Edo Assembly approves consultant to recover state funds

The Edo State House of Assembly has approved Governor Monday Okpebholo’s request to engage a consulting firm to review, reconcile, and recover the amount due to the state government from the Project Gazelle African Export-Import Bank loan.

The consultant is also to recover any other crude oil loan arrangements and the deduction at a source of 10 per cent as professional fees.

Project Gazelle is the code name given to the structured crude oil-backed forward-sale finance facility sponsored by Nigerian National Petroleum Company Limited.

By the arrangement, NNPC Ltd dedicated a specific number of barrels of crude oil to a Special Purpose Vehicle, which has, in turn, approached international financial institutions to provide the funding required for the forward sale.

The request letter, signed by the governor, was read to lawmakers during plenary by the Speaker, Blessing Agbebaku.

Okpebholo said the purpose of the letter was to draw the attention of the Assembly and to request approval to join 35 other states to recover the amount due to it from the Project Gazelle Afrexim loan.

The Speaker said, “There is a need to support and grant the request of the governor, as the funds will aid the socioeconomic development in the states.”

The lawmakers, in a voice vote, approved the governor’s request to engage the consultant to recover the loan.

Meanwhile, the Peoples Democratic Party has assumed its role as the minority party in the state House of Assembly.

The development followed the defection of four members, three from the PDP and one from the Labour Party, to the All Progressives Congress on March 12, 2025.

The new arrangement in the Assembly means the APC now has 13 members while the PDP has 11

In a letter to the House, dated 8th April 2025, Charity Aiguobarueghian was nominated for the position of minority leader, while Yekini Idiaye became the minority whip.

Airobarueghian is the immediate-past majority leader of the Assembly.