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.
Iyabo Dupe Adekeye ENetSuD Henry Olaosebikan Ilorin Emirate Tosho Yaqub Centre For Digital Economy Abubakar Lah Waheed Ibrahim Abdulwahab Olarewaju Issa Durbar Festival Muritala Olarewaju Malete Awoye Prince Bola Ajibola AbdulGaniyu Kareem Solomon Edoja Muhammad Mustapha Suleiman ITP Col. Taiwo ARMTI Musa Aibinu Federal College Of Education (Special), Afon Owo Arugbo Illyasu Abdullahi Awodun Share/Tsaragi Bello Abubakar SAPZ Project Katibi Ibraheem Adeola Abdulazeez Arowona Hijaab Mohammed Abduraheem Kpotum Mohammed Baba Garuba Alikinla Shittu Bola Tinubu Abubakar Baba Yoonus Lawal Issa Baba Adewuyi Funmilayo Rebecca Bake Kawu CCB IESA Alumni Association Of The Federal Polytechnic Offa Omu-aran Ashiru Plat Technologies Limited Kwara 2015 Salary Ibrahim Kayode Adeyemi Maryam Ado Bayero Salihu Ajibola Ajia SARS Hassanat Bello Kanu Agabi Elerin Of Adanla Saadu Alanamu Manzuma Ibikunle Ogunleye KWIRS Haliru Dantoro Lateef Fagbemi Lukman Adeloyin Oya State Ahmad Lawan Galadima Olaiya Zuberu College Of Arabic And Islamic Legal Studies Halimat Yusuf Federal Allocation Olaiya Victor Mobolaji Muhammed Danjuma Women Radio Mohammed Lawal Bagega Funmilayo Mohammed Raliat Islamic Foundation Raji AbdulRasaq

