The Ekiti State Government has
described as total falsehood, report that the State borrowed a total sum of N56
billion since Governor Ayodele Fayose assumed office and that a fresh N25
billion loan was applied for; saying that;
“the only fresh loan taken by the
government of Fayose was the N10 billion grant from the Excess Crude Account,
which was released to all States for capital projects, N2.8 billion requested
from Wema Bank to pay State Universal Basic Education Board (SUBEB) counterpart
fund out of which N1 billion has been accessed and N600 million for MDGs
counterpart fund, which has been repaid.”
The government said, “the report,
which was attributed to the Debt Management Office (DMO) was orchestrated from
the media office of the Minister of Mines and Steel Development, Dr Kayode
Fayemi, who is obviously struggling albeit unsuccessfully to redeem his
battered image by trying to change the narrative from the debt he plunged Ekiti
State to and the wanton looting of the treasury when he was governor. We are
aware of how hard Fayemi’s media handlers tried yesterday, tobget the false
report published in major newspapers, claiming that they had a classified
document from the DMO.”
Special Assistant to the State
Governor on Public Communications and New Media, Lere Olayinka, who reacted to
the report in a release issued on Monday, said; “There is no recent bulletin
from the DMO website concerning debt owed by any state as claimed in the false
report. Nigerians, especially Ekiti people can visit the DMO websitw for
further clarification.”
He said; “As at the time Governor
Fayose assumed office, some of the loans on the debt profile of Ekiti State
were; Bond from capital market (N26.7 billion), loan for developmental projects
obtained from Ecobank using Fountain Holdings (N5 billion), loan for recapitalization obtained from
Wema Bank (N1 billion), commercialvagric credit scheme from First Bank (N420.8
million), loan for legacy facility obtained from Ecobank (N408.2m), loan for
developmental projects obtained from Skye Bank (N7.5bn), vehicle lease obtained
fromvEcobank (N146.6bn), laptop procurement (N375m) among others.”
“It is on record that Ekiti State
Government was indebted to the tune of N86, 013,689,097 as at October 16, 2014
that Governor Fayose took over. The debts are broken down as follows: Bank
Loans; N15, 831,613,425.62, Bond; N26, 749,796,784.75, Outstanding Warrants;
N15,522,552,900.76, Outstanding to
Road Contractors; N21, 286,126,749, Outstanding Remittances to FG; N709,
883,656.75, Outstanding Remittances (State Govt); N592, 995,374.89 and EKSG
Public Servants Outstanding Emoluments; N5,
137,888,224.37.
“We are however not unmindful of
the battered image of the APC in Ekiti State and the attempt to change the
narrative to ‘Fayemi’s government truly plunged Ekiti into debt, but Fayose’s
government has borrowed more.’ This is more like someone admitting to being a
thief but calling others thieves too.
“No matter how hard Fayemi and
his spin-doctors try, they cannot erase the fact that apart from regular
monthly allocation and Subsidy
Reinvestment Programme (SURE-P)
fund among others, Fayemi’s received N46.4 billion from the Excess Crude
Account, yet he took N25 billion bond and N31 billion commercial bank loan. One
of such frivolous loans was the N5 billion obtained from Ecobank without the
DMO approval, using Fountain Holdings Limited, a company with N15 million share
capital.”
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