PDP rejects Oshiomhole’s World Bank N14.7 bn loan request

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As mixed reactions trail the request for N14.7billion World Bank loan by the Edo State Government, the state chairman, People Democratic Party (PDP), Dan Orbih has urged the Senate to reject the request.

Recall that President Muhammadu Buhari had in a letter to the Senate on behalf of the Edo State Government requested a World Bank loan of $75million.

At Wednesday’s plenary, Senate President, Bukola Saraki committed the request to the Standing Committee on Local and Foreign Debts when constituted.

But in a swift reaction, PDP Chairman in Edo State, Dan Orbih argued that previous loans had not been judiciously utilised.

While alleging that previous loans to the state had been misappropriated, Orbih said the state had been groaning under financial burden and unable to pay workers for some months now.

He recalled that the state had obtained N35billion loan from the capital market but with nothing to show for it.

His words: “We call on the leadership of the Senate to reject this request and it is time for all hands to be on deck to check the declining economic fortunes of this country. This is not time for needless borrowing by government and government institutions.

“More so it is coming from the means of a previous rejection by a minister, we are aware that the former minister of finance (Ngozi Okonjo-Iweala), had earlier reviewed this request, an informed position of a renounced economist. She analysed this request and rejected and declined to approve this request.

“Going through the back door now by way of request to the Senate is Oshiomhole antics of wanting to play smart, the world is now aware why Oshiomhole has be launching an attack on that woman of distinct”.

“Now that the Edo people are gearing up for the governorship election in early 2016 he has presented it again, to me it is clear signal that Edo State is broke and I think rather than resulting to this financial palliatives that the new government to state government the government should come out boldly to challenge some of these state governments, ask questions what they have done with the previous money granted them, allocations, excess crude account, IGR, they have various ways this government has generated money to say the list”.

According to him, N520million is deducted from source as mandatory loan obligation to institutions, adding that this could increase to N800million monthly if the request is granted.

The PDP chairman challenged the state government to come out with relevant documents about the actual status of the debt profile of the state.

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