The Debt Management Office (DMO)
has come out with the debt profile of Ekiti State within the three years of
Governor Ayo Fayose in power.
According to DMO, Fayose has
borrowed a total sum of N56 billion since coming to power on October 16, 2014.
In its latest bulletin released
at the weekend, the DMO disclosed that the Fayose administration still had a
fresh application of N25 billion in 2017 awaiting consideration.
The publication did not state how
the funds were expended but they were believed to have been channeled to
capital projects and payment of arrears of workers’ salaries.
Some of the capital projects
being executed by the Fayose government include the Ado-Ekiti overhead bridge,
new Governor’s Office, new High Court complex, among others.
The DMO disclosed the sources of
fresh debts incurred by the Fayose regime to include summary of new loans,
foreign loans and local bank loans.
The publication which is also
available on the DMO website gave a breakdown of loan transactions between
October 16, 2014 and December
2016.
This excludes the N25 billion
request for 2017 which was yet to be granted.
According to the document, the
Fayose government renegotiated all outstanding loans as at December 31, 2014
for 20 years (till 2036) on behalf of Ekiti State in 2015.
For 2015 Ekiti State borrowed
loans include new loans of N24, 811, 574, 926.00; foreign loans stood at
N2,709,786,898.98 while local bank loans was N22,101,788,065.28.
In 2016, the summary of new loans
was N31, 688, 638, 962.30 with foreign loans standing at N2, 705, 737, 050. 37
while local bank loans rose to N28, 982, 901, 911.93.
The summary of total loans in two
years, that is, between January 2015 and December 2016 is N56, 500, 213,
924.56.
The summary of foreign loans is
N5, 415, 523, 947.35 while summary of total bank loans incurred by the Fayose
administration is N51, 084, 689, 977.21.
The report did not state when the
N25 billion applied for by the government in 2017 would be accessed.
The issue of indebtedness has
elicited allegations and
counter-allegations between the
Fayose administration and the immediate past administration led by former
Governor Kayode Fayemi.
Fayose has consistently accused
Fayemi of plunging the state into debt that outlives his administration.
The issue of alleged indebtedness
by Fayemi was the major reason why Fayose set up a Judicial Panel of Inquiry to
probe the former
administration with the panel
submitting its report last week.
The governor had first put the
debt allegedly incurred by Fayose at N45 billion before later coming out with
another figure of N85 billion to be exited in 2036.
But the DMO cleared the air in
one of its earlier bulletins and put the debt left by Fayemi at N18 billion.
Why Ekiti only? Why don't they do the Same to other states like Imo state? What kind of Government is this in Nigeria?
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