Ekiti Governor begs workers to report for work early

chika ebuzor

September 3, 2015 4:40 AM

They say they are restructuring N18.8bn of our commercial loans and with the nine per cent interest, by the time the money is repaid in 20 years, we would have paid an extra N36bn as interest.

Punch Newspapers reports that while addressing other state issues, he said “I am begging workers to get to work on time. If we are paying salaries on time, then civil servants must also reciprocate that by coming to work on time."

Fayose also talked about the state's debt profile saying “They say they are restructuring N18.8bn of our commercial loans and with the nine per cent interest, by the time the money is repaid in 20 years, we would have paid an extra N36bn as interest. That means the N18bn would have become N56bn."

Adding that “When allocation comes and they are deducted from source, do not say I did not tell you. I set up a technical committee to see to how we disburse monthly allocations coming to the state. The committee has members drawn from labour unions, tertiary institutions, among others. We do this to allow for transparency in the system."

“I am addressing you on the issue so that before I commit the state to taking the loan, I have to get your permission. The main consequence of the bailout is that it is from same monthly allocation from the Federal Government that we will accommodate servicing the N25bn bond we inherited from the previous administration," he said.

Also, speaking on internally generated revenue, Fayose said “Also, people must be ready to pay rates, taxes and levies. If civil servants are paying taxes, others should pay as well. Our IGR must improve."

chika ebuzor