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Fayose To Fayemi: Ekiti Not Owing N117bn, Stop Excuses For Failure

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, pointing out that

“no loan can be granted without the approval of the Debt Management

Office (DMO) and the Federal Ministry of Finance and that these two

offices should publish details of any loan taking by the Fayose

administration, including the banks that granted such loans.


The 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



Special Assistant to the governor on Public Communications and New

Media, Lere Olayinka, said on Sunday, 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



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.


“Most importantly, we admit that the State workers are being owed four

months’ salary and this was occasioned by the monthly deductions from

the State allocation as a result of huge debt incurred by the Fayemi

administration. Even the N9.5 billion bailout fund was for the payment

of the arrears of salaries and deduction left unpaid by the Fayemi’s



Olayinka accused the federal government of deliberately refusing to

release legitimate funds belonging to Ekiti State to the Fayose

government, having concluded to rig the governorship election for



He said N22.6 billion refund on federal roads construction, N2.1

billion arrears of Budget Support and N14.1 billion Paris Club refund,

making N38.8 billion, which should have been paid to the State since

June is billed to be released in November to Fayemi’s government.


He admonished Fayemi to use the N38.8 billion to clear the arrears of

workers salary, which would have been paid by now if the federal

government had released the fund, on the basis of which Governor

Fayose promised to clear arrears of workers salary before leaving



While declaring that there was no way he (Fayemi) can equal what

Fayose’s government did in the last four years and that ground was

already being prepared for his disastrous brief tenure, the governor’s

spokesperson counselled Fayemi to face the task of defending the

mandate those who held on to legitimate funds belonging to Ekiti State

helped him to steal instead of threading the usual path of deceiving

the public to cover up his impending failure.






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