Right From EFCC Custody, Fayose Fires Withering Denunciation At Gov. Fayemi Over N170Billion Debt: ‘Blatant Liar!’

Former Ekiti State Governor Ayodele Fayose yesterday insisted his administration did not commit the state to any financial institution in the form of bonds and commercial loans and described as false the claim that the state was bogged down by a N170 billion debt. The rebuttal followed Tuesday’s acceptance speech by his successor, Governor Kayode Fayemi, who alleged the last government set the state back by a huge financial obligation.

“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,” Fayose said in a statement by his spokesman, Lere Olayinka. He explained that the state’s indebtedness was under N60 billion and that the debt was either directly incurred during Fayemi’s first tenure or as a result of loans restructuring at the instance of the Federal Government and the Federal Economic Council.

He gave the breakdown as: commercial bank loan, N2,087,788,065.28; CBN’s 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.He also challenged Fayemi to name the banks owed the N170 billion and disclose monthly repayment by the state government to such financial institutions. “He should not wait till 100 days 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 indebted to the tune of N170 billion to be making N1.1 billion repayment monthly.”

“The Federal Government deliberately refused to release legitimate funds belonging to Ekiti State to the Fayose administration. And for this reason, the arrears of salaries could not be cleared as promised.“We are aware that in a matter of 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.”

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