Ekiti Allegedly Incurs More Debt Under Fayose

A document forwarded to the debt management office by the outgoing Ekiti state government has revealed that the state’s debt profile has increased from ₦117 billion to ₦120 billion.

The state incurred additional debt of ₦3 billion between March and June this year.

The governor-elect of the state, Kayode Fayemi had in September, raised an alarm over ₦99 billion debt incurred by the administration of Ayodele Fayose.

According to the DMO, records show that the debt profile increased from ₦18billion during Fayemi’s era to ₦117 billion, under Fayose’s watch

However, Fayose had denied, stating that the debt of the state was ₦59.5 billion which Fayemi’s government incurred.

Today, however, a document forwarded to the DMO Office which was seen by newsmen, showed that the state’s debt profile rose from ₦117 billion to ₦120 billion within three months.

The components of the debt, according to the document, shows commercial bank loans ₦2 billion, federal government ₦18.2 billion, and state bon ₦3.5 billion, as well as budget support facility of ₦16.9 billion.

The debt also includede a salary bail out of ₦9 billion, excess crude account ₦9.5 billion, commercial agriculture loan ₦163.4 million, contractors arrears ₦2 billion pension and gratuity arrears of ₦22.2 billion.

Others are salary arrears of ₦8.3 billion and judgement debt of ₦95 million.

Fayose secured the approval of ₦10 billion supplementary budget from the state house of assembly, a month to his handover billed on October 16.

He has been invited by the Economic and Financial Crimes Commission (EFCC) to its head office in Abuja.