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.
Mike Omotosho Oloruntoyosi Thomas Garba Dogo Budo-Egba Aisha Gobir Islamic Development Bank Segun Olawoyin Medview Airlines Saka Balikis Kehinde Alaiye Valsolar Consultoria Oyedun Juliana Funke Femi Agbaje Adewuyi Funmilayo SSUCOEN First Lady Yahaya Jibril Usman Bello Oyebanji All Confederation Of Principals Of Secondary Schools Temi Kolawole SWAN Sherif Shagaya Osuwa Abdulfatai Salman Baakini George Innih Alapansapa Ibrahim Oloriegbe Quareeb Islamic Association Sobi Specialist Hospital Abubakar B.M Lawal Jimoh Wahab Kunle Shittu Volunteers Of Ilorin Community And The Emirate Ilorin International Airport Gbemisola Saraki SSA Youth Engagement Muhammad Mustapha Suleiman Funmilayo Zubair Raymond Olaitan Kunle Suleiman Ahmad Olanrewaju Belgore Talaka Parapo Abdulfatah Ahmed Michael Ologundea Logun Femtech Abdulganiyu Oladosu Haliru Yahaya Col. Ibrahim Taiwo Garment Factory Nigeria Foundation For Artificial Intelligence Onilorin Of Ilorin AbdulGaniyu Kareem Jaigbade Alao Yusuf Abdulkadir Kwara Teaching Service Commission Halimah Perogi Oja-Oba Adama Isa Bahago Umar Ayinla Saro Mahe Abdulkadir Yakubu Dogara Aishatu Ahmed Gobir Laboratory-to-Product Makama Of Ilorin ER-KANG Mining Nigeria Company Limited Bamidele Adegoke Garba Idris Ajia Usman Yunusa All Peoples Party Abubakar Suleiman PAACO-PCL Consortium Ajakaye Naira Redesign Maryam Ado Bayero Buari Edun

