'Kwara has N200b infrastructure deficit'
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.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Onilupeju Of Ilupeju Cassava Growers\' Association Hakeem Lawal Sobi Specialist Hospital Yusuf Abdulwahab Erubu Oba Zubair Wakilin Mata Lafiagi Transition Implementation Committee Ezekiel Yissa Benjamin LABTOP ENetSuD Hijab Convocation Ceremonies Hassan Oyeleke Ope Saraki Gbajabiamila Trader Moni School Of Nursing Bilikis Oladimeji Dele Belgore General Tunde Idiagbon International Airport Ghali Muhammed Ilorin Talaka Parapo International Aviation College Ajikobi Azeez Bello Aliyu Muyideen Amina El-Imam Mohammed Kamaludeen Shehu Alimi Foundation For Peace And Development Bolakale Ayo Temi Kolawole Olokoba Iponrin Ajase-Ipo Rotimi Samuel Olujide Tunde Akanbi Nigeria Foundation For Artificial Intelligence Geri-Alimi Split Diamond Interchange Suleiman Abubakar Mamman Saba Jibril Gani Saadu Shehu Adaramaja Magaji Are Oba-Solagberu Eghe Igbinehi Oko-Erin Ilofa Elerin Of Adanla Mumini Ishola Hanafi Olatunji Ayeni Rebecca Bake Ayobola Ipinlaiye Abikan Kunbi Titiloye Saliu Shola Taofeek Salaudeen Oyewale Amosa Bolakale Saka CACOVID Muyiwa Oladipo Kanu Salihu Alhaji Musa Apata Ajele Secondary School Harmony Holdings Stephen Fasakin Muritala Olarewaju Ekweremadu Adebayo Salami Nigeria Computer Society Olanrewju Okanlawon Musa Sayomi Revenue Court Oju Ekun Sarumi Abdulganiy Abimbola Abdussalam Yusuf Abdulkadir Aisha Ahman-Pategi Azeez Salawu

