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Kwara Govt. Suspends Plan to Raise N20 Billion Bond

gov-abdulfatah-ahmedFollowing the launching of the Kwara State Infrastructure Development Fund IFK, the state government says it has suspended its plan to raise a N20 billion bond from the capital market for infrastructure development.

Governor Abdulfatah Ahmed disclosed this in a statement through his Senior Special Assistant, Media and Communications, Dr. Muyideen Akorede on Wednesday.

The Governor noted that with the launch of the IF-K, which pools resources for funding infrastructure, the N20 billion bond has become unnecessary as all ongoing and new projects by his administration will be funded to completion under the IF-K.

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According to him, the state government considered other funding options such as raising funds from the money and capital markets including foreign loans before opting for IF-K.

Alhaji Ahmed emphasized that while the bond remains a viable source of funding, the IF-K is the best option that offers the most reliable, affordable and sustainable means of funding capital projects without relying on external borrowings.

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The Governor expressing confidence in the State’s Internally Generated Revenue (IGR) to fund the IF-K, assured Kwarans that the government will meet their aspirations of even development across the State.