The Ekiti State chapter of the Peoples Democratic Party National New
Media Group (PDP-NNMG) has accused the State Governor, Dr. Kayode
Fayemi, of plotting to plunge the State into another round of debt,
disclosing that the governor was about taking N5 billion loan from a
new generation bank.
In a statement on Wednesday, State Coordinator of the PDP-NNMG, Bola
Agboola, said the N5 billion loan, processing of which was already at
advanced stage, is to be repaid in 15 years at N58 million per month.
The PDP group lamented that Governor Fayemi was already threading the
same path like his first tenure, noting that the governor was also
seeking an unspecified amount as loan from the African Development
It said; “It is on record that the loans and bonds taken by Fayemi
when he was governor between 2010 and 2014 are still being repaid by
the State Government till date. It was these debts that hampered most
of the development efforts of the Ayo Fayose led PDP government and
caused irregular payment of workers salaries.
“Despite receiving billions as Subsidy Reinvestment Programme (SURE-P)
fund and N46.4 billion from the Excess Crude Account, Fayemi took N25
billion bond and N31 billion commercial bank loan. One of such
frivolous loans was the N5 billion obtained from Ecobank without the
Debt Management Office (DMO) approval, using Fountain Holdings
Limited, a company with N15 million share capital.
” Apart from loans, in 2014, Fayemi also left unpaid warrants of N15.5
billion; debt to road contractors to the tune of N21.3 billion
outstanding remittances to FG N709.9 million totaling and State
Public Servants Outstanding Emoluments of N5.1 billion.
” As Governor the second time, Fayemi is on the verge of plunging the
State to another round of debt by taking N5 billion loan, payable in
15 years when he will be 69 years and at home, enjoying his loots.”
While calling the attention of Ekiti people to governor’s fresh plot
to mortgage the State, the PDP-NNMG said it was immoral and wrong for
governors to be allowed to borrow beyond their tenure, adding that;
“If Fayemi is going to take loans, it should be such that must be
repaid before the end of his tenure.”