Ekiti State House of Assembly has unanimously approved a total of N19.6 billion loan facilities for the state government. A breakdown of the loans showed that the state would access N10 billion from Access Bank on 10 years and 9 per cent repayment arrangement and another N9,604,430,000 from Skye Bank on 20 years and 9 per cent repayment arrangement.
The approval followed two different letters written by Governor Ayo Fayose requesting the house consent to access the loans. The letters are: “Consideration of the proposal of the State Government to Partake in the Excess Crude Account and Consideration of the Intention of Ekiti State Government to Partake in the Federal Government Bailout Package to pay Backlog of Workers’ Salaries.”
The Leader of the house, Mr. Akinyele Olatunji, had appealed to members to give the request accelerated considerations, describing the government intention as a good development aimed at bettering the lives of Ekiti citizenry.
“Access to the N10 billion Excess Crude Account (ECA) and over N9.6 billion Federal Government bailout loan, respectively is a good development for the state.
“The loans will enable the present administration provide basic infrastructure and social amenities for its citizens.
“If the government is able to access these loans the government will be able to execute developmental projects.
“Apart from the loan being used to pay the backlog of workers’ salaries, it will also enable the government provide some basic social amenities in the state,’’ Olatunji said.
Messrs Gboyega Aribisogan (Ikole I), Deputy Speaker, Segun Adewumi (Ekiti West I), and Dele Fajemileyin (Gbonyin) supported the house leader, describing the decision by the state government to access the loans as the best way out of the current financial situation.
“If these loans are obtained, it will take care of government campaign promises to the people.”
Earlier, the Speaker, Kola Oluwawole, had read the two executive letters from the governor requesting the house permission through resolutions. [myad]
