Recent claims accusing the Edo State government of reckless borrowing have met sharp resistance following a detailed analysis of the state’s financial balance sheet released by the Ministry of Finance.

​Contrary to political allegations of unbridled debt accumulation, official figures indicate that under Governor Monday Okpebholo, Edo State has systematically reduced its structured domestic debt obligations while aggressively expanding public infrastructure.

​According to data released by the Ministry of Finance, the state’s structured domestic debt—comprising formal loans and bonds—dropped by approximately 37 percent, falling from ₦36.03 billion in the fourth quarter of 2024 to ₦22.60 billion by the first quarter of 2026.

Financial records further indicate progress in clearing long-standing liabilities, with inherited pension and gratuity arrears decreasing from ₦57.14 billion to ₦48.42 billion over the same period.

Addressing the ongoing debate, a Public policy expert, Dr. Samuel Efosa noted that the recent uptick in aggregate debt figures is driven primarily by certified contractor obligations linked to ongoing public works rather than fresh, indiscriminate borrowing.

​”If a government undertakes substantial road construction, flyovers, and other public works, certified obligations to contractors will necessarily arise,” Efosa stated.

He emphasized that financial analysis requires distinguishing between debt incurred for consumption and liabilities tied directly to productive public assets.

​The administration’s overall balance sheet reflects a dual strategy: paying down inherited loans and pension debts while incurring managed obligations to fund capital projects across the state, Efosa continued.

While calling for continued public scrutiny regarding procurement transparency and project execution, observers noted that debt evaluation must account for the physical infrastructure created rather than relying on headline figures alone.

However, our correspondent reports that quarterly data published by the Debt Management Office continues to track state-level domestic liabilities, providing the baseline figures as Edo State balances debt service with its ongoing infrastructure development push.