Abuja - The Kwara State Government said the
proposed N10 billion loan from commercial banks would enable it revive
infrastructural projects stalled by lack of funds.
The State Governor, Alhaji Abdulfatah Ahmed, pointed out
some projects were suspended due to a drop in federal allocations but would
resume across the state by the end of the month once the paperwork for the loan
was completed and the money released.
The Governor noted the loan had also became imperative
because the government could barely afford to pay workers’ salaries without
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He explained that the proposed finance deal was a soft
loan with affordable repayment and which had been collateralized against the
state government’s share of the Excess Crude Account.
"The loan will not in any way impose extra financial
burden on the state government or hamper its capacity to meet
obligations," said Ahmed.
He commended the Kwara State House of Assembly for
approving the loan and stressed that the state government’s renewed Internal
Generated revenue (IGR) drive would augment any future shortfalls in
allocations from the Federal Government.
He was confident this would increase the
government’s capacity to develop the state and empower the people on a
- CAJ News