The Ekiti State Governor, Mr. Ayodele
Fayose, has said his government will probe
the administration of his predecessor, Dr.
Kayode Fayemi, for allegedly incurring
N86bn debt.
The governor said due to the monumental
debt, he must “look at the past, consider the
present and project for the future of the
state in order to forge ahead.”
He gave the breakdown as, bank loans​​​​​​-​​
N15, 831,613,425.62; bond​​​​​​​-​​N26,
49,796,784.75; outstanding warrants​​​​,​​N15,
522,552,900.76; outstanding to road
contractors​​​,​​N21, 286,126,749; outstanding
remittances to the Federal Government,
​​N709, 883,656.75; outstanding remittances
(state government) ​​-​​N592, 995,374.89; and
public servants outstanding emoluments​-​​
N5, 137,888,224.37.
But the All Progressives Congress has
advised the governor to face governance
and stop making false allegations. The Ekiti
State APC Publicity Secretary, Taiwo
Olatunbosun, at a press briefing in Ado-
Ekiti, said the present administration was
doing more harm to the people than good.
He said the allocation received for
September was used to pay workers’
October salaries without paying for
September.
He said, “What is the basis for skipping the
September salary, government is a
continuum. Those things we have done that
are good, they are enjoying them, those
things we seem not to have done to the best
of their knowledge, they are condemning
them.” Olatunbosun also accused Fayose of
stampeding the former government by
writing to the banks to stop relating with it
even when he (Fayose) had no
constitutional rights to do so. He chided the
government for demoting workers who
were duly promoted according to the extant
rules.
But Fayose, who spoke through his
Special Assistant, Public Communications
and New Media, Mr. Lere Olayinka, at a
separate press briefing in Ado-Ekiti on
Tuesday, accused Fayemi of mismanaging
the state resources and plunging it into a
debt bondage.
He alleged that the former government
secured a N25bn loan in two tranches-
repayable over seven years-with
accumulated interest of N17bn. Olayinka
said the N20bn bond was with a period
accumulated interest of N13.4bn while the
N5bn was with a period accumulated
interest of N3.6bn with no evidence of
utilisation of the N5bn, suggesting that the
loan was taken to fund Fayemi’s botched
re-election bid.
Olayinka also accused Fayemi’s
government of making fixed deposit at 2
per cent interest rate whereas the average
rate was 8.5 per cent and making cash
deposits in banks in Ibadan and Lagos at
abysmally low interest rates to please his
cronies.
Olayinka said, “As at today, after paying a
total sum N15, 221,207,088 i.e.
N14,299,085,088 repaid from the N20bn
bond and N922,122,000.09 from the N5bn
bond, the state government is still owing
N26.749bn!”
“Isn’t it worrisome that after paying
N15.5bn out of the N25bn bond taken by
Fayemi’s government, Ekiti State
Government still owes N26.7bn? That is
the situation that we are confronted with.
“A lot of people might want to reason that
the new government of Ayodele Fayose
should just forget about the past and move
on with its own programmes. Yes, the
government of Fayose will move on and
deliver on its electoral promises. The
government of Fayose will bring succour
to Ekiti people by putting food on their
tables.
“But the government of Fayose must look
at the past, consider the present and project
for the future of Ekiti State.
“Therefore, we want to state categorically
that all those who have defrauded this state
will be made to refund every kobo that they
stole. Those who shed the blood of innocent
Ekiti sons and daughters will be made to
face the full wrath of the law.”
Olayinka lamented that Fayemi’s
administration built a N3.3bn worth
government house at the time he said the
state could not fund more than one
university.
“In a state like Ekiti with less than N3bn
as monthly federal allocation, former
Governor Kayode Fayemi spent a
whooping sum of N604,961,645.72 just to
furnish the new Governor’s Lodge built for
the comfort of himself and his wife.
“Unfortunately for Fayemi and his wife,
they could only use the N604.9m furniture
for 15 days!
“Contract for the furnishing of the new
Governor’s Lodge, built with N3.3bn
borrowed fund was awarded to Kitwood
Nigeria Limited on June 18, 2014, three
days to the governorship election that he
(Fayemi) lost scandalously. “Instead of the
State Ministry of Works, the contractor
was asked to report at the office of
Fayemi’s Chief of Staff, Yemi
Adaramodu, to sign contractual agreement
and also obtain detailed specifications of the
items to be procured.
“From what we enumerated above, it is
clear enough that the previous
administration of Kayode Fayemmi was a
monumental disaster to Ekiti and its
people,” Olayinka said
http://www.punchng.com/news/n86bn-debt-ill-probe-fayemi-says-fayose/

Fayose should start doing the work he was elected for instead of going about painting the last administration bad.