Kwara State suspends plan to raise N20 billion for infrastructure

Following the launching of the Kwara State Infrastructure Development Fund IFK, the state government says it has suspended plans to raise a N20b 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 N20b naira bond has become unnecessary as all ongoing and new projects by his administration will be funded to completion under the IF-K.

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 project funding, the IF-K is currently offers the state the most reliable, affordable and sustainable means of funding capital projects without relying on external borrowings.

The Governor, while expressing confidence in the capacity of the State’s Internal Revenue Service (KWIRS) to fund the IF-K, assured Kwarans that the government will meet their aspirations of even development across the State.

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