The Kwara state government recently launched the Kwara Infrastructure Development Fund (IF-K). Below are the details of how funds for the projects will be generated and which projects will be executed.
The Kwara State Infrastructure Development Fund (IF-K) is a contributory scheme designed to pool funds for ongoing and new development projects in the state.
The IF-K will be financed through an initial ₦5 billion seed fund and ₦500 million monthly contribution from the state’s internally generated revenue.
According to the state government, the funds will be managed by an investment company called ‘Investment One’, in order to ensure accountability and protect the funds from political control.
Some of the projects highlighted under the IF-K are the Geri-Alimi split diamond underpass, construction of Kwara State University campuses in Osi and Ilesha Baruba, dualization of University of Ilorin Teaching Hospital – Sango road, dualization of Michael Imodu – Ganmo road, construction of Ilesha Baruba – Gwanara road, renovation of the indoor sport hall of the Kwara State stadium and Light Up Kwara project (LUK).
Kwara State governor Abdulfatah Ahmed, through his senior special assistant on media Dr. Muyideen Akorede, however, explained that it has suspended plans to raise a ₦20 billion bond from the capital market for infrastructure development in the state.
The governor noted that with the launch of the IF-K, which pools resources for funding infrastructure, the ₦20 billion bond has become unnecessary as all ongoing and new projects by his administration will be funded to completion under the IF-K.
He emphasized that while the bond remains a viable source of project funding, the IF-K currently offers the state the most reliable, affordable and sustainable means of funding capital projects without relying on external borrowings.
The governor, while expressing confidence in the capacity of the state’s internal revenue service – Kwara State Internal Revenue Service (KWIRS) – to fund the IF-K, assured Kwarans that the government will meet their aspirations of even development across the state.