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Kwara reduces bond proposal to N10bn

kwara gov ahmedThe Kwara State Government has said that it has reduced the N20bn bond it initially wanted to access from the capital market to N10bn.

Governor Abdulfatah Ahmed said in a statement by his Senior Special Assistant on Media and Communications, Dr. Muyideen Akorede, on Tuesday that the plan to secure the bond remained on course as captured in the 2016 budget.

 He clarified that the state government had only reduced the amount being sought from N20bn to N10bn in view of the drop in federal revenue allocations to the state by about 50 per cent.

According to him, based on current revenue inflow from the Federation Account and the internally generated revenue, the state government can only afford the repayment of N10bn.

Ahmed added that the government would access the second tranche of N10bn as soon as its finances improved.

The governor stated that his administration would continuously seek avenues for cheap funding for its development programmes.

He added that all future borrowings would be based on the capacity to repay without constraining its ability to meet other obligations such as salary payment and completion of ongoing projects.

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