Ekiti APC to monitor disbursement of N9.6bn bailout

The All Progressives Congress (APC) in Ekiti State has said that it will monitor the disbursement and spending of the N9.6billion bail-out fund the state will collect from the federal government to avoid diversion. The party also described as “diversionary and fraud on the intelligence of Ekiti work force”, the governor’s meeting with workers to […]

The All Progressives Congress (APC) in Ekiti State has said that it will monitor the disbursement and spending of the N9.6billion bail-out fund the state will collect from the federal government to avoid diversion.
The party also described as “diversionary and fraud on the intelligence of Ekiti work force”, the governor’s meeting with workers to seek their opinion on the propriety of taking the N9.6bn loan.
APC spokesman, Taiwo Olatunbosun, said the party could not fathom why the governor who had allegedly taken the loan would pretend that workers’ input matter.
The state House of Assembly had on Wednesday approved the governor’s request to access the bail-out loan on a nine per cent interest rate payable within 20 years. The party reminded the governor that the purpose of the loan is to enable it clear backlog of salary arrears owed civil servants and former political office holders.
“The disbursement and spending of the loans would be monitored to ensure compliance with the terms of borrowing to curb diversion. Our concern is premised on the alarm Governor Fayose has been raising on the status of the state’s debts, particularly his condemnation of the federal government’s bail-out initiative, which he dismissed as not a bail-out but a statutory allocation’’, the party said.