[size=14pt]I inherited N30bn debt – Fayemi[/size]
NewsNov 8, 2010
…says Oni, others ‘ll account for stewardship
By Gbenga Ariyibi
ADO-EKITI— Ekiti State Governor, Dr Kayode Fayemi, has insisted that he would still invite the ousted governor, Engr Segun Oni, to account for his stewardship in the 42 months he piloted the affairs of the state, just as he declared that he inherited N30 billion debt from Oni-led administration in the state.
Fayemi disclosed this, weekend, while addressing newsmen, noting that he would not waste his time and energy on witch-hunting any past office holder, saying that his administration would still invite those who have skeleton in their cupboards among those who served with Oni.
His words: “It would be foolhardy for anyone to think that we will just forget about the past, without asking questions and demanding answers as to what went wrong, especially why things are in a state of disrepair in the state.”
Some of the debts according to him, include the money owed contractors and banks and other financial commitments which he said his administration was currently battling with.
Accuses Oni of taking loans with high interest rates
According to him, the immediate past regime took bank facilities, which attract as much as 22 per cent interest rate because of the high risk involved in dealing with an illegitimate government, which spent 42 months jumping from one court room to the other.
Fayemi, however noted that he would not allow this to deter him from ensuring the promises he made to Ekiti people were kept, pursued and fulfilled as the expectation of his people were high and the administration could afford to fail them
According to him, “the State is indebted to the tune of about N30 billion, being money owed contractors, money owed banks, irrevocable standing orders to institutions at 22 per cent because nobody was ready to lend to them at a favourable rate because of the uncertainty of their tenure.”

http://www.vanguardngr.com/2010/11/i-inherited-n30bn-debt-fayemi/

Jesu! That small state?

I don't know how they spend $2BN unless Fayemi added the amount he will loot in future.

redo the maths. . .how does thirty billion naira come to two billion dollars?

netotse:

redo the maths. . .how does thirty billion naira come to two billion dollars?

What is the approximate amount in dollars then?

That is around $200m not $2b .

200 million in debt. That is an enormous amount of money. Oni needs to account for his spending. And if any of that money was given out to contractors who did not complete their work, they need to pay it back. Sigh.

Does anyone know what the debt level in Ekiti state was before Oni took office? That would be a very useful piece of information.

SAKUR:

That is around $200m not $2b .

You are right. Even $200M is way too much to owe for a tiny state like Ekiti.

How much did the project to outfit schools with 24/hr Electricity cost the state? I know that happened under the fayemi administration and would have cost the state some.

Kobojunkie:

How much did the project to outfit schools with 24/hr Electricity cost the state? I know that happened under the fayemi administration and would have cost the state some.

fayemi or oni?

The modus operandi of the PDP is very simple. The Party will do anything (do-or-die) and spend anything (operation TOTALITY) to get it representatives into top offices in Nigeria. When those representatives are then ensconced in their lucrative Jobs they must decimate State/federal coffers for personal and Party use. The Nigerian people comes last in the consideration of PDP politicians.

[size=14pt]I left N14bn debt, not N30bn - Oni[/size]
Written by Stephen Gbadamosi, Ado-Ekiti
Tuesday, November 9, 2010


Chief Olusegun Oni has said that it was not true that his administration left a debt of N30 billion, but about N14.1 billion in Ekiti State, challenging the state governor, Dr Kayode Fayemi, to explain the details of the alleged N30 billion in public.






http://odili.net/news/source/2010/nov/9/609.html



In a statement issued by his media aide, Mr Wale Ojo-Lanre, on Monday, Oni described Fayemi's assertion as "an attempt to prepare the ground for the impending looting of the state."


He said the state government's account under Oni, was one of the best audited. He said the 2009 audited account was published in January, while the 2010 mid-year audited account was published in June.


"From records available, bank borrowing at the time we left office was about N7 billion out of which N3.2 billion can be matched directly against loans owned by public servants in the state under the Civil Servant Loans Scheme.


"Overall contractors' outstanding payment in Finance Ministry was about N7.1 billion out of which N3.8 billion was on ongoing road projects. These are the ones already cleared for payments and the fact is that projects that are awarded that are not done yet does not amount to debt.


"Our challenge to Fayemi is that he should publish the details of his claim and we can assure him that at the appropriate time, once they publish the details they have, we will respond accordingly."

Who is lying and who is saying the truth between 2 politicians?. I am inclined to believe Segun Oni because this Fayemi of a guy is looking for avenues to fill his pocket. Ole.

How can such a small state run up so high of a deficit? I thought the people of Ekiti was a state filled with an educated populace. An educated populace would not allow their state to run such a high deficit.

EzeUche0:

How can such a small state run up so high of a deficit? I thought the people of Ekiti was a state filled with an educated populace. An educated populace would not allow their state to run such a high deficit.

You mean educated crooks?

EzeUche0:

How can such a small state run up so high of a deficit? I thought the people of Ekiti was a state filled with an educated populace. An educated populace would not allow their state to run such a high deficit.

BULL!

EzeUche0:

How can such a small state run up so high of a deficit? I thought the people of Ekiti was a state filled with an educated populace. An educated populace would not allow their state to run such a high deficit.

Are you saying illiteracy is responsible for Britains high debts as well?

He hould deal with it than complain.


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[size=14pt]Why I exposed Ekiti financial debt position, by Fayemi[/size]
• It's a witchunt says Oni
From Ademola Adeyemo in Lagos and Toba Suleiman in Ado-Ekiti, 11.09.2010

Wednesday, November 10, 2010

The Governor of Ekiti State, Dr Kayode Fayemi yesterday declared that the disclosure over the financial position of the state when he came in was not to embarrass or meant to witchhunt anybody, but to let the people of the state know what he met on ground.

http://odili.net/news/source/2010/nov/10/204.html

Reacting, Former governor of Ekiti State, Eng Segun Oni has described the claim by Governor Kayode Fayemi that he left N30 billion debt as a "mere blackmail aimed at scoring cheap political gain by the Action Congress of Nigeria government in the state

Fayemi, who made the disclosure in his office while playing host to religious leaders under the aegis of the state chapter of the Nigeria Inter-Religious Council (NIREC), also urged Christian and Muslim leaders to cooperate with his administration to deepen peace and ensure unity in the state.

Speaking on the controversy trailing his disclosure that he inherited over N30 billion debt from the ousted government led by Mr.

Segun Oni, the governor said he had no reason to deceive the people of the state or making the statement out of political vendetta.

"It was not done to intimidate anybody but to be openly-minded; this government is not a financial crimes commission, it is the Federal Government that has the institutions that deals with such matters.

"As a Christian, I did not come with recriminations or reprisals. What has happened in this state is in accordance with God's wishes.

But the former governor of Ekiti State, Eng Segun Oni has described the claim by Governor Kayode Fayemi that he left N30 billion debt as a "mere blackmail aimed at scoring cheap political gain by the Action Congress of Nigeria government in the state

The former governor who spoke through his Media aide, Mr Wale Ojo-Lanre, in a release made available to THISDAY said Ekiti State Government account, under his administration was one of the most audited ever in the history of governance in Nigeria, with the publication of the State and Local Government Audited Account twice every year - annual and mid-year.

According to him, the 2009 Audited Account was published in January, this year while the 2010 Mid-Year Audited Account was published in June, this year.

Oni who admonished Fayemi to make public the full details of how the N30 billion debt was arrived at, noted that: "From records available, bank borrowing as at the time we left office was about N7 billion out of which N3.2 billion can be matched directly against loans owned by public servants in the State under the Civil Servant Loans Scheme.

"Overall Contractors outstanding payment in Finance Ministry was about N7.1 billion out of which N3.8 billion was on ongoing roads projects. These are the ones already cleared for payments and the fact is that projects that are awarded that are not done yet does not amount to debt.

"Our challenge to Fayemi is that he should publish the details of his claim and we can assure him that at the appropriate time, once they publish the details they have, we will respond accordingly.

"Even though we know for a fact that the N30 billion debt claim was just an attempt to prepare grounds for the over N30 loan they intend to obtain from World Bank and other financial institutions in the country on one hand, and also prepare a ready excuse for their He should publish full details of the alleged N30bn else we will believe that it was a mere rhetoric statement to prepare grounds for their impending failure to fulfil his several promises.

"We understand that they are indebted to their Lagos sponsor to the tune of N20 billion and they are looking for ways of paying back, including subjecting the State to foreign loans. Therefore, Fayemi should stop deceiving the public with his concocted and imaginary debt profile," Ojo-Lanre said

Aloy+Emeka:

You mean educated crooks?

Agent provocateur!

I strongly believe Governor Fayemi is trying to find a good reason to cover-up an impending poor performance in office.The statement credited to the ousted Governor makes more sense to me.The man's tenure was aborted and its understandable that many projects may still be ongoing and uncompleted.
What Fayemi should have done is to try to find out the financial position of the state viz a viz the status of ongoing and uncompleted projects.For example,the past administration iniated and payed for solar hybrid systems from Omatek for use in Secondary schools in the state,the project though payed for during oni's tenure was delivered under fayemi's administration, how then can you call that a debt to the state?

Is there any way the books can be published, or audited by some 3rd party? This really shouldn't be a he said, she said sort of thing. . .

Priceworth:

   I strongly believe Governor Fayemi is trying to find a good reason to cover-up an impending poor performance in office.The statement credited to the ousted Governor makes more sense to me.The man's tenure was aborted and its understandable that many projects may still be ongoing and uncompleted.
   What Fayemi should have done is to try to find out the financial position of the state viz a viz the status of ongoing and uncompleted projects.For example,the past administration iniated and payed for solar hybrid systems from Omatek for use in Secondary schools in the state,the project though payed for during oni's tenure was delivered under fayemi's administration, how then can you call that a debt to the state?

Very true. He is giving excuses for the impending doom that will befall Ekiti. The extra N15BN he added to the debt will be the one his friends and him will share. Not even improved marijuana seeds and its legalization will help Ekiti this time.