Ekiti owes only N59 billion not N117 billion as alleged by Fayemi – Fayose govt Updated for 2021


Updated: March 6, 2021

The government of Ekiti state declared on Sunday that it owes only N59 billion and not N117 billion as alleged by governor-elect Kayode Fayemi.

“Ekiti State indebtedness stands at N59.5 billion that was either directly inherited from the Fayemi’s administration or incurred as a result of the loans restructuring done at the instance of the federal government and the Federal Economic Council,” said a statement by Special Assistant to the governor on Public Communications and New Media, Lere Olayinka.

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He gave the breakdown as follows: 

Commercial Bank Loan

CBN Grant for Water Project

Excess Crude Account Backed Loan

Excess Crude Account Backed Loan




FGN Bonds

State Bonds

Budget Support



The Fayose government admitted that “State workers are being owed four months’ salary and this was occasioned by the monthly deductions from the State allocation as a result of huge debt incurred by the Fayemi administration. Even the N9.5 billion bailout fund was for the payment of the arrears of salaries and deduction left unpaid by the Fayemi’s government.”

Olayinka accused the federal government of deliberately refusing to release legitimate funds belonging to Ekiti State to the Fayose government, “having concluded to rig the governorship election for Fayemi”.

He said N22.6 billion refund on federal roads construction, N2.1 billion arrears of Budget Support and N14.1 billion Paris Club refund, making N38.8 billion, which should have been paid to the State since June is billed to be released in November to Fayemi’s government.

“Particularly, the N10 billion grant released from the Excess Crude Account for capital projects was fund that should normally accrue to all States.

He admonished Fayemi to use the N38.8 billion to clear the arrears of workers salary, which would have been paid by now if the federal government had released the fund, on the basis of which Governor Fayose promised to clear arrears of workers salary before leaving office.


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