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Kwara seeks N23bn loan from capital market

13 April 2014, 06:41

Ilorin - The Kwara Government has concluded arrangement to secure a N23 billion loan from the capital market to finance the development of infrastructure across the state.

The Commissioner for Finance, Demola Baanu, made this known at the end of the State Executive Council meeting in Ilorin.

According to the commissioner, the loan will be used to complete all ongoing capital projects inherited by the Abdulfatah Ahmed administration.

Baanu also said that the loan would be used to start new projects in the 16 local government areas of the state.

The commissioner said the loan became necessary in view of the drop in monthly allocation to states from the Federation Account.

The commissioner listed the roads to be completed to include Patigi-Kpada road, Offa-Ira  road, Share-Oke-Ode road and Ara-Orin-Ipetu road.

Baanu put the debt profile of the state at N7.5 billion, adding that the amount was the balance of the N17 billion loan secured in 2009 by the previous administration.

The Commissioner for Housing and Urban Development, Bode Olayemi, also said part of the N23 billion loan would be used to renovate the Kwara State Indoor Sports Complex.

The commissioner further said that the state government has decided to sell the Legislative Quarters to members of the House of Assembly.

He said this was in line with the monetisation policy of the state government.


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