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.
Dogara Olabanji Orilonishe Abatemi-Usman Lai Mohammed Popo-Igbonna ER-KANG Mining Nigeria Company Limited Kwara State Government Iyabo Adisa Ibiyeye Yakubu Shaaba Hakeem Lawal ER-KANG Ojuekun Sarumi COEASU Economic And Financial Crimes Commission Awoye Maryam Nurudeen Bashir Badawi Bilikis Oladimeji Baboko Primary School ENetSuD Kwara Muslim Pilgrims Welfare Board Mohammed Abduraheem Durosinlohun Kawu Bamidele Adegoke Matthew Okedare James Kolo Ahmed Alhasssan Usman Alkali Baba Lithium Deposit Zulu Gambari Damilola Yusuf Aminu Ado Bayero Elewu Abdulfatai Salman Baakini Bola Sagaya Mustapha AbdulGaniyu Albert Ogunsola Yoruba Tunji Folami Shuaib Abdulkadir Christopher Ayeni Abdulkadir Orire Galadima Ibrahim Abdulkadir Abikan Oko-Olowo Saliu Ajibola Ajia Alore Otunba Taiwo Joseph Henry Olaosebikan Obayomi Azeez KFA Kamaldeen Kehinde Rebecca Bake Tanke Flyover Bridge Sanitation Exercise Mutawalle Harafat E. Mukadam Ajibola Saliu Ajia Ibraheem Adeola Katibi Lateef Fagbemi ANCOPPS Radio SBS Muhammad Akande Olarewaju Odunade Shonga Oke-Ero Rasheed Jimoh Bond Kwara Hotel Ajakaye Saidu Yaro Musa David Adesina Razaq Ayobami Akanbi Kwara University Of Education Maja Fola Consultant Ilorin Water Reticulation Saliu Alamoyo

