economic Council, Nigerian Governors Forum and Nigerian Economic Summit to offer useful suggestion on how to move the economy forward.

This, he said was better than singling himself out for pediatric applause, because the management of Nigerian economy was not just the responsibility of one person, but that of the government, of which he was a part.

“Everybody today knows that since 2015 when APC came on the scene, Nigeria has been on the path of progress and things are definitely much better than how PDP left it,” he said.

News Agency Of Nigeria