Kwara sets up fund to tackle infrastructure deficit
Governor Abdulfatah Ahmed yesterday launched the Infrastructure Development Fund (IDF) geared at tackling the infrastructure deficit and defraying debts owed contractors in Kwara State.
Speaking yesterday at the event, well attended by contractors and top bankers in Ilorin, the governor said at 2014, he had identified an infrastructural gap of about N255 billion in the state.
He noted that government would contribute N500 million monthly to the fund under a trusteeship arrangement, as the role of the private sector for its success was emphasised.
Ahmed enthused that the state would no longer owe contractors under the new arrangement, adding that the current administration will begin massive construction of roads at the end of the rainy season.
“The purpose of the IF-K, therefore, is to pool funds for infrastructural projects, optimally leverage private sector resources for infrastructural development and channel internal revenue to directly impact economic diversification and growth strategies.
“IF-K is also designed to ensure maximum quality assurance for asset and services procured by government and encourage broader and deeper interactions with the Kwara State government from private and non-private partners.
“The fund will be financed through a N5 billion seed fund and a N500 million monthly contribution from the state’s Internally Generated Revenue through an Irrevocable Standing Payment Order (ISPO). This implies that the money will be taken at source,” he stated.
No comments yet