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World Bank Loan: Lagos, Edo Privileged To Access Facility – Obaseki

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Governor of Edo
State, Godwin Obaseki has revealed that Edo state is just
as privileged as Lagos state in Sub-Saharan Africa, to access World Bank
loans at less than 1% for 20 years, and in some cases, 10 years
moratorium.

Mr Obaseki said this in Benin City, as he dismissed allegations from
the opposition Peoples Democratic Party (PDP) that the state was
heavily indebted.
The
Governor said Edo state has the best profile of debt structure in
Nigeria, adding that there is virtually no government or business
anywhere in the world that does not have debts.
He,
however, revealed that it was salient to borrow with caution, saying,
“It (debts) must be managed responsibly or no lender will borrow you
money, if they believe that you do not have the capacity to pay”.
A
statement from the Office of the Chief Press Secretary to the Governor,
Mr. John Mayaki quoted Obaseki saying, “Let us be careful when you have
financial illiterates picking figures wrongly and saying Edo state is
the most indebted state. You don’t join issues with them and you don’t
take them seriously”, he said.
Continuing,
he said, “You cannot say we are so indebted and yet, we are able to pay
salaries, we are able to pay our contractors and we are able to run our
services. You also need to look at who is saying what, and what the
motivation is. If we expose the evil they perpetuated in their era in
government…. We could show you how they collected N4 billion from four
banks and that money never came into the government coffers, but went
into private accounts; the documents are there.
“Take
a look at all the companies they set up when they were in government,
they all failed. So, does it make sense to put money in business? It is
not government’s job to run businesses, but that of those in the private
sector, who can take the risk. I don’t believe that we should spend
taxpayers’ money on things individuals can do better than government can
do”.

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