Kwara dumps plan for N20bn bond
The Kwara State Governor, Abdulfatah Ahmed, said on Monday that the state government had decided not to go ahead to take a N20bn bond from the capital market because of the consistent reduction in the federal revenue allocation to the state.
He said the government had last year, while deciding to access the bond, premised its repayment capacity on the federal revenue allocation and internally generated revenue.
The governor said with the drop in federal revenue allocation and the fact that the Kwara State Internal Revenue Service had just been restructured, the state would not have the financial capacity to repay the bond as and when due.
According to him, the government is considering other funding options such as the money market, development finance institutions and buying credit systems.
Ahmed said his administration might ultimately go for credit systems to fund some planned projects.
The projects, according to him, are the under-pass in Geri Alimi, Ilorin; and the development of the two campuses of the Kwara State University at Ilesha-Baruba and Osi so that students for the College of Agriculture and Environment Studies will commence studies there before the expiration of his tenure.
He added that the government planned to extend the dual carriage to the University of llorin Teaching Hospital to save more lives; expand the Ganmo road.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Pius Abioje Kubra Kazum Imam Gambari Ilorin West Samuel Adedoyin Yusuf Ali Folorunsho Erubu Lotus Bank Dorcas Afeniforo NURTW Mohammed Ibrahim Ibrahim Taiwo Road Sodiya Shaykh Luqman Jimoh Bola Olukoju Rabiu Kwankwaso Afeyin-Olukuta Bolaji Gambari Makama Of Kaiama AbdulRazaq AbduMajeed Alaro BIR Sambo Murtala Savannah Centre For Diplomacy, Democracy And Development Halimat Yusuf YAKOOYO Oladimeji Thompson Akeem Lawal Afolabi-Oshatimehin Adenike Harriet Pakata Olofa Of Offa Abdullahi Biffo Kayode Ibrahim Majlis For Sadaqah, Zakat And Waqf Mohammed Halidu Olaosebikan Owo Isowo Ahmed Saidu Rufai Adesina Simon Sodiya Zubair Folorunsho Erubu Ahmed Bayero Ishaq Abdulkarim Colleges Of Education Academic Staff Union Oluwole Dupe Mohammed Kamaludeen Economic And Financial Crimes Commission Pakata Patriots Sidikat Alaya Coronavirus Shuaib Abdulkadir Emmanuel Olatunji Adesoye Bayo Mohammed Onimode FERMA Michael Nzwekwe Bamikole Omishore Gbugbu Omar Bolaji Gambari Ibrahim Orire Ahmad Olanrewaju Belgore Kwara State Branch Of The National Library General Hospital, Ilorin M.Y. Abdulrahaman Ilorin Likeminds Foundation Oyun Ajuloopin AbdulRahman Saad Students Union Government Fatai Garuba Labaka Wahab Abayawo Amasa Oko-Erin Ndakene Florence Saraki Tricycle Owners Association Of Nigeria Eleja Samari Salary Agbarere

