You are being clever by half says Governor Ayo Fayose: Ekiti State Debt N36bn Not N89bn Says Outgoing Governor Fayemi


fay-fayYou are being clever by half says Governor Ayo Fayose: Ekiti State Debt N36bn Not N89bn Says Outgoing Governor Fayemi, The debt profile of Ekiti State has continued to generate controversies, as former Governor Kayode Fayemi defended the financial dealings of his government, saying the debt profile of the state stood at N36.3 billion as against the figures quoted by Governor Ayo Fayose.

In a statement made available to newsmen in Ado Ekiti, on Sunday, Fayemi denied that the state account was in red, saying the claim was “fraudulent.”

In the statement signed on his behalf by his Chief Press Secretary, Olayinka Oyebode, Fayemi said “for the avoidance of doubt, the indebtedness of the state, as of October 15, 2014 is N36,316,017,758.93.

“Of this amount, the sum of N7,830,636,440.62 represents foreign loans incurred by previous government since the days of the Old Ondo State.”

Fayemi said he was providing additional details to a reaction to the same issue by his erstwhile Commissioner for information, Mr Tayo Ekundayo, who had said the state borrowed N25 billion from the capital market and had paid N14 billion of the borrowed sum.

“The remaining sum of N28,485,381,316.31 represents internal loan. This include inherited loans from previous government and outstanding balance (debt) of the bond taken at the Capital Market.”

Fayemi added in the statement that “in spite of this, the Federal Government is owing the state the sum of N17,710,728,299.06, which include N10,839,493,135.63 (amount due from construction of federal roads); N4,012,384,082.60 (refund on Paris Club) and N2,858,851,080.83 (amount due on ecological projects).

“If the Federal Government would graciously effect part of this payment, the debt profile of the state would have been greatly reduced.“It is our belief that Mr Fayose was hasty in making a pronouncement on the state of finances and other matters without first going through the handing over note, which contains explicit details of government transactions and financial situation,” the statement read.

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