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Kwara pledges to put loan funds to proper use

22 October 2015, 07:01

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 assistance.

Also Read: Kwara APC hails Saraki’s victory

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 sustainable basis.

- CAJ News


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