By Umar Bayo Abdulwahab
Ilorin
Kwara state government said that it intended to complete the Ilorin metropolis water reticulation project through the proposed N23 billion bond to be procured from the Capital Market.
Senior Special Assistant to the Governor on Investment, Promotion and Strategy, Mr Yomi Ogunsola, said this at a Press Conference on the sectoral breakdown of the proposed bond.
Ogunsola said the government had expended over N5.2 billion on the water reticulation project to take it to the present 98 per cent completion stage, adding that about N2 billion would be used from the proposed bond to complete the project.
The governor’s aide said the bond from the Capital Market would not be spent on frivolities, but to address the state infrastructure needs and place the state on the path of full commercialisation.
He said the bond would also be expended on the renovation of 120 schools across the state; renovation of the indoor Sports Hall at the State stadium complex in Ilorin as well as the additional work at the Kwara Diagnostic Centre.
Ogunsola added that the state never defaulted and advised the people to be wary of mischief makers, pointing out that the bond would be repaid within a period of seven years.
The Commissioner for Works and Transport, Dr Abubakar Kannike, said the government had earmarked on the sum of N5.4 billion for the 61.85 kilometre Kishi-Kaiama road.
Kannike said the government intended to promote agriculture and regional integration in the area, stressing that over thirty communities would benefit from the construction of the road.
The Commissioner for Finance, Engr. Nurudeen Banu, who spoke on the refinancing of the proposed bond, said modalities had been put in place to ensure prompt repayment of the bond.