N5.8billion IF-K facility to boost Kwara's economy - Gov Ahmed

Date: 2016-09-27

Governor Abdulfatah Ahmed, on Monday, disclosed that his administration will, in the next few months, inject over N5.8billion into Kwara State's economy through the state's Infrastructure Development Fund (IF-K). The governor said this during the official launching of IF-K at the Government House, Ilorin where the stakeholders, which include partner banks, contractors, engineers, consultants, were present.

Ahmed explained that IF-K was designed to pool resources for the execution of all the projects in the state,saying the era of abandoned projects in the state was over. He also said that IF-K is the second phase of his government's long term strategy to diversify the state's economy, stimulate economic growth via private sector participation in infrastructure development and create opportunities for collective prosperity.

Gov Ahmed "The purpose of the IF-K, therefore, is to pool funds for infrastructure projects, optimally leverage private sector resources for infrastructure development and channel State Internal Revenue to directly impact economic diversification and growth strategies",he said.

"IF-K is also designed to ensure maximum quality assurance for asset and services procured by government and encourage broader and deeper interactions with Kwara state government from private and non-private partners".

He noted that all ongoing and new projects across the state estimated at N11.1billion will be funded through the IF-K,stressing that payments for the projects will start in December 2016 and all the projects will be completed by 2018 before the expiration of his second term in office. The governor expressed optimism that "this injection will keep our project partners in business and have a positive spiral effect on employment generation".

He said, "Once the rains are over, we will commence major projects in the road, education, energy and health sectors across the state in a manner that accelerates development and ensures its even distribution.

"We will start with the flagging – off of the construction of a Diamond Underpass at Geri Alimi, Ilorin and the commissioning of our newly-acquired Asphalt plant".

Ahmed explained that his desire for rapid infrastructure growth, and the need for an appropriate savings and investment mechanism solely for infrastructure and related works informed the establishment of IF-K. He noted:"The fund will be financed through a N5b seed fund and a N500 million monthly contribution from the state's Internally Generated Revenue through an Irrevocable Standing Payment Order(ISPO).

"This implies that the money will be taken at source from the state's Internally Generated Revenue and provides an additional layer of assurance to project partners. Additional non- IGR funds, such as those from the federal government and global development partners will be added to IF-K as they become available. "Under IFK, funds will be disbursed on a quarterly basis, and are projected to grow by N6 billion by the end of the year.

"In order to ensure accountability, and insulate the funds from political control, the IF-K will be managed by a reputable investment company, Investment One, which has been appointed by law as trustee for the scheme".

The governor stressed that his government would continue to fund smaller projects through other platforms as only projects worth N300m and above will be included on the IF-K payment grid. He said further,"As a demonstration of faith and a token of our commitment to pay all outstanding contractor debts, we have disbursed N1.7b to significantly reduce current debt to contractors".

He explained that the only project worth N300m will be funded by iF-K,and in view of this,smaller projects will be funded through other platforms.

Ahmed stated that the internal revenues of the state have tripled since the creation of KWIRS early this year,adding that the security of the prosperity of the state prompted the creation of IF-K.

Source

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Isiaka Saka Opobiyi     Olufolake Abdulrazaq     Baruten     Mahmud Babatunde Baker     Mohammed Lawal     Prince Bola Ajibola     Twitter     Amoyo     Yetunde Balogun     Binta Sulyman     Hikmah AbdulKareem     Aminat Ahmed     Abdulsalam Firdaous Amosa     Salihu Ajia     Kayode Oyin Zubair     Gafaru Olayiwola Olorisade     Usman Rifun     Ali Ahmad     Ibrahim Bio     Seed Technologies     Yusuf Arowosaye     Ayinde Oki     Marafan Shonga     Eghe Igbinehi     Kazeem Gbolagade     Abegunde Goke     Ella Supreme Tissue Paper     Ahman Patigi     Volunteers Of Ilorin Community And The Emirate     Awoye     Samuel Olusegun Adedayo     Harafat E. Mukadam     Adebayo Salami     Tafida     Nupe     Fareedah Dankaka     Ahmed \'Lateef     JMK Construction Company Limited     GANZY     Umaru Saro     Crystal Corner Shops     Babatunde Ishola Babaita     Ahmad Uthman     Wahab Kunle Shittu     Ladi Hassan     John Mayokun Dada     Ibrahim Abikan     All Peoples Party     Ilorin Metro Park     Muhammed Danjuma     Pakata Patriots     Clara Nwachukwu     Lateef Fagbemi     Isaac Aderemi Kolawole     Ahmed Shuaib Buranga     Khadijat Ayoola Yusuf     Sarafadeen Kayode Akorede     Offa     Muhammed Mahe Abdulkadir     Ilorin     Risikat Lawal     Voices Of Tomorrow     Benin Republic     Ayinke Saka     Www.Kwarareports.com     Sulyman Buhari     Simeon Sayomi     Abdulrazaq Akorede     Justina Oha     Musbau A. Akanji     Gobirawa     Ridwan Agboola     Oba Abdulrahim     Saidu Yaro Musa     Hameed Oladipupo Ali     Kayode Zubair     Towobola Abdulrahman Toyin    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Bayo Onimago     AbdulKareem Yusuf Danhawa     Odo-Owa     Elerin Of Adanla Irese     Makama Of Ilorin     Kupchi Hosea Maxwell     Binta Abubakar-Mora     Olaiya Lawal     Olomu     Pacify Labs     Mamman Saba Jibril     Bola Olukoju     Seun Bolaji     CCEPE     Opobiyi     Gaa Olobi     Sheikh Alimi     Toyin Abdullahi     Lafiagi     Ibrahim Abikan     Idowu Aremu     Sardauna Of Ilorin     Mohammed Danjuma     Jumoke Monsura Gafar     National Association Of Nigerian Students     Yemi Osinbajo     Kanu Agabi     Salake     Ahman Patigi     Dumagi     KwaraLearn     Mamatu Abdullahi     Micheal Imodu-Ganmo Road     Wahab Femi Agbaje     Abdulhakeem Adelaja Amao     Abdulquowiyu Olododo     Mope Dasuki Belgore     KFA     Bola Magaji     Anilelerin     Kwara Teaching Service Commission     Sola Saraki Educational Foundation     Abdullateef Abdussalam     Plat Technologies     Rasheed Jimoh     Yunus Oniboki     Ibraheem Abdullateef     Hausa     Abdullahi Adisa Akodudu     Prince Mahe Abdulkadir     Alanamu     Kayode Bankole     Kassim Babamale     Salman Suleiman     Sulu Babaita Isiaka     Ali Ahmad     Ganiyu Taofiq     Kehinde Baale     Olawuyi     Medinat Folorunsho Salman     Egbejila     Oluwole Dupe     Sobi Hill     Kamaldeen Kehinde     Tafida Of Ilorin     Abdulkadir Akanbi-Oke     Bola Iyabo Ibiyeye Adisa     Yahaya Dumoye     Col. Ibrahim Taiwo     Federal Neuro-Psychiatric Hospital     Alagbado     Gbemisola Oguntimehin     Bola Ahmed Tinubu     IEDPU     Halimat Yusuf     Adeleke Ogungbe     Dele Belgore