Skip to main content

Ahmed inaugurates committee on Infrastructure Development Fund


Governor Abdulfatah Ahmed of Kwara has inaugurated a high-level implementation committee for the Kwara State Infrastructure Development Fund (IF-K).
Speaking during the inauguration on Sunday, Ahmed charged members to create a programme funding plan for all ongoing and new projects across the State.
The governor described IF-K as a stand-alone funding scheme, which offers a reliable funding window for infrastructural projects in the state


He explained that in view of the current economic realities, it was imperative for the State government to devise alternative funding options to meet its obligations and carry out developmental projects for the benefit of the people. Gov Ahmed disclosed that IF-K will be managed by trustees, who are independent of the State government.
He added that capital projects executed under the scheme will also be inspected by independent project assessors in order to ensure that contractors comply with the required project standards.
The governor noted the infrastructure fund will be backed by initial seed money and an Irrevocable Standing Payment Order (ISPO), which will be sourced from the State’s internally generated revenue monthly.
According to him, IF-K will give project contractors the confidence to borrow money to execute projects knowing full well that payment was guaranteed by the fund which is backed by the Kwara State Public and Private Partnership Law 2015.
Ahmed assured that all ongoing projects will be funded to completion under the IF-K while new capital projects will also be delivered.
The governor said new projects that will be executed include the construction of two new campuses for the Kwara State University at Osi and Ilesha-Baruba and the renovation and equipping of Ilorin Stadium Indoor Sports Hall.
Others are the construction of the Geri-Alimi Diamond underpass and the new Civil Service Secretariat.
He said the implementation of the Light-Up Kwara project, which will comprise of the installation of streetlights across major centres in the State will also be captures under IF-K.
Ahmed urged members of the committee to discharge their responsibilities effectively.
He also charged them to ensure that all necessary structures needed for the successful implementation of the IF-K scheme are put in place and be mindful of time frame for all projects.
Members of the IF-K implementation committee are the Chief of Staff, Alhaji Abdulwahab Babatunde and Commissioner for Finance, Alhaji Demola Banu.
Others are Director-General of the State Bureau of Public Private Partnership (KP3), Mr. Yomi Ogunsola and the Chairman, Kwara State Internal Revenue Service (KWIRS), Dr Muritala
The rest were the Special Adviser to the governor on Infrastructure, Yinka Olaoye and Senior Special Assistant, Government House, Alhaji Ibrahim Adeyemi.
Members of the committee also include Senior Special Assistant on Media and Communications, Dr. Muyideen Akorede and Assistant Director at KP3, Mrs Mosunmola Shaaba Lafiagi.

Join our BBM channel for instant updates : C0030863D

Comments

Post a Comment

Popular posts from this blog

Emefiele gives insight, on what to Expect during his second term

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office. Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event. Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth. Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law. Mr Emefiele’s second term plans came just a few days after ...
Post a Comment
Read more

Gas Alone Cannot Achieve increase in Power Sector – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola , on Thursday said in Lagos that gas alone could not bring the much needed increase in power supply in the country. Fashola spoke as guest speaker through Chinedu Ugbo , acting Chairman, Niger Delta Power Holding Company (NDPHC), at the 2016 Annual Conference of the National Association of Energy Correspondents in Lagos. The News Agency of Nigeria (NAN) reports that the theme of the conference is entitled: “Low oil price: Impact and the way forward” . Fashola said, “It is not gas alone that will allow us to achieve incremental power”. “It is our most reliable source of power, yes, but it is only one solution among many other underutilised solutions. Mambila Power Station, for example, is likely to be our most defining in the road to incremental power, situated in Taraba State. It will potentially add 3,000MW to the grid and yet this is a hydro-electric project, not gas. Our ministry has recently publicis...
Post a Comment
Read more

Alert: Naira Gains A Massive 5% Against the Dollar

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D
Post a Comment
Read more