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Monday, 15 October 2018

Report: Fayose Leaves Ekiti State With N120b Debt

Report: Fayose Leaves Ekiti State With N120b Debt

The truth about the actual financial records of Ekiti State is now in the open going by the debt figures voluntarily submitted to statutory regulators, the Debt Management Office, by the outgoing government of Governor Peter Ayodele Fayose in Ekiti State.

The truth about the actual financial records of Ekiti State is now in the open going by the debt figures voluntarily submitted to statutory regulators, the Debt Management Office, by the outgoing government of Governor Peter Ayodele Fayose in Ekiti State.

The Fayose Administration had repeatedly claimed that Fayemi plunged the state into a debt burden that will not be paid off till 2036.

However, based on the report, the bond taken by the Fayemi administration is almost completely paid off with the first tranche of N20 billion to be completed in October 2018 and the second tranche of N5 billion bond due for payment in 2020.

The report revealed that the domestic debt of Ekiti State leapfrogged by N3 billion within the last three months from N117 billion to N120 billion between March and June 2018, making Ekiti State debt to quadruple since Fayose assumed office as the Governor in Ekiti State from N31 billion in 2014 to N120 billionn.

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Report: Fayose Leaves Ekiti State With N120b Debt


In the document forwarded to the DMO Office by the outgoing government, the  components of the N120 billion debt by the Fayose administration as at June 31, 2018 include: Commercial Bank Loans of N2,087,788,065.28 received from Wema Bank in 2016; balance of N18,226,699,707.18 received from the FGN bond by his government in 2015; Budget Support Facility of N16,869,000,000.00 received in 2016 and 2017; Salary Bailout of N9,083,761,215.40 received in 2015; Commercial Bank Loan against funds due to Ekiti State in the FGN Excess Crude Account of N9,545,173,472.78 received by the current government in 2016; Contractors Arrears of N2,087,788,065.8; Pension and Gratuity Arrears of N22,162,602,017.49; Salaries arrears and other staff claims of N8,373651,226.50; and Judgment Debt of N95,048,963.35.

The report also comprised the commercial agriculture loan of N163,450,000.00 and N3,484,469,345.51 outstanding balance of the Bond taken by the Fayemi administration.


Although Fayose recently got the approval of Ekiti State House of Assembly to further incur expenditure of N10 billion barely 30 days to the end of his tenor as Governor of the State, current debt figure of N120 billion does not include outstanding subventions due to tertiary institutions, namely: Ekiti State University; College of Education and College of Health Technology, which is in excess of N5 billion; and N4.8 billion eight months arrears of salaries and allowances due to the Local Government workers in the state and other contractual obligations not reported since end of the second quarter of this year.

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