Senator Adams Oshiomhole has attributed the delayed release of funds for capital projects to the Federal Government’s deficit budget, explaining that borrowing remains necessary before key projects can be executed.
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Speaking with journalists in Benin City, the former Edo State governor, who represents Edo North in the Senate, expressed optimism that funds for capital projects would be released by December.
“If you follow attentively the debate in the National Assembly, one of the approvals we made in the past two weeks relates to borrowing because this budget is a deficit budget, which means you have to borrow the difference. Until you get that money, you cannot execute,” Oshiomhole said.
He explained that before the Tinubu administration came into office, most Nigerians were unaware that up to 80 or 90 percent of federal revenue was already being spent on servicing debts.
“In other words, we had not even earned enough to pay salaries, which was why some states and agencies were defaulting. The situation has improved, but not enough for us to do major capital projects. Without capital projects, the economy cannot grow,” he added.
Oshiomhole noted that a significant portion of the debts President Bola Tinubu is servicing are loans incurred by previous administrations.
“So when you hear that we are paying huge sums to service debt, they are not debts arising from what he borrowed. After spending on recurrent items, including salaries, not much is left. You then have to borrow to service what is already owed and to have a little surplus for capital projects. That is the situation we are in,” he said.
He assured that the President is taking steps to limit domestic borrowing in a way that avoids putting pressure on the exchange rate, which he credited as a reason for the gradual appreciation of the naira.
Turning to Edo State politics, Oshiomhole accused former governor Godwin Obaseki of embarking on numerous “groundbreaking ceremonies” without actual project delivery, citing the failed Gelegele Port and abandoned housing schemes.
“They performed numerous so-called groundbreakings. Gelegele Port that mysteriously shifted into Benin when it rains, housing estates, and many others. They broke the ground so much that Edo almost became an earthquake zone,” he said.
He commended Governor Monday Okpebholo for what he described as notable achievements within one year in office, saying the governor inherited a state abandoned for eight years yet has already delivered visible and verifiable projects. He cited the Ramat Park flyover as a major intervention that will ease traffic congestion and improve economic output in Benin City.
Oshiomhole also criticised the EdoBEST education programme as deceptive, alleging that most schools lacked electricity and Wi-Fi to support the digital systems promoted by the previous administration. He praised Okpebholo for rehabilitating neglected schools and improving learning environments.
On higher education, he highlighted the revival of Ambrose Alli University, Ekpoma, which he said was near collapse due to inadequate subvention. He applauded the governor for increasing the institution’s monthly allocation to 500 million naira and for restoring subvention to Edo University, Iyamho, now raised to 250 million naira.
According to Oshiomhole, the governor has restored peace in traditional institutions and revived abandoned projects across the state. He added that Okpebholo’s humility, firmness, and decisive leadership have brought discipline back into governance.
“Action speaks louder than words,” Oshiomhole said, insisting that the governor’s achievements are already speaking for him.
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