By Divine Sam
The recent revelation by the Edo State Accountant-General, Julius Anelu, about the state’s debt profile sheds light on the financial challenges the administration has inherited. According to Anelu, as of November 11, 2024, Edo State’s internal debt has surpassed N1 trillion, while its external debt stands at N282 billion. The increase in these debts, as explained by Anelu, is largely due to the depreciation of the naira, as many of the loans were taken when the naira’s value was considerably stronger.
Anelu emphasized that these loans were mainly channeled to the relevant agencies for which they were secured, and he assured the Edo State Assets Verification Committee of his office’s full cooperation in providing all necessary financial documents. This includes payment vouchers and bank statements, as well as records of transactions that were processed through the state’s commercial banks, which acted as sureties and financiers for contractors executing various projects.
Anelu also discussed the financial management processes under the previous administration, stating that payments for contracts and projects were made through the office of the Secretary to the State Government, but ultimately all payments were processed through his office. The Accountant-General reiterated his commitment to providing the committee with detailed financial records and supporting their investigations into the state’s financial activities.
Furthermore, he recommended the formation of a sub-committee to address any areas the main committee might overlook, suggesting that this would help streamline the verification process.
This disclosure is part of a broader effort to ensure transparency and accountability in the management of the state’s finances, especially regarding its debt obligations. The development signals a clear intention to audit and reassess the financial dealings of the previous administration, particularly under the leadership of Governor Godwin Obaseki.