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.
Gobir Ramadan Ahmed Taofeeq Olateju Dogara Omu-aran Umar Gunu Onikijipa Bank Of Industry Alikinla Susan Modupe Oluwole Kwabes Saadu Yusuf Asiwaju Bola Tinubu Pakata Okasanmi Ajayi Lawal Jimoh Esinniobiwa Quareeb Ahmad Ali Jimoh Saadudeen Muhammed Akom Construction And Engineering Synergy Ltd SDP Alimi Nurudeen Muhammed Moshood Mustapha Federal Road Maintenance Agency Kabir Shagaya Yusuf Amuda Aluko S.O. Opowoye Kwara State Health Insurance Agency Okin Biscuits Abubakar Usman Jos Ita-Ore Oyawoye IDPU Age AbdulKareem Kanu Agabi Kamaldeen Kehinde Lawal Arinola Kudirat UTME Isiaka Yusuf Federal Allocation Ahmad Fatima Bisola Ilorin International Airport Kwara State Football Association Abdulmumini Sanni Jawondo Dunmade Mohammed Abduraheem YAKOOYO Suleiman Idris Segun Abifarin KWSUED Lola Olabayo Abubakar Abdullahi Bata NITDA Shehu Alimi Foundation For Peace And Development Shehu Salau Ishola Abdullahi Abdulrahman Iliasu Modibbo Kawu Arandun Kwara Volleyball Association Ilorin Talaka Parapo (ITP) Kwara Polytechnic PAACO-PCL Consortium Oluwarotimi Boluwatife Adenike Hausa Aasiyat Bello Oyedepo Kemi Adeosun Elerin Of Adanla Irese Medview Airlines Ijakadi Junior Secondary School Certificate Examinations Ahmad Olayiwola Kamaldeen Oniyangi Kunle Sulaiman Principal Private Secretary Www.Kwarareports.com

