The Fear Of Fayemi In Ekiti

Ekiti State was created on October 1, 1996 and is made up what previously constituted the Ekiti zone of the old Ondo State. Situated in the heart of the tropics, it borders Kwara and Kogi States to the north, Edo State to the east, Ondo State to the south and Osun State on the west.

Ado-Ekiti, the capital is gradually wearing a modern business-friendly look. Rapid changes in the city’s social, economic and physical spheres now give it a new cosmopolitan look.

Its transportation system runs well with little or no traffic jams, for which Lagos is notorious. Ekiti people are friendly, ever ready to help visitors.

But, some politicians in the state are up in arms against the developmental agenda of the Kayode Fayemi-led administration in the state.

The Ekiti State chapter of the Peoples Democratic Party National New Media Group (PDP-NNMG) is accusing Governor Fayemi of plotting to plunge the state into another round of debt, disclosing that the governor was about taking N5 billion loans from a new generation bank.

State Coordinator of the PDP-NNMG, Bola Agboola, alleged that the N5 billion loan, processing of which he claimed 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 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 bonds and N31 billion commercial bank loans. 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,” the group alleged.

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, “If Fayemi is going to take loans, it should be such that must be repaid before the end of his tenure.”

But, a source in the Ekiti State cabinet said the PDP is only crying wolf where there is none, saying it is exhibiting its ignorance on governance and how loans are obtained.

The source stressed that though there were moves to obtain a facility from a certain lender for developmental projects, the procedures were still being followed by all the parties concerned.

“Is there any law that says a government cannot obtain loans for developmental projects?” he queried.