Gov. Abdulfatai Ahmed
Gov. Abdulfatai Ahmed

The Government of Kwara State has revealed that it has paid off the N17 billion infrastructure bond which was obtained in 2009 even as it is gearing up to obtain a fresh N20billion bond for new projects.

The state government, in a statement made available to newsmen in Ilorin, on Thursday,  said the N17 billion bond was fully paid on August 5, 2014 following prompt payment to subscribers throughout the bond’s five year tenure.

The government clarified that repayment of the N17 billion bond, which was obtained by the previous administration of Dr Bukola Saraki, did not impose any undue burden on the state’s finances as the bond maintained at issue rating of A and issuer rating of BBB- which signified the superior credit profile of the Kwara State government.

The statement listed the N17 billion bond projects as Kwara State University, Harmony Advanced Diagnostic Centre, The International Aviation College, remodelling of Ilorin Stadium Complex, phase one of Ilorin Water Reticulation Project, the Ilorin Cargo Terminal, as well as various urban and rural road and electrification projects.

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