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.
John Obuh Iliasu Abubakar Usman Jos Kunbi Titiloye Bolaji Abdullahi Olabode George Towoju Sidikat Alaya Sun Qing Rong Amos Sayo Mumini Ishola Hanafi Jelili Yusuf Roheemat Hammed Sam Okaula Ubandoma Saka Keji Saka Balikis Kehinde Shaaba Lafiagi Ishaq Salman Maigidasanma Ado Bayero Dunmade Shoprite Kwara State Fish Farmers Association Hassan Taiye Salam Lateef Fagbemi Universal Basic Education Commission Sherif Shagaya Ita-Ore Read With Me Shonga Omupo Jumoke Monsura Gafar Paul Olawoore Eghe Igbinehi Sobi Ahmad Uthman Guber Aspirant Yusuf Ali Sulaiman Gado Nigerian Army Michael Nzwekwe Olomu Kehinde Boyede Emir Of Yashikira Olayinka Oladapo Jogunola Ilorin West Ojuekun Sarumi Balogun Gambari Muhammad Sirajo Aliyu EndSARS Tunde Idiagbon Road Leke Ogungbe Shade Omoniyi Suraj Tunji Oyewale Gaa Olobi David Adesina Afonja Descendants Union Alfa Yahaya Road Gwanara Wahab Isa Oke-Kura Zara Umar Shehu Jimoh Alabere Amuda Bembe Oja-Oba Mashood Abdulrafiu Agboola Shehu Raheem Adaramaja Kwabes Ajia-Bako Mujtabah Bature Oyedepo Abdulazeez Uthman Saka Asiat Ayinke ASUU Press Release Onilu

