PDP Accuses Fayemi Of Taking Another ₦25.5bn Secret Loan

The People’s Democratic Party (PDP) in Ekiti State has accused the State Governor, Dr. Kayode Fayemi of plunging the State to fresh indebtedness, disclosing that between December 2019 and July 2020, the government has taken ₦25.5 billion loan.

Secretary of the PDP Caretaker Committee in Ekiti State, Prince Diran Odeyemi, who made this known in a statement on Wednesday, said it was strange that the State Government could take ₦20 billion and ₦5.5 billion loans, with 20 and 15 years repayment plan without informing the people of Ekiti State.

The PDP disclosed that the ₦20 billion loan was secretly obtained from Access Bank in December 2020 and the State Internally Generated Revenue (IGR) was mortgaged to the loan for a period of 20 years.

“As for the new ₦5.5 billion, it was a Central Bank of Nigeria (CBN) Agric loan and it was paid into the State Government account in Sterling Bank last month.

“The ₦5.5 billion has 15 years repayment period and as at today, ₦1 billion has been looted from it with the remaining ₦4.5 billion to be diverted into private pockets, with about 1,000 hectares of land to be cleared and the bush clearing already done by the State Government as justification,” the party said.

While condemning the All Progressives Congress (APC) Government of Fayemi for always plunging Ekiti State into debt, Odeyemi said it was appalling Governor Fayemi is accumulating debts now, just the way he plunged the State into debt during his first tenure.

It should be noted that in May this year, the State Government said it had concluded arrangements to secure ₦2.5 billion loan. If this ₦2.5 billion is added to ₦25.5 billion, it will amount to ₦28 billion, meaning that within two years, Governor Fayemi has obtained ₦28 billion loan!

The PDP said; “During his first tenure as governor, despite receiving over ₦46.4 billion from the Excess Crude Account and ₦2 billion as Subsidy Reinvestment Programme (SURE-P) fund, Fayemi took ₦25 billion bond, ₦31 billion commercial bank loan and left ₦15.5 billion warrants unpaid.

“Contractors were owed ₦21.3 billion while unpaid State Public Servants emoluments was ₦5.1 billion, with ₦709.9 million outstanding remittance to federal government.