Ekiti State Debt Profile Hits Whopping N120bn As Fayose Leaves Office
According to a document sent to debt management office DMO 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 countered 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 The Cable, the state’s debt profile rose from N117 billion to N120 billion within three months.
The breakdown 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.