'Kwara has N200b infrastructure deficit'

Date: 2015-12-25

Kwara State government has put its infrastructure deficit at N200 billion.

Bent on bridging the gap, the government is preparing to obtain N20 billion bond for projects.

The House of Assembly has given the government the go-ahead to access another bond from the capital market.

It said it had paid off the N17 billion bond obtained in 2009 for infrastructural development.

In a statement, the Senior Special Assistant to Governor Abdulfatah Ahmed on Media and Communications, Dr. Muyideen Akorede, said the bond was paid on August 5 last year, following payment to subscribers throughout the bond's five-year tenure.

The government said repayment of the N17 billion bond, which was obtained by the Bukola Saraki administration, did not impose any burden on the state's finances, as the bond maintained an issue rating of A and issuer rating of BBB - which signified the superior credit profile of the government.

Akorede listed the N17 billion bond projects as Kwara State University, Harmony Advanced Diagnostic Centre, International Aviation College, remodelling of Ilorin Stadium Complex, phase one of Ilorin Water Reticulation Project, Ilorin Cargo Terminal, as well as urban and rural road and electrification projects.

Stressing that long term borrowing, such as bond was cheaper and a more reliable means of funding major capital projects, the government said the proposed N20 billion would finance innovative projects, such as the dualisation of Michael Imoudu to Gamo Road, part completion of Kishi Kaiama Road, indoor sports hall of the Ilorin Stadium and the new campuses of Kwara State University at Osi and Ilesha.

Other proposed projects are secondary school classrooms across the state, equipment for the International Vocational Centre, Ajase Ipo, remodelling of the General Hospital, Oro, as well as cottage hospitals, the state's counterpart funding for an industrial park, which will generate 3,000 jobs, provision of transformers and take-off of contributory pension scheme, which is a precondition for accessing other infrastructure funds.

Dr. Akorede noted that the proposed bond was a necessity, given the challenges in the national economy and a huge drop in monthly allocation, which had limited government's ability to fund infrastructure.

The media aide assured the public that the Ahmed administration had taken steps not only to ensure that the government could afford the bond repayments without any pressure on its finances, but also that it had reformed its revenue machinery to boost government's capacity to meet its other obligations to the people.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Muhammed Mahe Abdulkadir     Jumoke Gafar     Kumbi Titiloye     Iliasu     LAK Jimoh     Rebecca Olanrewaju     Shuaib Olarongbe     Iyiola Oyedepo     Isa Aremu     Tuesday Assayomo     Folorunsho Alao     Bola Ahmed Tinubu     Sabi     Theophilus Oyebiyi     Saidu Kawu     Kwara State Television     AbdulFatai Adeniyi Dan-Kazeem     Ajayi Okasanmi     Harrison Osauwagboe     Neuropsychiatric Hospital     Code Of Conduct Tribunal     Joseph Yemi Ajayi     Tinubu Legacy Forum     Vasolar Consultoria     VADA     Yahaya Abdulkareem Babaita     Abdul-Rasheed Na\'Allah     Colleges Of Education Academic Staff Union     Kubra Kazum     Suleiman Rotimi Iliasu     AbdulQowiy Olododo     Taofik Abdulkareem     The Herald     Ojo Isekuse     Kanu Agabi     Olupako Of Share     Abdulrauf Yusuf     National Pilot     Adijat Adebiyi     Obasanjo     Iponrin     Cornelius Adebayo     Col. Ibrahim Taiwo     Balogun Gambari     Sanusi Abubakar     Village Alive Development Association     Mohammed Abduraheem     Kola Adesina     Muhammed Akanbi     Abdulmumini AbdulRazaq     Alapansapa     Gbenga Adebayo     Khadijat Ayoola Yusuf     Saidu Isa     AbdulRauf Keji     Gurei     Amoyo     United Nigeria Airline     Elelu     Abdullahi G. Mohammad     Isiaka Alikinla     Moshood Bakare     Olomu     Aminu Adisa Logun     Magaji Nda     Olokoba Sulyman     Gbemisola Saraki     Wole Oke     LEAH Charity Foundation     CBT     Kolade Solagberu     MalHub     Toun Okewale-Sonaiya     Tsado Manman     Muhammad Akande Olarewaju Odunade     Tricycle Owners Association Of Nigeria     Ibrahim Kayode Adeyemi    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

ITP     National Union Of Road Transport Workers     Sadiq Buhari     Rihanat Ajia     Abdulmumin Yinka Ajia     Eleyele     Saliu Shola Taofeek     Bolakale Kawu Agaka     Ishola Balogun Fulani     Kwara 2023     Bashir Badawi     Firdaos Amasa     Abdulrauf Aliyu     Lafia Aliyu Korasabi     Apata Ajele Secondary School     Isapa     Balogin Alanamu     Suleiman Rotimi Iliasu     Isaac Aderemi Kolawole     KSIRS     Sulaiman Gado     Dankaka     Dorcas Afeniforo     Ahmed Saidu Rufai     Salary     Nigeria Foundation For Artificial Intelligence     Yoruba     Rachael Obisesan     New Nigeria People’s Party     Aishat Sulu-Gambari     Odogun Olushola Gabriel     Garba Ayodele Wahab     Kola Olota     Issa Memunat Moyosore     Aso-ofi     IFK     Sambo Murtala     JAMB     Elekoyangan     Mohammed Katsina Ahmed     Salaudeen Oyewale     Muhammad Toyin Sanusi     Rafiu Olasile     Hijaab     Yunus Oniboki     CKNG     Awili Pedro     Bello Abubakar     Omar Gambari     Bolakale Saka     Valsolar-Kwara Company Limited     Kemi Adeosun     Khairat Gwadabe     Assayomo     Musa Yeketi     Samari     MAI Akande     Pakata     Nigerian Supreme Council For Islamic Affairs     Monkey Pox     Oko-Erin     Zulu Gambari     Monthly Sanitation     Omoniyi M. Ayinla     Umar Bayo Abdulwahab     David Oyepinola Adedumoye     Council Of The Wise     AbdulQowiy Olododo     Saidu Kawu     Aliyu Muhammed     Funmi Salau     BIR     Dogara     Talaka Parapo     The Herald     Ladi Hassan     John Obuh