Ekiti Debt Profile Is Rising, PDP Alleges |The Source

By Ayodele Oni

The People’s Democratic Party (PDP) in Ekiti State has accused the State Governor,  Dr.  Kayode Fayemi, of plunging the State into fresh huge indebtedness, disclosing that between December 2019 and July 2020, the government has taken a loan to the tune of N25.5 billion.

But, the ruling All Progressives Congress, (APC) described the allegation as coming from those whose stock in trade is to misinform the people of the state, rather than address the internal wranglings in their party.

Secretary of the PDP Caretaker Committee in Ekiti State,  Prince Diran Odeyemi, who made this known in a statement said it was strange that the State Government could take N20 billion and N5.5 billion loans, with 20 and 15 years repayment plan without informing the people of Ekiti State.

The PDP disclosed that the N20 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 N5.5 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 N5.5 billion has 15 years repayment period and as at today,  N1 billion has been looted from it with the remaining N4.5 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 that Governor Fayemi is accumulating debts now, just the way he plunged the State into debt during his first tenure.

The party alleged that in May this year, the State Government said it had concluded arrangements to secure N2.5 billion loan.

“If this N2.5 billion is added to N25.5 billion,  it will amount to N28 billion, meaning that within two years,  Governor Fayemi has obtained N28 billion loan!

According to the PDP, “during his first tenure as governor, despite receiving over N46.4 billion from the Excess Crude Account and N2 billion as Subsidy Reinvestment Programme (SURE-P) fund, Fayemi took N25 billion bond, N31 billion commercial bank loan and left N15.5 billion warrants unpaid.

“Contractors were owed N21.3 billion while unpaid State Public Servants emoluments was N5.1 billion, with N709.9 million outstanding remittance to federal government.

“During his first tenure,  Governor Fayemi squandered the loan that he took and he is doing the same thing now.”

Reacting to the allegation, the APC, through the director of publicity, Elder Sam Oluwalana, said the PDP caretaker committee should desist from feeding the people of the state with lies.

Oluwalana pointed out that it was fortunate that APC administration in the state is not as wasteful as being claimed by the indolent opposition PDP, insisting that the present administration has tried to be transparent  and accountable to the people.