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.
Trade Lenda SME Fair Oke-opin Economic And Financial Crimes Commission Oluronke Adeyemi Olabode Towoju Musa Aibinu Amuda Aluko Kubra Kazum Abdulwaheed Musa Radio SBS Kwara Liberation Group Forgo Battery Company Limited Sidikat Akaje SWAN Mustapha Olanipekun Tunde Saad Democracy Day Ramat Oganija Opobiyi Muftau Akanbi Oke Valsolar-Kwara Company Limited Yakub Lai Gobir Olatunde Michaels Amina Susa\'a De Ahmed Omoniyi Oke-Ode Issa Memunat Moyosore Sheriff Olanrewaju Chief Of Staff Tsaragi-Share International Public Sector Accounting Standards Olugbense Salihu Ajia Jelili Yusuf Lola Ashiru George Innih Paul Olawoore Saadu Yusuf National Pilot Umar Danladi Shero Isiaka Gold Shehu Adaramaja Islamiya Abdulraheem Yusuf Amuda Abubakar Gbugbu International Market Sa\'adu Gambari Saheed Akinwumi Taofik Abdulkareem Babaita Michael Nzwekwe Pakata Development Association Abdulrahman Abdulrazak Dorcas Afeniforo Siddiq Adebayo Idowu Salawu Playing Host Kwara State Fish Farmers Association Alumni Association Of The Federal Polytechnic Offa Alabi Olayemi Abdulrazak Bareke Aro Yahaya Abdulfatai Salman Baakini Ariyo Yusuf Mubarak Joseph Daudu Ishola Abdullahi Saliu Ajibola Ajia Abdulkarim Adisa Yahaya Muhammad Owo Isowo Iyabo Adewuyi Baba-Isale Omu Aran Oba Abdulkadir La\'aro KWATMA Toyin Olayinka Tejidini Kwara United Abdulrazaq Aiyelabegan Shettima

