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.
Sa\'adu Gambari Elewu Razaq Ayobami Akanbi Titus Suberu-Ajibola Tuesday Assayomo Revenue Court Makama Muhammad Toyin Sanusi Kola Shittu Isiaq Khadeejah Oba Of Jebba Halimat Yusuf GGDSS Pakata Oyeyemi Olasumbo Florence Amusa Bello Abdulrasaq Alaro Saka Adeyemo Air Peace Isiaka Gold Abdulrasheed Na\'Allah John Mayokun Dada Makama Of Ilorin Mohammed Tunde-Jimoh Okoolowo Aliyu Alhassan Ahmad Fatima Bisola Kannike Ayeyemi Sulaiman Taofeeq Olateju Ahmed \'Lateef Ayo Opadokun Balikis Jawondo Lithium Amos Sayo Alliance For Democracy KWASIEC Oja-Oba Danladi Bello Abubakar Elerinjare-Ibobo Muazam Nayaya LEAH Charity Foundation Saka Onimago Ilesha Gwanara Road Issa Manzuma Habeeb Saidu NIRSAL Ilorin West/Asa Federal Constituency Marafan Shonga Sarkin Malamai Admiralty Villa Yoonus Lawal IFK Logun Kayode Zubair Abdullahi Samari Peter Obi Erubu Sherif Sagaya Alabi Lawal Woro Laboratory-to-Product Borgu Oluronke Adeyemi Kpotum Mohammed Baba National Democratic Congress Umar Adelodun Ojo Fadumila Funmilayo Isiaka Oniwa Dan Masanin Saeedat Aliyu Universal Basic Education Commission AbdulKareem Yusuf Danhawa Iponrin Nigerian Supreme Council For Islamic Affairs Fulani Zulu Gambari

