Kwara’s N10bn Infrastructure Bond On Course – Gov Ahmed | Independent Newspapers Limited
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Kwara’s N10bn Infrastructure Bond On Course – Gov Ahmed

Posted: May 31, 2016 at 8:22 pm   /   by   /   comments (0)
Alhaji Abdulfatah Ahmed, Kwara State Government, has denied report that he has abandoned plans to secure a N10 billion bond for infrastructure development projects in the state.
Governor Ahmed in a statement by Dr. Muyideen Akorede, his Senior Special Assistant on Media and Communication, maintained that the government’s plan to secure a bond remained on course as captured in the 2016 budget.
The governor clarified that the state government had only reduced the proposed bond from N20 billion to N10 billion in view of the drop in federally allocated funds to the state by about 50 per cent.
He said based on current FAAC and IGR levels, the state government can only afford repayment on a N10b facility, stressing that the government will access the second tranche of N10b as soon as its finances improve.
Governor Ahmed, who stated that the government would continuously seek avenues for cheap funding for its development programmes said all future borrowing will be based on capacity to repay without constraining its ability to meet other obligations such as salary payment and funds for ongoing projects.
The state governor identified the proposed projects under the N10 billion bond to include an underpass at Geri Alimi, Ilorin; Dualisation of Zango to UITH, Ilorin; Dualisation of Michael Imoudu to Ganmo;  new campuses for Kwara State University (KWASU) at Ilesha Baruba and Osi as well as remodeling of the Indoor Sports Hall of Ilorin Stadium and counterpart funding for Industrial Textile Park.