Ekiti State Governor Kayode Fayemi has revealed that the the immediate past administration, led by Ayodele Fayose, plunged the state into heavy debt to the tune of N155b.
The governor noted that his predecessor left debt profile of N155,791,785,214 as at October 16, before he assumed office.
Fayemi disclosed this during his “State of the State” address marking his administration’s first 100 days in office on the floor of the House of Assembly in Ado-Ekiti, the state capital.
The governor explained that the debt profile figures, which encompass the accounts of the state from October 2014 to last October, were revealed after a thorough audit an external auditing firm, the Price WaterHouse Cooper.
Giving the breakdown of the debt profile, the governor said it, listed loan, N57,694 billion; salary arrears, N16,777 billion; outstanding leave bonus, N4,402 billion; outstanding (National Youth Service Corps) Corpers’ allowance, N28,883 million; outstanding subvention, N4,770 billion; pension and gratuity arrears, N39,775 billion and outstanding contractors claims, N28,575 billion.
Others include outstanding furniture allowance, N470,266 million; outstanding severance allowance, N586,144 million; monetised vehicle arrears, N101,243 million; outstanding warrants, N386,777 billion; outstanding (Federal Inland Revenue Service) FIRS obligation, N184,215 million; traditional rulers’ arrears, N150,214 million; judgment debts, N95,048 million and other outstanding liabilities, N1,792 billion.
Fayemi added that, while he’s no interested in media trials, “the fact that the present is the product of the past is incontrovertible”. “We must examine our tortuous path with a view to charting a new path to economic recovery and value restoration,” he added.
Fayemi lamented that, before his assumption of office, state that was in chaos, with residents groaning under a suppressive government that glorifies deceit.
“The last 100 days have clearly shown to us, in a very practical manner, that with clarity of vision, the resolve to push through and the unflinching support of the people, there are endless possibilities in our capacities to steer our state on the path of progress.
“Despite the meagre resources at our disposal, we are meticulously delivering on our promises to the people through our various short, medium and long-term socio-economic intervention programmes.
“We must examine our tortuous path with a view to charting a new course for a prosperous destination, not only for us but also for our unborn children,” Fayemi added.