By Jefferson Ibiwale, Benin

The Edo State governor, Adams Oshiomole, on Monday said that the looting of the nation’s commonwealth by the Peoples Democratic Party, PDP, during the last dispensation was the reason why the state had to collect a $75m loan from the World Bank to meet financial obligation.

The governor, who was apparently responding to the criticism of the state chapter of the PDP on the government’s sourcing of the loan, said his administration would not have had to rely on loans to fund its operations if the PDP had not looted the treasury.

He said the 16 years during which the PDP held the reins of government had led the nation down an economic downturn that now sees many states relying on loans to survive.

“If the PDP did not steal the money, we would not need to borrow. What we lost from the NLNG under the PDP Federal Government was about $11.6 billion. Edo State’s share of that money was more than N30 billion. You realize that from every $1bn, we (Edo) get more than N2.7 billion. So if PDP did not steal and bleed the economy dry, our legitimate revenue stolen by the past PDP government and its men is more than that, the governor stated.”

He said further: “PDP is simply not in a position to blame the victims of their own looting which is unprecedented in the history of the country. My hope is that they would be brought to justice.”

He expressed satisfaction with the Muhammadu Buhari-led administration’s drive to bring looters of state treasury to book despite criticisms by the PDP.

He said the state was still fortunate as it had not borrowed immensely like other South-south states had.

“In the South-South zone, look at the debt profile, Edo has the least borrowing profile. The only major loan we have taken since I assumed office was a N25 billion bond out of which we have paid over N20 billion because we are paying N530 million every month. As we speak, we have only about N5 billion left of that loan which will be liquidated before the end of this tenure,” he said.

He said the state was exercising financial discipline in the sourcing and disbursement of funds at its disposal.

It would be recalled that the World Bank approved a $225 million loan for Edo State government in 2012, to be given out in three tranches of $75 million per annum.

The first tranche of the loan was approved by the National Assembly in the 2012-2014 Federal Government External Rolling Borrowing Plan while the second tranche has just been approved by the current National Assembly.