The Edo State House of Assembly has granted Governor Monday Okpebholo’s request to hire a consultant to recover funds owed to the state by the Federal Government of Nigeria under the Gazelle Afrexim loan and other crude oil-backed financial arrangements.
The resolution was passed during plenary on Thursday, following a formal letter to Speaker Blessing Agbebaku, signed by the Secretary to the State Government, Umar Musa Ikhilor, and dated February 18, 2025.
Why Edo State Is Hiring a Consultant for Funds Recovery
The state government aims to review, reconcile, and recover funds due from the Federal Government, particularly from the NNPC-led $3.3 billion emergency loan obtained from Afreximbank (AFEX) under the Gazelle project.
According to the letter, the loan was secured to stabilize Nigeria’s economy, with repayment structured through daily crude oil deliveries of 90,000 barrels until 2029. The Edo government seeks to ensure accurate remittance of funds owed to the state as part of the revenue-sharing arrangement.
The Edo Executive Council, in a meeting held on February 12, 2025, approved:
✅ Edo State’s participation in the nationwide review of crude oil loan repayments
✅ Hiring a consultant to track and recover due payments
✅ Deduction of 10% as professional fees for the consultant
Implications for Edo State
With the state government actively securing its financial entitlements, the move is expected to bolster Edo’s cash flow, ensuring timely payments of salaries, infrastructure projects, and economic development initiatives.
