Politics Nigeria PDP Accuses Fayemi Of Taking Another N25.5bn Secret Loan

PDP Accuses Fayemi Of Taking Another N25.5bn Secret Loan

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The People’s Democratic Party (PDP) in Ekiti State has accused the State Governor, Dr. Kayode Fayemi of plunging the State to contemporary indebtedness, disclosing that between December 2019 and July 2020, the federal government has taken N25.5 billion loan.

Secretary of the PDP Caretaker Committee in Ekiti State, Prince Diran Odeyemi, who made this known in an announcement on Wednesday, said it was unusual that the State Government may take N20 billion and N5.5 billion loans, with 20 and 15 years reimbursement plan with out informing the people of Ekiti State.

The PDP disclosed that the N20 billion loan was secretly obtained from Access Bank in December 2020 and the State Internally Generated Revenue (IGR) was mortgaged to the loan for a interval of 20 years.

“As for the new N5.5 billion, it was a Central Bank of Nigeria (CBN) Agric loan and it was paid into the State Government account in Sterling Bank last month.

The N5.5 billion has 15 years repayment period and as at today, N1 billion has been looted from it with the remaining N4.5 billion to be diverted into private pockets, with about 1,000 hectares of land to be cleared and the bush clearing already done by the State Government as justification,” the party said.

While condemning the All Progressives Congress (APC) Government of Fayemi for at all times plunging Ekiti State into debt, Odeyemi said it was appalling Governor Fayemi is accumulating money owed now, simply the best way he plunged the State into debt throughout his first tenure.

It ought to be noted that in May this year, the State Government said it had concluded preparations to safe N2.5 billion loan. If this N2.5 billion is added to N25.5 billion, it should quantity to N28 billion, which means that inside two years, Governor Fayemi has obtained N28 billion loan!

The PDP said; “During his first tenure as governor, regardless of receiving over N46.four billion from the Excess Crude Account and N2 billion as Subsidy Reinvestment Programme (SURE-P) fund, Fayemi took N25 billion bond, N31 billion commercial financial institution loan and left N15.5 billion warrants unpaid.

“Contractors have been owed N21.three billion while unpaid State Public Servants emoluments was N5.1 billion, with N709.9 million excellent remittance to federal authorities.

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