----- Forwarded by Femi Kupoluyi/NG/AFR/TCCC on 11/17/2010 08:08 PM -----
| From: | Mobolaji ALUKO <alukome@gmail.com> |
| To: | ekiti ekitigroups <ekitipanupo@yahoogroups.com>, Ekiti peoples voice Ekiti peoples voice <ekitipeoplesvoice@yahoogroups.com>, Ekiti FOCUS <EkitiFocusGroup@yahoogroups.com>, EkitiPAG <ekitipag@yahoogroups.com> |
| Date: | 11/08/2010 08:47 AM |
| Subject: | [EKITIPANUPO] On the Matter on How Ekiti Debt Increased to N30 Billion Since 2007 { Re: We Inherited N30 Billion Debt in Ekiti State and Diversionary Tactics |
REVISED
Dear All:
1. I do not believe that any body is indicating all the "inherited" N30 billion was incurred by the Oni administration. So I am not sure what the problem is. It is merely a statement of fact, and not necessarily of blame. Oni must have inherited debt from Fayose, and there is nothing extra-ordinary in inheriting debt from a previous administration. The key issue is:
- which of these additional debts during the last regime are legitimate or not;
- how they should now be serviced, including re-scheduling and reduction of interest rates;
- care not to compound the existing debt profile in unproductive ventures.
2. All the debt involves:
- external debt. For Ekiti State, this amounts (as at December 31, 2009) to US$32.7 million - or N5.1 billion (at N155 to US$) as verified by the Federal Debt Management Office.
see:
http://www.dmo.gov.ng/oci/subn/docs/Federal%20and%20State%20Governments%20External%20Debt%20Stock%20as%20at%2031st%20December,%202009.pdf
- internal debt: to contractors, banks and individuals by the over forty M(inistries), D(epartments) and A(gencies) MDAs of Ekiti state government, ranging from the Office of the Governor, through the various ministries, SUBEB, College of Education (Ikere), to EKROMA (Ekiti Kete Rads Maintenance Agency) to the Micro-Credit Agency to the Ekiti State House of Assembly. [I have in my hands two reports: (i) "Report on Assessment of Performance of Ministries, Departments and Agencies (MDAs) January - June, 2009", and (ii) "Capital Projects Implementation January - December, 2009: Performance/Monitoring and Evaluation Report of MDAs Capital Projects", issued by the Ekiti State Planning Commission in March 2010]
Eventually, an itemization of the all the debts as best understood by this administration will be released.
3. Just as a single example, in a report issued by its Provost and dated October 10, 2010, the College of Education, Ikere owes N0.5 billion to various individuals and entities as follows:
| S/N | Item | Amount Owed (N, million) as in Februay 2010 | Amt Paid (N, million) since Feb. 2010 | Amount Outstanding (N, million) as in October 2010 |
| 1 | Monetization for 15 months | 268 | 124 | 144 |
| 2 | Promotion Arrears (2000-2004) | 26 | 14 | 12 |
| 3 | 22% Salary Increase Arrears | 59.6 | 28 | 31.6 |
| 4 | 5200 Salary Arrears | 19.8 | 0 | 19.8 |
| 5 | Pensions & Gratuities (1986-2009) | 231.5 | 5.8 | 225.7 |
| 6 | Excess Workload | 7.2 | 0 | 7.2 |
| 7 | University of Nigeria program | 17.3 | 13.2 | 4.1 |
| 8 | Cooperative Societies of College | 8 | 8 | 0 |
| 9 | Trade Creditors (Suppliers/Contractors) | 65 | 0 | 65 |
| TOTAL | 702.4 | 193 | 509.4 |
So if a single department owes N0.5 billion as outlined above, imagine what the 39-odd others might be owing.
4. According to a report of the Ministry of Finance and Economic Development of Ekiti State issued in September 2010 (when Oni was still Governor), the confirmed pre-Oni administration March 2007 debt profile of Ekiti State government was as follows:
http://www.omavo.com/microblogging.php?action=view_post&id=1290
| S/N | PARTICULARS | AMOUNT$ | AMOUNT N @ N140/1US$ |
| 1. | Paris Club | $34,323,751.01 | |
| 2. | London Club | $26,712,530.80 | |
| 3. | Multilateral | $13,490,592.94 | |
| Sub Total | $74,526,874.80 | 10,433,762,472.00 | |
| | |||
| SOFT LOANS | $3,600,000.00 | | |
| HSDP | $5,000,000.00 | | |
| UBE | $6,000,000.00 | | |
| ECPRA | $1,323,000.00 | | |
| HIV/AIDS | $7,644,000.00 | | |
| CB Urban Vehicles | $23,567,000.00 | | |
| Subtotal | $47,134,000.00 | 6,598,760,000.00 | |
| | |||
| Debt owed to contractors | 276,595,670.65 | ||
| Pension Arrears | 215,546,558.22 | ||
| Debt owed to other State Government (Ondo), | 4,971,612,747.60 | ||
| Sub Total | 5,463,754,976.47 | ||
| GRAND TOTAL | 22,496,277,448.47 | ||
| [this figure in report was N19,196,897,448.4] | |||
In short, the debt that Oni "inherited" was about N20 billion, which, if Fayemi's numbers are true, have increased by at least N10 billion.
We shall see.....
There you have it for now.....
Bolaji Aluko
On Sun, Nov 7, 2010 at 5:28 PM, ADEWALE ADEOSHUN <walseg@hotmail.com> wrote:
Ra Ria,
Ekiti people will have to cope with the maradonas in ACN. We ask Kayode Fayemi the Governor to declare his assets, and the smart Prof. came up with the 30million Debt to distract. Where the heck did they get the 30 Billion Naira from? Please don't spare the previous administration because if Bolaji was quick to publish the list of those who took micro credit loan, then he should be capable of listing individual projects that amounted to the 30Billion naira plus the names of the banks to which the State is indebted to. Let me just say this, ACN group is usually quick to come up with the evidence when they get their facts right. Do us a favour, give us the details and let the public be the Judge. The truth is there should not be any hide and seek, to justify any money that is predestined to be stolen perhaps to cover the expenses that we all know has to be recouped one way or the other. Making uncorroborated allegations about money spent by the previous administration will not wash. The truth is Ekiti people were sleeping jejely before AC now ACN woke them up. Now all Ekitis are awake and watching,watching where every naira will go whether to be invested in Ekiti or to be transported in GMG (Ghana Must Go bags) to Lagos. Can I also say that in our pretence that we are looking for investors,some of us who live in Europe know where to borrow money at very competitive rates as low as 3% per year. But dare I say that as we go borrowing there must be justification for it. If Segun Oni's previous loan only amounted to US 32 Million Dollars, then he needs to be commended for being very prudent in the state's exposure. But if Ekiti should go at the rate that Lagos is going in offshore borrowing, well May God help us o. Even the US 300 plus declared for Lagos can't be right, because I know that Lagos has a lot more in outstanding foreign debt most of which came from BAT's administration. You may wish to dig further and you'll get the facts.
The truth is Ekiti needs to develop,and develop it will,but my fear is "Can Ekiti afford to have all the Commissioners picked and ratified from Lagos"? Yes! I know about the ACN genius who you think got it right in Lagos because Lagos can afford his largess but can Ekiti afford him?
Surely all the Ekiti Professors, PHD holders, Maters and Mistress Degree Holders cannot all sleep facing the same direction. Soon, we should have some who will be bold enough to come out and say it as it is because time is of the essence for Ekiti o.,
Ure Ekiti Asoju Kete Ria.
Wale Adeoshun
To: EKITIPEOPLESVOICE@yahoogroups.com
From: ekitipcb2@yahoo.com
Date: Sun, 7 Nov 2010 20:14:40 +0000
Subject: Re: [EKITI PEOPLE'S VOICE] Re: [Ekitikete]: We Inherited N30 Billion Debt in Ekiti State - tt view
Mr Ashaolu,
May God continue to bless your tribe.
I wonder how a govt will just annouce that it inherited N30bn debt without a single detail. Loan was taken from banks at 22% interest rate, which bank and how much?
my take on this is that some people have been so overwhelmed by the task ahead of them and are just looking for an excuse.
In other words, by next month, we are likely to be told that the mobthly stipend Fayemi promised to be paying aged people and other promises are no longer feasible because the state is in debt!
As at June, this year, mid-year audited account of the government was published in newspapers through the Accountant General's Office. So, there is nothing hidden on the finances.
Lere Olayinka
Sent from my BlackBerry wireless device from MTN
From: Matthew Asaolu <m_asaolu@yahoo.com>
Sender: EKITIPEOPLESVOICE@yahoogroups.com
Date: Sun, 7 Nov 2010 10:56:09 -0800 (PST)
To: <EKITIPEOPLESVOICE@yahoogroups.com>
ReplyTo: EKITIPEOPLESVOICE@yahoogroups.com
Subject: Re: [EKITI PEOPLE'S VOICE] Re: [Ekitikete]: We Inherited N30 Billion Debt in Ekiti State - tt view
Dear All,
I pray we all just have a little patience and stop making assumptions or jumping to conclusions on every news/allegations that comes out in the dailies. Surely reasonable deductions can be made on suspicions, but the fact of the matter is that, unless enough information is made available, it will be difficult to tell what really happened. Instead of jumping to conclusion, perhaps we all should request/demand for more information. The new administration is only few weeks in existence, and is still going through a transitional period. While some issues can be assessed and concluded within a very short time, many will require a little more time to be able to arrive at a fair and reasonable conclusion based on available facts. Personally I think it is too early to conclude, one way or the other, on some of these issues being discussed abroad on these forums - considering the fact that the new administration have only been in place less than a month.
On the other hand, I will appeal to the Governor Fayemi and/or his official spoke-persons to exercise some caution in their public statements or announcements. Whenever an announcement is made, enough information should be provided to help an open-minded stakeholder arrive at a reasonable conclusion.
The issue about Ekiti state's existing debts' obligation is very vital to how well and far reaching the new administration will be able to execute its proposed plan and programs. But just announcing the total debt amount, without providing more information about the nature and stature of each debt makes up that total, can only leads to confusion and anxiety. It is also not sufficient to just announce the debt without providing a hint of what the administration intends to do about them. For example, if any of these obligations are found not to be in the best interest of Ekiti state, every effort must be made, legally, to extract the state from such. Any deal made that look suspicious and doesn't seem to pass the due process smell test should be investigated fully. The state must commit and meet the obligation on all genuine and legal obligations or renegotiate for a better term. Conversely any that passed that is found to be illegal or does not follow due process must be voided. The general public must be kept informed of what is being done and why.
Matthew 'Dare Asaolu
Dallas Fort Worth Texas/Ado-Ekiti
From: florence adeyemo <florence_adeyemo@yahoo.com>
To: Ekitipanupo@yahoogroups.com; ekitipeople voice <ekitipeoplesvoice@yahoogroups.com>; Ekitikete@yahoogroups.com
Sent: Sun, November 7, 2010 11:17:02 AM
Subject: [EKITI PEOPLE'S VOICE] Re: [Ekitikete]: We Inherited N30 Billion Debt in Ekiti State - tt view
| My people, 30Billions?? How do we come about this figure? Any auditing done recently? I think there should be cap on domestic debt right? Brothers, Are we considering all the investment made with said debt? Those uncompleted projects are part of the investment and will be commissioned by the present Government and by so doing, past debt becomes current asset. ((i am a acct guys) Now, let not cry wolf here. I am sure of the fact that equating the debt with ongoing investment will actually reduce the so called debt figure drastically.Yes the treasury is low my people. We need to raise revenue to support our state. We should all do our best to bring investors to the state. If you still belief that you need my service to do the auditing to proof otherwise, I am your girl. I just want us to be very careful not to spend the time allotted for improving or moving our state fwd criticizing the past government. The need to deliver in Ekiti is essential. Please concentrate on doing the job and refrain from unnecessary criticism which may not be in the interest of Ekiti people. Your own tt -- On Sun, 11/7/10, omo Ekiti <omoekiti2003@yahoo.com> wrote: From: omo Ekiti <omoekiti2003@yahoo.com> Subject: [Ekitikete] Re: [EKITIPANUPO] STAR REVELATION: We Inherited N30 Billion Debt in Ekiti State - Fayemi To: Ekitipanupo@yahoogroups.com, "ekitipeople voice" <ekitipeoplesvoice@yahoogroups.com>, "Ekiti Kete" <Ekitikete@yahoogroups.com> Date: Sunday, November 7, 2010, 10:47 AM
|
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