Why we propose N10b loan - Kwara Govt

Date: 2012-02-06

The Kwara State Government yesterday said the N10billion loan it plans to take from a commercial bank is to enable it complete some projects and embark on new ones.

The Action Congress of Nigeria (ACN) and the Alliance for Democracy (AD) in the state had described the proposed loan as "fraud" and asked the ruling Peoples Democratic Party (PDP) government for an explanation.

The opposition alleged that about N4.5billion of the N17billion bond obtained by the Bukola Saraki administration from the capital market was diverted for other projects other than those they were originally meant for.

Commissioner for Planning and Economic Development Tunde Adeoti and the Special Assistant (Investment, Policy and Strategies) to the governor, Yomi Ogunsola addressed reporters on the projects implemented with the bond and those planned to be completed with the proposed loan.

Ogunyomi, who was a part of the previous administration, said some of the projects were discontinued by the past administration because the foreign partners were not forthcoming on their counterpart funding.

He noted that after the state had taken the N17billion bond, there was a capital market crash which incapacitated the investing companies. 

The governor's aide, who said the cost of some of the projects increased tremendously from what had been estimated, added that affected projects include Kwara Truck Plaza, Commercial Agriculture Phase II, Asa Dam Mixed Up and construction of a new state secretariat.

He said this forced the government to seek approval of the Security and Exchange Commission (SEC) to spend about N4.5billion of the bond on another project, after the projects they were meant for had been discontinued.

Ogunyomi said after the SEC had approved the fund, the government spent it on the renovation of the old secretariat (in place of the planned new one), Ilorin metropolitan street light, rural roads, construction of a shopping mall and renovation of the state's stadium complex.

The governor's aide said the present administration resolved to take the loan from a commercial bank, instead of accessing the N13billion bond balance of the N30billion from the capital market, because the processes and some other factors made the former easier than the latter.

He said besides funding fresh projects, the N10billion loan would also be spent on ongoing projects under the bond such as the ultra-modern diagnostic centre and Kwara State University (KWASU).

Ogunyomi noted that the repayment of the bond with its interest had been made to terminate under the present administration. He assured that it would not be inherited by future governments.

Source

 

Cloud Tag: What's trending

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

Bello Oyedepo     Bola Iyabo Ibiyeye Adisa     Salman Jawondo     Mamatu Abdullahi     Ezekiel Yissa Benjamin     Yakub Ali-Agan     Danhawa     Is\'haq Modibbo Kawu     Boko Haram     Al-Hikmah Radio     CACOVID Palliatives     Kolawole Akande     Code Of Conduct Tribunal     Kawu     Yaru     Oju Ekun Sarumi     Fatai Olodo     ER-KANG     ITEM 7     Shaaba Lafiagi     Ibrahim Taiwo Road     Seed Technologies     Simeon Sayomi     Nigeria Customs Service     Afolayan     Solomon Edojah     Ibrahim Oniye     Kanu Agabi     Charles Ibitoye     Ita-Nmo Market     Wahab Issa     Kwabes     Abdulrasaq Alaro     Yusuf Amuda Abubakar     Kayode Zubair     Ilorin Emirate Stakeholders Forum     Taibat Ayinke Ahmed     Lanre Olosunde     Alagbado     Omoniyi     Babatunde Idiagbon     Omar Bolaji Gambari     M.Y. Abdulrahaman     Toyin Saraki     Oloriegbe     IsDB     Quareeb     Christopher Odetunde     Kwara-SAPZ Project     Funmilayo Mohammed     Elewu     Abdulrazak Shehu Akorede     Amos Sayo     Yusuf A. Usman     Ibrahim Bio     Abubakar Baba     Orisa Bridge     Folorunsho Erubu     Aliyu Kora Sabi     Alliance For Democracy     Valsolar Consortium     Olota Of Odo-Owa     Igosun     Musa Yeketi     Police Commissioner     Mohammed Tunde-Jimoh     Hassan Oyeleke     Ahmad Uthman     Association Of Kwara State Online Media Practitioners     Elese Of Igbaja     March 28     Abdulkadir Akanbi-Oke     All Peoples Party     Femi Ogunsola     Igbomina     Sa\'adu Salau     Medinat Folorunsho Salman    

Cloud Tag: What's trending

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

Olatinwo     Joseph Daudu     Lucky Omoluwa     Ajibola Saliu Ajia     Olubukola Kifayat Adedeji     Timothy Akangbe     Bisi Oyeleke     Suleiman Idris     Revenue Court     Kwara Poly     Saliu Ajibola Ajia     Oba Abdulrahim     Wahab Femi Agbaje     Obuh     Twitter     Moses Adekanye     Alaiye     Moshood Bakare     Yashikira     Mansur Alfanla     Kwara Polytechnic     Matthew Babaoye     Tunde Idiagbon Road     AIT Ilorin     General Hospital     Muritala Awodun     Moji Makanjuola     Saraki     Ita-Ore     Kwara State Internal Revenue Service     Bello Bature     College Of Health     Abdulquowiyu Olododo     Orisun Igbomina     Tinubu Legacy Forum     Congress For National Consensus     Ahmed Idris Mohammed     Olatunde Jare     Micheal Imodu-Ganmo Road     CLAY POT     Lithium Deposit     Economic And Financial Crimes Commission     Awoye     Bola Sagaya     Ayodele Kuburat Olaosebikan     TVC Female National Debate     Mutawalle     Muideen Olaniyi Alalade     IESA     AbdulRahman Saad     Baba Isale     Musa Alhassan Buge     Justina Oha     Adeola Abraham     Wole Oke     Kawu Baraje     Abdulhakeem Amao     Centre For Digital Economy     Kwara South     Abatemi Usman     Doyin Group     Mufti Of Ilorin     Yusuf Lanre Badmus     Ajeigbe     Jimoh Bashir     KFA     Orire     Kwabes     Okiki     Muhammed Mahe Abdulkadir     Presidential Election     NTA Ilorin     Gaa Olobi     Salami Adekunle     Kehinde Boyede     Najim Yaasin     Galadiman Ngeri