The newly inaugurated Governor of Ekiti State, Kayode Fayemi, has alarmed that the state was in an emergency situation with a huge debt of N120 billion.

Speaking during his inaugural speech in Ado Ekiti, the state capital, the governor said the state was currently battling with more than N120 billion debts piled up by the immediate past government of former Governor, Ayodele Fayose.

The former Minister of Solid Minerals consequently urged the Federal Government to assist in bailing the state out through the Economic Stabilisation Fund.

Urging investors and multi-national corporations to return to the state, Fayemi said, “We should join hands to resuscitate the ailing economy.’’

He said, “We are ready to work with everyone to create a landmark progress.

“We are committing to world best practices and deploy all skills to honestly work for the progress of the state.

“We will work to integrating the aspiration of the state to the programme of the federal government.’’

Fayemi insisted that the state would return to the fold of other states in the West to “fast track economic development.

“We will take full ownership of the challenges ahead of us,’’ he added.