Senator Adams Oshiomhole has explained that the current deficit budget of the Federal Government is impacting the delay in the release of funds for capital projects across the country.

Fielding questions from journalists in Benin City, the former governor of Edo State who represents Edo North in the Senate, was hopeful that the funds would be released next month (December).

“If you follow attentively debate in the National Assembly, one of the things we approved in the past two weeks or thereabouts, has to do with borrowing because this budget is deficit budget, which means you have to borrow the difference. Until you get that money you cannot execute.

“It is not a budget that is based on strictly what you earn because before this government assumed power, a lot of things Nigerians didn’t know was that the entire Federal Revenue, about 80 to 90 percent of it was going to debt servicing.

“In other words, we have not even earned enough to pay salaries which was why some states and agencies were defaulting. Now, the situation has improved but not improved enough for us to do enough capital projects and if you don’t do capital projects the economy can’t grow,” Oshiomhole stated.

He noted that the fact of the huge debts that President Tinubu inherited were those monies borrowed by previous administrations which have fallen due for payments under his administration.

“So when you hear we paying X to service debt, they are not debt arising from what he borrowed.

“After spending on recurrent, including salaries, not much is left. Now you then have to borrow to ensure that you service what you already owe and to have little surplus to do capital projects. So that is the situation we are in.

“But what I can tell you is that the President is doing everything first to ensure that we do borrow excessively from domestic market and that you do not borrow in a manner that will put pressure on the exchange rate which is why you can see that the Naira is appreciating gradually,” Oshiomhole further explained.

On governance in Edo, the former governor accused the past administration governor Godwin Obaseki of endless ground-breakings that yielded no meaningful projects, including the failed Gelegele Port and abandoned housing schemes.

“They performed numerous so-called groundbreakings—Gele-Gele 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. Fortunately, God designed our soil well,” he said.

Assessing Governor Okpebholo’s performance in one year, Oshiomhole noted that the governor inherited a state abandoned for eight years but has already delivered visible and verifiable projects, pointing to the Ramat Park flyover project as a major intervention that will significantly reduce traffic congestion and improve economic productivity in Benin City.

On education, he criticised the EdoBEST programme as “deceptive,” alleging that most schools lacked electricity or Wi-Fi to support its digital monitoring claims, just as he accused the past administration of neglecting public schools and reducing teacher numbers drastically.

He praised Okpebholo for rehabilitating long-abandoned schools and providing better learning environments, referencing images recently displayed by the governor during a public presentation.

Besides, Oshiomhole highlighted the revival of Ambrose Alli University (AAU), Ekpoma, which he said almost collapsed due to inadequate subvention under the past administration and commended Okpebholo for raising the institution’s monthly subvention to ?500 million, resolving long-standing academic disruptions.

He also applauded the restoration of subvention to Edo University, Iyamho, increased from zero to ?250 million monthly, describing it as a strategic Investment in higher education, saying that Governor Okpebholo has shown leadership by restoring peace to the traditional institution and resolving lingering tensions in the Benin Kingdom.

He said the governor’s one year in office has brought relief across the state, with major roads being reconstructed and abandoned institutions revived, adding that Okpebholo’s humility, firm leadership and ability to hire and fire when necessary have restored discipline in government.

Okpebholo, Oshiomhole said, has allowed his achievements to speak for him, adding “action speaks louder than words”. (The Sun)