- Olumide Akpata of the Labour Party highlighted Edo State’s worrying debt profile, nearing N600 billion, stressing effective use of borrowed funds
- Akpata assured residents that the Labour Party would prioritize using state funds for public benefit, dismissing impractical zoning arrangements
Olumide Akpata, the Labour Party (LP) governorship candidate in Edo State, has expressed concern over the state’s debt profile. During an interview on Channels TV’s Politics Today, the former president of the Nigerian Bar Association (NBA) highlighted the gravity of the situation.
“The debt profile is worrying if you aggregate the internal and external debts in Edo State. We are heading towards N600 billion. This is the number I have. It is worrying not because I have a problem with debt, but because of what the debt is used for,” Akpata stated.
He emphasized the importance of effectively utilising borrowed funds, suggesting that increasing earnings and strategic spending on debt servicing are crucial.
“But to handle that, you must increase your earnings and spend more on debt servicing. It is unfortunate. No responsible governor will refuse to do this. But I am sure with deep thinking there are inventive approaches to financing,” he added.
Akpata reassured Edo residents that the Labour Party is committed to using state funds to benefit the people. “Whether you borrow or from federal allocation, the debt you borrow should be used for the people. That is why we tell Edo people that the Labour Party will use their money for them,” he said.
Additionally, Akpata dismissed the idea of implementing a zoning arrangement, stating that transferring such a system from one party to another is impractical.