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.
Baba Adini Of Kwara State BECE Societe Generale Bank Of Nigeria Just Event Online Valsolar Baruten Dogara Shuaib Jawondo Mahmud Ajeigbe Saka Adeyemo Risikat Lawal Road Transport Employers Association Of Nigeria Public Holiday Okoolowo Kannike Oyin-Zubair Muftau Akanbi Oke SGBN Samuel Olusegun Adedayo Agboola Babatunde Okanlawon Taiwo Abdul Jimoh Mohammed TIIDELab Aminat Ahmed Pacify Labs Seun Bolaji Fatimoh Lawal Read With Me Ibrahim Abdullahi Guber Aspirant Mumini Ishola Hanafi Abdulfatai Salman Baakini Oja-Oba Ajayi Okasanmi Christian Association Of Nigeria AbdulKareem Yusuf Danhawa Oba Abdulraheem GAMA Aishat Sulu-Gambari Moshood Bakare Federal Neuro-Psychiatric Hospital Abdulrasheed Akogun Taofeek Sanusi Eruku Sa\'adu Salahu Ishaq Abdulkarim GRA Sabi Ganiyu Abolarin Owu Fall Kwara State Television Royal FM Irepodun CBT Akeem Lawal Col. Adedipe Air Peace Amos Justus Sayo Mohammed Tunde-Jimoh Segun Olawoyin Oniyangi Kunle Sulaiman Maigidasanma KWSIEC Akanbi-Oke Adedipe COEASU Alanamu Quranic Recitation Competition Oloruntoyosi Thomas SSUCOEN Amasa VADA JSSCE RTEAN Kwara State Polytechnic Emir Of Shonga Col. Taiwo