Bailout funds is not Christmas gift, APC tells Fayose

The All Progressives Congress (APC) in Ekiti says Governor Ayodele Fayose must account for how bailout funds given to the state were spent.

In a statement issued on Thursday by its Publicity Secretary, Taiwo Olatunbosun, the party said the funds is not a “Christmas gift that doesn’t require accountability”.

Fayose had said he would not allow the Senate probe how the funds were spent, citing separation of powers.

But Olatunbosun in his rebuttal said, “Fayose cannot pretend that he did not know that the Federal Government attached certain terms and conditions to the bailout before he collected it and we wonder why a governor that agreed to the terms is now refusing to explain how he spent the money to establish transparency in the application of such terms.

“The bailout is like taking a bond that is programme-specific and Fayose knew this before he took the bailout and we wonder why he is now behaving as if the bailout is a Father Christmas gift that doesn’t require accountability.

“It is now glaring that Fayose has many things to hide, as we had on several occasions cried that he had diverted the bailout to his private pocket instead of using it to pay salaries as the main condition attached to the loan.”

He added, “Since the National Assembly has oversight functions on the CBN and other federal agencies, it follows, therefore, that it can monitor how the bailout is spent by asking questions.

“In fact, one of the conditions attached to the disbursement of the bailout is that its disbursement by benefitting states shall be monitored by the CBN and this means the National Assembly can also monitor,” he explained.

Olatunbosun queried how monies deducted from workers’ accounts found their way into an account to which Fayose is the sole signatory.

He said, “Fayose must also explain how he spent N850 million that was supposed to be returned to government account as PAYEE money deducted from workers’ accounts, but which was diverted to a private account in Sterling Bank with governor as the sole signatory.

“The PAYEE account as a result of deductions from workers is not up to N850 million in actual fact, but the figure was inflated so that the balance would end up in private pocket while the fake figure is in government’s books.

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