Fayose Berates Fayemi over N117bn Debt Claim against State Govt

The Ekiti State Government has said that the administration of Governor Ayodele Fayose did not commit the State to any financial institution in form of bonds and commercial loans.

The state government pointed out that “no loan can be granted without the approval of the Debt Management Office (DMO) and the Federal Ministry of Finance, adding that these two offices should publish details of any loan taken by the Fayose administration, including the banks that granted such loans.

The state government, which said the State Governor-Elect, Dr. Kayode Fayemi was already preparing excuses for his impending failure, declared that

“unlike him (Fayemi) who was not courageous enough to answer questions on his administration before a duly constituted probe panel, Governor Fayose is not afraid of being probed either by the State or Federal

Government.”

Special Assistant to the governor on Public Communications and New

Media, Lere Olayinka, said yesterday, in a reaction to claim by Fayemi on the State’s debt that “Ekiti State indebtedness stands at N59.5 billion that was either directly inherited from the Fayemi’s administration or incurred 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.

“Particularly, the N10 billion grant released from the Excess Crude Account for capital projects was fund that should normally accrue to all States.