The Edo State House of Assembly has approved Governor Monday Okpebholo’s request to hire a consultant to help the state recover funds.

This decision was made during a plenary session on Thursday after the governor sent a letter to the Speaker, Blessing Agbebaku. The letter, signed by Secretary to the State Government Umar Musa Ikhilor, was dated February 18, 2025.

It requested approval to allow Edo State to join other states in reviewing and recovering money due from the Federal Government through the Gazelle project.

The Gazelle project is a crude oil-backed loan arrangement. The Federal Government needed foreign exchange to meet obligations of over $7 billion.

To help, the Nigerian National Petroleum Company (NNPC) secured a $3.3 billion emergency loan from Afreximbank (AFEX). The loan, called Project Gazelle, will be repaid with crude oil at an interest rate of 11.85% annually.

Under this deal, Nigeria will supply 90,000 barrels of crude oil per day to AFEX from 2024 to 2029. Since Edo State is entitled to some funds from this project, it wants to ensure it gets its fair share.

The Edo government believes that monitoring these payments is necessary to ensure the state gets the funds it is owed on time.

To achieve this, the government will hire a consultant who will help review and recover these funds.

During an Executive Council meeting held on February 12, 2025, it was agreed that Edo State should join other states in recovering money from the Gazelle project and other crude oil-related loans.

It was also approved that 10% of the recovered amount would be paid as a professional fee to the consultant.

This move aims to boost Edo State’s finances by ensuring all due payments are received without delays.