The Edo State Government has moved swiftly to counter recent media reports alleging a surge in domestic debt, presenting detailed figures that reveal a different story.
According to official records released by the Commissioner of Finance, Engr. Emmanuel Okoebor, and obtained by Veracity Desk (veracitydesk.com) the state’s structured loans — a major component of domestic debt — have consistently declined from ₦36.02 billion in Q4 2024 to ₦22.60 billion in Q1 2026, signaling that no new loans were procured under the administration of Governor Senator Monday Okpebholo. Instead, inherited debts have been steadily repaid.
Debt Breakdown (Q4 2024 – Q1 2026):
- Structured Loans: Reduced by 37%
- Pensions & Gratuities: Cut by 15%, easing burdens on retirees
- Contractor Arrears: Cleared by Q3 2025 before new infrastructure projects created fresh obligations
The government emphasized that the rise in obligations seen in early 2026 was tied to ambitious infrastructure projects, including flyover bridges and other social investments, not reckless borrowing.
Engr. Okoebor further clarified that the appointment of Special Advisers has no connection to the debt profile, dismissing claims that wage-related expenses contributed to the figures. He stressed that debt rankings by the Debt Management Office (DMO) are dynamic and subject to periodic adjustments, contrary to insinuations in the controversial publication.
“The Edo State Government has not procured new loans. What we have done is repay inherited debts, reduce pension arrears, and meet contractor obligations — all while investing in infrastructure for the people,” Okoebor stated.
The government’s rebuttal underscores its commitment to transparency and fiscal responsibility, aiming to reassure citizens that Edo State’s debt trajectory is under control and aligned with sustainable economic growth.
See details below in graphics form:
