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.
Tunji Arosanyin Abdulrazaq Magaji Halimat Yusuf Isau Lithium Deposit Mujtabah Bature Omotosho Suraj Tunji Oyewale Ayo Salami Haliru Dantoro Gbemi Saraki Ibraheem Abdullateef Salman Jawondo Muhammad Ghali Alaaya Olayinka Are Tanke Road Yahaya Muhammad Olokoba Aisha Gobir Afonja Descendants Union Ilorin Emirate Staff Association Ahmed Alhasssan Teachers Specific Allowance Tafida Mamatu Abdullahi Popo-Igbonna Afusat Nike Ibrahim Sobi Specialist Hospital Ilorin Airport Abdulquawiy Olododo Mary Arinde Sarafadeen Kayode Akorede Lithium Muyideen Ajani Bello Muazam Nayaya Kwara State Infrastructure Development Fund Yusuf Lanre Badmus Micheal Imoudu Kwha.gov.ng Simeon Sule Ajibola Www.Kwarareports.com Sobi Ahmad Lawan Ibrahim Taiwo Olofa Of Offa Isiaka Oniwa Matthew Okedare Ishaq Oloyede Ope Saraki Durosinlohun Atiku Lasiele Alabi Yahaya Gbugbu Minister Salihu Ajibola Ajia Saka Abimbola Isau Kehinde Baale Sheikh Ridhwanullah El-ilory Ndama Al-hassan Unilorin Computer Based Test Olanrewju Okanlawon Musa Bamidele Adegoke Abdullahi Imam Abdullahi Sunset Workers Bello Taoheed Abubakar Gbadeyan Gbadura Yomi Ebun-Olu Adegboruwa Ridwan Agboola Michael Nzwekwe Amada Jidda Yusuf Abdulraheem Kuliyan Geri Bukola Ajikobi Alapansapa Ibrahim Abdullahi Ayodele Kuburat Olaosebikan Bankole Omishore

