Ekiti Debt Profile Rises From N117bn To N120bn Within 3 Months
Ayodele Fayose is due to leave office on 16 October

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

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

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Ekiti Debt Profile Rises From N117bn To N120bn Within 3 Months
Ekiti debt profile

Concise News recalls that Kayode Fayemi, the Ekiti state governor-elect had raised an alarm last month 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 the outgoing governor 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, the debt profile of the southwest state rose from N117 billion to N120 billion within three months.

According to the document, the components of the debt 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.

The document shows that there are also a salary bailout of N9 billion, the 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.

Salary arrears of N8.3 billion and judgement debt of N95 million are also in the document.

September 13, Governor 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 Fayose to its head office in Abuja, Nigeria’s capital tomorrow (August 16).