Ekiti Debt Not N170bn, Fayemi Preparing Grounds For Impending Failure

Can INEC Still Be Trusted?

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The immediate past Governor of Ekiti State, Mr. Ayodele Fayose has
insisted that his administration did not commit the State to any
financial institution in form of bonds and commercial loans,
describing claim by Governor Kayode Fayemi that the State was indebted
to the tune of N170 billion as false and “a way of preparing grounds
for his impending failure just as he did when he assumed office in

Fayose’s Media Aide, Lere Olayinka, said in a statement issued on
Wednesday that Ekiti State indebtedness was under N60 billion and that
the debt was either directly incurred during Fayemi’s first tenure or
as a result of the loans restructuring done at the instance of the
federal government and the Federal Economic Council.

He gave the breakdown as follows; Commercial Bank Loan,
N2,087,788,065.28; CBN Grant for Water Project, N163,450,000; Excess
Crude Account Backed Loan, N9,545,173,472.78; Bailout,
N9,083,761,215.40; FGN Bonds, N18,226,699,707.18; State Bonds,
N3,484,469,345.51 and Budget Support, N16,869,000,000.

While challenging Fayemi to name the banks being owed the N170 billion
and monthly repayment by the State Government to such banks, Olayinka
said; “He should not wait till 100 to cook up false stories of how
much debt was left by the Fayose administration. He should rather tell
Nigerians how it is possible for a State that is indebted to the tune
of N170 billion to be making N1.1 billion repayment monthly.

“Instead of lying so blatantly to cover up his impending failure,
Fayemi should publish the Debt Management Office (DMO), Ekiti State
Executive Council and House of Assembly approvals for the loans since
no loan can be taken without these approvals.”

Describing Fayemi as a “multiple-mouthed” person, Olayinka said; “In
September this year, Fayemi claimed that Ekiti debt was N117 billion,
one month after, he said the debt is N170 billion. So the debt
increased from N117 billion to N170 billion in less than 30 days?

“The reality is that Fayemi is reputed for speaking from both sides of
his mouth. In the past, when Fayose assisted him to be governor, he
described him (Fayose) as an honourable person whose word is always
his bond and today, he goes about denigrating the same Fayose.”

Fayose’s spokesperson, who admonished Fayemi to face the task of
governance and stop his usual grandstanding, said; “The federal
government deliberately refused to release legitimate funds belonging
to Ekiti State to the Fayose administration and for this reason, the
arrears of salary could not be cleared as promised.

“We are aware that in a matter days, the withheld fund of over N30
billion is to be released to the State by the federal government as
refund on federal roads construction, arrears of Budget Support and
Paris Club refund.

“Our plea is that Governor Fayemi should stop making excuses and use
the over N30 billion to pay workers salary.