The Peoples Democratic Party (PDP) in Edo State has strongly criticised Governor Monday Okpebholo’s move to obtain a ₦100 billion loan from First Bank of Nigeria, describing the plan as fiscally irresponsible and lacking transparency.

In a statement issued on Tuesday and signed by the party’s caretaker chairman, Dr. Tony Aziegbemi, the PDP said the loan approval by the Edo State House of Assembly represents a “shocking descent into reckless financial management,” warning that it could double the state’s domestic debt burden in less than a year.

Citing figures from the Debt Management Office (DMO), the party said that as of 31 December 2024, Edo State’s total domestic debt stood at ₦112 billion—a figure that took 34 years to accrue. “Now, in just eight months, Governor Okpebholo plans to add ₦100 billion to that tally,” the statement said.

The opposition also raised serious concerns over the lack of transparency surrounding the loan agreement. “No public information has been provided regarding the loan’s purpose, project breakdown, list of contractors, or repayment terms,” Aziegbemi noted.

At current market rates, the PDP claimed the state could be liable to pay as much as ₦35 billion annually in interest alone—an amount it described as “economically unsustainable.”

The party further queried the necessity of the loan, recalling that the current administration inherited over ₦50 billion in liquid assets from the Obaseki-led government. “Governor Okpebholo also claimed to generate over ₦10 billion monthly in Internally Generated Revenue. If that’s true, why the sudden resort to high-interest borrowing?” the PDP asked.

According to the party, the real motive behind the loan may be political. “This appears to be a backdoor attempt to reward political sponsors and cronies who helped secure Okpebholo’s contested electoral victory. Edo people must not be made to foot the bill for political patronage,” Aziegbemi alleged.

With a Supreme Court ruling pending on the disputed 2024 governorship election, the PDP said the timing of the loan raises suspicions and called on First Bank to “exercise due caution” in disbursing the facility.

The party referenced a Supreme Court ruling in *Austin Osakue & Ors v. Edo State*, affirming the applicability of the Freedom of Information (FOI) Act at all levels of government. It said it would file formal FOI requests to compel disclosure of the loan terms, repayment structure, project details, and contractor profiles.

“This borrowing spree is not only reckless; it is dangerous. Edo people deserve to know how their future is being mortgaged,” the statement concluded.

At the time of filing this report, the Edo State Government has not responded to the PDP’s allegations.