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.
Laduba Standard Organization Of Nigeria S.O. Opowoye Dan Masanin Oke-Ogun Apata Ajele Secondary School Garba Ayodele Wahab Sabi TIC Abdullahi Atanda Razaq Ayobami Akanbi Afeyin-Olukuta Joseph Bamigboye Otuka Ahmed Saidu Rufai Crystal Corner Shops PPS Raji AbdulRasaq Hijaab Hassan Abdulazeez Elewu Alagbado Salman Alada Medview Airlines Risikat Lawal Abdulrosheed Okiki AbdulRazaq Abubakar Jiddah Government House Trade Lenda SME Fair Donatus Ejidike Osinbajo Mahmud Ajeigbe Ahmad Olayiwola Kamaldeen Mohammed Halidu Ibikunle Ogunleye Albert Ogunsola Balogun Gambari Amuda Bembe Abdulrazaq Solihudeen Amuda Aluko Saba Mamman Daniel Neo Mundo Ltd Kwara TV NAWOJ Rachael Obisesan Aminu Adisa Logun Rotimi Oyedepo Bilikisu Gambari KWATMA JAMB Dunmade Mutawali Of Ilorin Abdullahi Imam Abdullahi Ayinde Oki Ibrahim Kayode Adeyemi Countryside Emerging Leaders Fellowship Patigi Regatta IYA YUSUF Taofeeq Olateju George Funsho Adebayo Yoonus Lawal Offa Descendants Union Yekini Adio Shaykh Luqman Jimoh Aliyu Muhammed HICA Alabi Lawal ER-KANG Adisa Logun EndSARS Sherif Sagaya Twitter Magaji Nda Olohungbebe FERMA Belgore Ajayi Okasanmi Umar Bayo Abdulwahab

