The debt profile of Ekiti state which was N117 billion at the beginning of the year has risen to N120 billion.

According to a document forwarded to the debt management office by the outgoing state government, the state incurred additional debt of N3 billion between March and June this year.

In September, Kayode Fayemi, governor-elect of Ekiti state, had raised an alarm over N99 billion debt incurred by the administration of Ayodele Fayose.

The DMO had said the debt profile of the state, going by available records then, had increased from N18 billion during Fayemi’s era to N117 billion, under Fayose’s watch.

But Fayose had denied the claim, saying the debt of Ekiti is pegged at N59.5 billion and that it was incurred by Fayemi’s government.

However, in the document forwarded to the DMO Office which was seen by TheCable, the state’s debt profile rose from N117 billion to N120 billion within three months.

The components of the debt, according to the document, shows commercial bank loans pegged at N2 billion, federal government and state bond of N18.2 billion and N3.5 billion respectively as well as budget support facility of N16.9 billion.

There are also a salary bail out of N9 billion, excess crude account of N9.5 billion, commercial agriculture loan of N163.4 million, contractors arrears of N2 billion pension and gratuity arrears of N22.2 billion.

Others are salary arrears of N8.3 billion and judgement debt of N95 million.

Fayose secured the approval of N10 billion supplementary budget from the state house of assembly, a month to his handover billed on October 16.

The Economic and Financial Crimes Commission (EFCC) has invited him to its head office in Abuja.

https://www.thecable.ng/ekiti-debt-profile-hits-n120bn-as-fayose-bows-out/amp

This is serious. Our states are now fully dependent on the center instead of being totally free from the center. State now claim poorest and most backward as a strategy of attracting more funds.

Only God knows the truth here

noted!! fayose should endeavour to crush the efcc

Ehyahhhhhh. No wonder he was crying

KRILMIJAY:
Ehyahhhhhh. No wonder he was crying

fayose the rock

He tried

"10 billion" a month to his handover" Baba don collect pension and money for lawyers, Ekiti people have 'literally' eaten their future......

That one too good

Seriously Serious

Fayose my guy.

Why is Fayemi raising alarm when Buhari is doing the exact same thing...burying the country in debt?

If Fayemi believes that Ekiti debt is wrong, then he has inadvertently rejected Buhari

THE ROCK

APATA.

;D7

Sirpaul:
THE ROCK

APATA.

The rock of corruption ruined my state. He lied last week that he didn't borrow a kobo and he's not leaving any debt behind. Now we know he's a crude liar who left billions in debt for his successor.

God will punish all this governors, they just plung their state into debt at will.

Haaaaa... Fayose.... Even with 4 months salary arrears...

Interesting....

Badt Man Raise you hand if you understand what Fayose did


Don't be surprised he borrowed 3 /4 that amount in his last two months in office

Fayose where has the N3billion gone to..

U will cough it during EFCC interrogation

Really?

seunfly:
God will punish all this governors, they just plung their state into debt at will.

...these governors...their states...

Rising debts with nothing to show for them

Ekiti people and jollof rice...

seunmsg:


The rock of corruption ruined my state. He lied last week that he didn't borrow a kobo and he's not leaving any debt behind.

Do you even know the road to your state?

Kingosytex:
noted!! fayose should endeavour to crush the efcc

Shut up

alawi5k:
I am pATIKUlarly OBIdient about this ATIKUlated movement to get Nigeria restructured and working again. Come 2019 let's join hands and give back to Daura what belongs to Daura, and to Nigeria what Nigeria deserves. I rest my case.

Looking at what that governor left behind it looks like we will have to stick with Buhari. PDP is a dangerous party to give your wallet. I can't leave my dog with them.
Sowore AAC all the way.