DMO Slams Ekiti Governor’s No-Loan Claims, Cites Governance Issues

The Debt Management Office’s disclosure that Ekiti State’s external debt rose from $103,479,209.05 to $134,586,529.60 between June 30 and December 2, 2024, has been commended by the Ekiti Concerned Professionals group.

According to the group, the figures, which showed an increase of $31million loan stock in that period, has disproved the Governor Abiodun Oyebanji’s claims that his administration has not borrowed a penny since assuming office.

The DMO’s stock of external debts by states, FCT, and the federal government covering the period between June 30, 2023 and December 2, 2024, revealed that Ekiti State’s external debt rose from $103,479,209.05 to $134,586,529.60 within the period.

This revelation by the DMO came amidst the chest thumbing and self adulation by the governor of having not borrowed to finance infrastructure and development projects in the state.

The group said Governor Oyebanji has recently increased the tempo of propaganda and his impetuous media campaign as he seeks endorsement for a second term, despite glaring evidence of non performance to deserving a second term.

The professionals said: “The governor’s endorsement seeking project has caused the state huge financial resources as the state’s former governors, past and present national assembly members, traditional rulers, as well as prominent opinion leaders in the state have been induced with irresistible financial offers.”

“In a similar vein, the state government claimed in 2024 that it spent a whopping N3.7 billion for the engagement of youth in labour intensive projects in the state, a claim that is also falling flat in the face of no evidence of such projects across the state as youth unemployment remains high and at an alarming level.”

Despite substantial borrowing, questions are mounting regarding the utilization of these funds, particularly as numerous state roads languish in disrepair.

Consequently, key arteries connecting the state have become impassable, compelling motorists and commuters to endure protracted detours.