'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.

Abubakar Abdullahi Bata     Shuaib Boni Aliyu     Nigeria Customs Service     Illyasu Abdullahi     ITP     Elese Of Igbaja     Saka Keji     Binta Abubakar-Mora     Oniyangi Kunle Sulaiman     Oyeyemi Olasumbo Florence     Abdulkadir Bolakale Sakariyah     Afetu Of Alabe     Edret Sabi Abel     Dan Iya Of Ilorin     Abdulrasheed Lafia     Federal Road Maintenance Agency     Magaji Nda     Lukman Oyebanji Fagbemi     ITEM 7     Abdulmutalib Shittu     Standard Organization Of Nigeria     Omar Bolaji Gambari     Samuel Elizabeth Keatswa     Popo-Igbonna     Quran     Michael Ologundea     Valsolar-Kwara Company Limited     Col. Adedipe     Sheikh Ridhwanullah El-ilory     Sidikat Uthman Ajibola     KWACOBPA     Emir Of Ilorin     Kwara State Polytechnic     Egbejila     Moshood Mustapha     Saadu Gbogbo Iwe     Olayinka Oladapo Jogunola     Gbugbu International Market     Yakubu Shaaba     Majlis For Sadaqah, Zakat And Waqf     James Ayeni     Olubukola Kifayat Adedeji     Ope Saraki     Abdulkarim Adisa     Florence Saraki     Folaranmi Aro     Ibrahim Taiwo Road     Garba Ado Sanni     Ishola Balogun Fulani     Firdaos Amasa     Al-Hikmah Radio     Oko Erin     Is\'haq Modibbo Kawu     Hamza Usman     Ajasse-Ipo     Saka Saadu     Risikat Lawal     Abdulrahman Abdulrazaq     Adamu B. Yaqubu     Gani Saadu     Lanre Badmus     Abdulrazaq Sanni     Titus Ashaolu     Ejidongari     Charles Ibitoye     Arinola Lawal     Ibrahim Issa Jetti     Bello Bature     IHS Towers     Amos Justus Sayo     Irepodun     Igbomina     Oluwatoyin Lukman     Ilorin Central Mosque     Babaloja-General     Sabi     Maigida Soludero Transit    

Cloud Tag: What's trending

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

Lithium     Pakata Patriots     UTME     Raliat AbdulRazaq     Veterinary Teaching Hospital     Aliyu Sabi     Sardauna     Olayinka Olaogun     Ita-Nmo Market     Abdulmumini AbdulRazaq     Sa\'adatu Modibbo-Kawu     Ahmad Olanrewaju Belgore     Allocation     Awodun     Razaq Ayobami Akanbi     Fatai Adeniyi Garba     Musa Yeketi     Fareedah Dankaka     Amusa Bello     Ajeigbe     Muhammadu Buhari     Sheikh Hamzat Yusuf Ariyibi     Yusuf Lawal     Abdulkadir Akanbi-Oke     Sa\'ad Alanamu     Ahmad Ali     Bola Tinubu     Idi-Ape     Mohammed Jimoh Faworaja     Muazam Nayaya     AbdulKareem Yusuf Danhawa     QuickWin     Saadatu Modibbo-Kawu     Tunji Ajanaku     Abdulsalam A. Yusuf     BIR     Hussein Olokooba     Shola Odetundun     Ahmed     COVID     Yakub Lai Gobir     Kaiama     Ola Falade     Dauda Adeniran Adeshola     Kwara State Governor     Umaru Saro     Abdulraheem Yusuf     Haliru Yahaya     Quarry Royal Valley     Budo-Egba     Kayode Yusuf     Al-Ilory     Baba-Isale     Mansur Alfanla     Taiwo Joseph     Baboko     Alabi Lawal     Alliance For Democracy     Grillo     Kwara Politics     Kwara Consultative Forum     Abdulrauf Yusuf     Ayekale     Abdulrauf Aliyu     Hassan Oyeleke     Saliu Shola Taofeek     Ahmed Shuaib Buranga     Arik     Ilorin East     Yusuf Amuda Gobir     Umar Yakubu Jaja     Simeon Sule Ajibola     KWATMA     Special Adviser On Digital Innovation     Suleiman Abubakar     Ibrahim Bio     Abdulwahab Olarewaju Issa