Adeyeye urges CBN, SEC, FG’s intervention over Ekiti debts

Afenifere chieftain and Peoples Democratic Party governorship aspirant in Ekiti State, Prince Dayo Adeyeye, has called for the intervention of the Central Bank of Nigeria, the Security and Exchange Commission and the Federal Government over incessant borrowing by the Ekiti State Government.
Adeyeye, who said it was worrisome that the Governor Kayode Fayemi-led government has not been able to tell the people the exact amount it is owing, maintained that the N5 billion bond just taken by the government was to fund the governor’s second term bid.
In a statement by the Director General of Prince Adedayo Adeyeye Movement, Hon. Bisi Kolawole, the governorship aspirant said only the CBN, SEC and the Federal Government through the Debt Management Office can save Ekiti State from being mortgaged by the All Progressives Congress government in the state.
He said: “It is on record that the Ekiti State Commissioner for Finance, Mr Dapo Kolawole confirmed on Channels TV sunrise programme on Saturday that apart from the N25bbillion bond, Ekiti State is borrowing from banks at 14.5% interest rate.
“The implication of this statement is that Ekiti State has taken other loans apart from the N25 billion bond.
“Our question then are; what exactly is the indebtedness of Ekiti State to banks? How much has the government borrowed from banks at 14.5% interest and for what purposes?”
Adeyeye, who also maintained that the N5 billion bond just taken by the State Government was for Governor Fayemi’s re-election, added: “It is suspicious for a governor to be claiming that fund taken from the capital market in December, 2013 is to be spent on project he commissioned in 2012.
“Ekiti people are not unmindful of the Fiscal Responsibility Commission report, which listed the State among the nine states of the federation that are in serious debts judging by their revenue profile.
“According to the FRC, Ekiti State is on a revenue profile of N44.97bn and a debt profile of N35.98bn, and the States ratio stood at 80 per cent.
“The Federal Government, CBN and SEC should therefore save the present and future generations of Ekiti people from the bondage of debt under which the Fayemi-led government is placing them.”