By Ikhili Ebalu, Benin City


The Joint Forces for the Defence of Democracy (JOFDES) have raised objections to  the move by Edo state government to borrow N20 billion  from the stock market exchange.

According to the leaders of the group Felix Osewmengie Isere, Esq and Marxist Kola Edokpayi during a protest rally round major streets in Benin city,  the state capital,   the state government has no justification to acquire another 20 billion naira loan that will become a lasting yoke on the good people of the state.

'Just few weeks to the state governorship election, the governor is making a desperate attempt to secure another loan from the stock market exchange'

'The most shocking part of it is that Mr. Obaseki is considering these loans when Edo state currently services the 150 million dollars credit obtained from the world bank.

'Edo state domestic debt profile stands at 84.76 billion naira, we have the highest domestic debt in Nigeria, second only to Lagos State. We have the highest external debt in the entire South-South with an external debt of 257.92 million dollar as at March 2020'

The protesters carrying placard with various inscription: We reject the 20b loan proposal by Edo state governmen, don't sell the future of Edo state today because of Political interest, Edo state is already one of the state with highest debt profile in Nigeria, 20b loan is a conduit pipe for diversion of funds said; We find this development not only worrisome, wicked, reckless, irresponsible and ignominious but a calculated attempt to completely mortgage the future of youths and people of Edo state. This is totally obvious because Mr. Obaseki debt. At no time in the history of our dear state have we come under the volume of indebtedness that we face today.

Members of JOFDES however call on President Buhari, secretary to the government of the federation, Hon minister of state for budget and national planning, director general debt management office (DMO) Abuja, the chairman Senate and House committee on local and foreign debts, the governor of central bank of Nigeria and other authorities concerns to do everything within their power to stop this loan from being approved for the governor of Edo state.