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.
Yahaya Abdulkareem Babaita Young Progressives Party Lola Ashiru Mope Dasuki Belgore Fatai Garuba Labaka Ilorin West AbdulFatai Adeniyi Dan-Kazeem Taibat Ayinke Ahmed Orisa Bridge Ganmo Abdulraufu Mustapha Tanke Durosinlohun Kawu AbdulGafar Tosho Adedipe Clement Yomi Adeboye Shuaib Jawondo Sheikh Ridhwanullah KWAFFA Women For Change And Development Initiative Kuliyan Geri Principal Private Secretary Ganiyu Taofiq Khadijat Ayoola Yusuf Yahaya Seriki Gambari Onilorin Of Ilorin Amasa Suraj Tunji Oyewale Ilorin Anchor Men And Women Oyedun Juliana Funke Face Masks International Vocational Centre Local Government Pension Board Aisha Gobir Henry Olaosebikan Kwara State Television (KWTV) C2c@kwarastate.gov.ng NIPOGA A.E. Afolabi Maryam Nurudeen Solomon Edojah Sadiq Umar Mamman Saba Jibril 11th Galadima Abdulkadir Akanbi-Oke Magaji Erubu Adebayo Mohammed Kamaldeen Yusuf Aiyedun Adeleke Ogungbe Oke-Ero Adesoye Albert Ogunsola Emir Of Yashikira Jani Ibrahim Sheriff Shagaya Mutawali Adegoke Bamidele MATTA Girls Foundation Atiku Abubakar Alikinla General Hospital, Offa Post-utme Kunbi Titiloye Adeniyi Ojo QuickWin Gbugbu Nigerian Army Saidu Kawu Yomi Adeboye Alimi Olokoba Abdullahi Ayinla Saka Asiat Ayinke Wahab Kunle Shittu Monthly Sanitation Exercise Femtech Riskat Opakunle Ibrahim Agboola Gambari

