How Adams Oshiomhole Looted N1.5 trillion Edo Funds in 8yrs

How Adams Oshiomhole Looted N1.5 trillion Edo Funds in 8yrs

Internally Generated Revenues and Monthly Allocation from the FG amounts to N1.3trillion for the past 8 years.

Edo states currently has over N250 billion in Local debt and $168million in Foreign debt (Source; Debt Management Office) with:

1) No Functional Hospital built in 8 years and existing hospitals weren't upgraded.

2) No Functional Tertiary institution built in 8 years and existing ones not improved.

3) No state owned industry built in 8 years.He claimed he didn't promise to build any.

4) No Teacher employed in 8years. Those employed in 2012 were sacked a week after.

5) Pensioners being owed for up to 9 months.

6) No Market built.

7) 85% Youth Unemployment.Highest in Southern Nigeria.

8) 0% investment in Sports.

9) No Loans or Grants Given to Farmers.

10) No Bursary for Students in Tertiary institutions.

11) No Mass Housing Project.

12) No bridges built.

13) 80% of Schools without furniture.

What has Oshiomhole done with N1.5 trillion total so far received on behalf of the Edo people.

When asked last year, the Edo State Governor, Adams Oshiomhole, said that his government was forced to take another $75 million development loan from the World Bank, because the Federal Government led by the Peoples Democratic Party (PDP) in 16 years had looted the nation’s treasury and pauperized the states.

The World Bank had approved a $225 million loan for Edo State Government in 2012, to be implemented 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 was approved by the National Assembly, in August 2015.

Addressing reporters at the Government House, Mr. Oshiomhole said “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. If you realise that from every one billion dollars, we 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.

“In the South-South zone, look at the debt profile, Edo is the least borrowed. 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. You heard of bailout, find out what PDP states are borrowing under the bailout plan, not for development but to pay salaries. But Edo State Government is up-to-date with salaries without bail out. You need to interrogate facts and not report these people as if they are responsible people because when you do that, people don’t know the difference between mischief makers and responsible people.

“You hear PDP say nothing has happened in Edo State. Even the Hospital we are building, the Benin City Water Storm project, just one project is more than the entire loan we have taken. So as we speak, Edo is the least borrowed. Every state now is borrowing money for salaries. You are not just to parrot the views of armed robbers. When you report, you say however, it will be recalled that, that way, the reader understands who is saying the truth,” Mr. Oshiomhole said.
-Elombah