Kwara seeks N23b loan from capital market

The Kwara State Government says it 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 to journalists at the end of the State Executive Council meeting on Thursday in Ilorin.
According to the commissioner, the loan will be used to complete all ongoing capital projects inherited by the Governor 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.
Baanu added that the state government was committed to fulfilling all the promises made during campaign to the people.
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 also said the government would complete the federal 18.6 kilometre Kishi-Kaiama Road to ease the suffering of the people.
The commissioner added that the loan would be used to construct two mortuaries in Ilorin and Omu-Aran.
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 use to renovate the Kwara State Indoor Sports Complex.
Olayemi said government would construct two volleyball and two handball courts within the complex while a new Olympic-size swimming pool would be built.
Olayemi added that the government would erect street lights across the state to be powered by solar energy and generators.
The commissioner further said that the state government had 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.