March 20, 2019

Fayose Saddles Ekiti State With N120bn Debt

Fayose Saddles Ekiti State With N120bn Debt

The outgoing governor of Ekiti State, Ayodele Fayose, has saddled the state with a debt of N120 billion from the N117 billion figure that obtained at the commencement of the year.

This is based on a document revealed by the Debt Management Office (DMO), by the outgoing state government. The additional debt of N3 billion was incurred between March and June this year.

The governor-elect of Ekiti State, Kayode Fayemi, in September raised an alarm over the N99 billion debt incurred by the Fayose administration.

Also Read: Fayose Tells EFCC To Stop Implicating Him

According to the DMO, the debt profile of the state rose from N18 billion during Fayemi’s first tenure to N117 billion under Fayose’s governance but the outgoing governor denied the allegations saying the debt is pegged at N59.5 billion which was incurred by the Fayemi’s administration.

However, documents released to the media by the DMO proved otherwise as the debt profile of the state rose from N117 billion to N120 billion within three months under Fayose’s administration.

The breakdown of the debt shows commercial bank loans pegged at N2 billion, federal government and state bond of N18.2 billion and N3.5 billion respectively as well as budget support facility of N16.9 billion.

There is also a salary bailout of N9 billion, an excess crude account of N9.5 billion, commercial agriculture loan of N163.4 million, contractors’ arrears of N2 billion pension and gratuity arrears of N22.2 billion.

Others are salary arrears of N8.3 billion and judgement debt of N95 million.


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