Ekiti PDP Group Slams Fayemi Over Fresh N5bn Loan, Says “He Plans To Mortgage Ekiti For 15 Years”

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

Bank (AfDB).

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.”

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