Ekiti debt profile hits N120bn as Fayose bows out

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

According to a document forwarded to the debt management office 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 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 which was seen by TheCable, the state’s debt profile rose from N117 billion to N120 billion within three months.

The components 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.

The Economic and Financial Crimes Commission (EFCC) has invited him to its head office in Abuja.