The Debt Management Office (DMO) has said that the Edo State Government under Governor Godwin Obaseki has been prudent in borrowing.
It said the external borrowings that have caused uproars were concessional, long term and tied to specific projects or reforms initiative.
Director General of the DMO, Mrs. Patience Oniha, stated this while speaking as a panel discussant at the ongoing 2019 Alaghodaro Summit in Benin City.
Oniha said Edo was not among the states that borrow commercially.
She stated that Governor Obaseki was within the threshold to borrow more money as it is not the state with the largest debt stock.
According to her, “We can call those cheap and productive loans. Edo is not one of those that has come to borrow commercially. They have access to local loans through the Central Bank of Nigeria facility which is less than 10 percent annually. Edo State in terms of borrowing has been very focused.
“Edo has been prudent in managing debt. They are looking at increasing revenue and the figures they have achieved in revenue have been impressive.”