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.
AbdulRahman Saad Ibrahim Bio Ijagbo Okin Biscuit Amuda Musbau Oyin-Zubair Akeem Lawal Oke-Oyi Abdul-Rahoof Bello Simeon Ajibola Gabriel Fashanu Garba Dogo Shaaba Lafiagi Alagbado Oko-Erin Ijakadi IQRA College Wakilin Mata Lafiagi Ajayi Okasanmi Rasheed Jimoh Alliance For Democracy Saliu Oluwole Khadijat Ayoola Yusuf Tsado Manman Clara Nwachukwu Oba David Oyerinola Adedunmoye Ashiru Tunji Olawuyi Saliu Mustapha Inside Kwara Volunteers Of Ilorin Community And The Emirate VADA Aisha Ahman-Pategi Alabe Saheed Alakoso Laboratory-to-Product Eleja Abdullahi Biffo CCT Islamiya Abdulraheem Odogun Olushola Gabriel Hajj Atiku Abubakar Valsolar Consultoria Garuba Alikinla Shittu Gbadeyan Gbadura Yomi Baba Idris Busari Alabi Alausa Ayo Adeyemi Rabiu Kwankwaso Obuh Y.A. Abdulkareem TIIDELab Association Of Kwara State Online Media Practitioners Ajidagba Olohungbebe Aliyu Salihu Yahaya Seriki Jimoh Lambe Abdulkareem Gbugbu International Market Abdulwaheed Musa Mohammed Haruna Kanu Agabi Usman Alkali Baba Shehu Salau CLAY POT Lai Mohammed Radio Kwara Kwha.gov.ng Abdullahi Dasilva Yussuf Suleiman Yahya Alapansapa Local Government Oloje Kwara State Geographic Information Service Samuel Adaramola Olatunde Oyeyiola Labaeka

