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The Kwara State Governor, Abdulfatah Ahmed, has held a meeting with various stakeholders in the state explaining the reason behind plans to obtain 20 billion Naira bond from the capital market.
The meeting, which was held at the Banquet Hall, opposite Government House, was attended by labour leaders, artisans and professional bodies.
The Governor explained that since the monthly Federal Allocation to the state had dropped from over 3.2 billion to 1.8 billion Naira, the state had no option than to approach the market to meet the needs of the people.
According to the Governor, the projects earmarked for the bond covers all sectors of the economy.
Governor Ahmed also said that second overhead bridge, construction of schools, roads and healthcare centres would also be executed from the bond.
He assured residents of the state that the bond would be repaid from the Internally Generated Revenue for the period of seven years and appealed for their understanding.
The opposition Peoples Democratic Party in the state had earlier disagreed with the plan of the state government to obtain the bond.
It described the plan as an attempt to further impoverish the people of the state.
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