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Kwara State House of Assembly has approved the State Government request to source for Thirty Five Billion Naira bond in the capital market.
The approval followed a message from Governor Abdulraman Abdulrazaq, addressed to the Speaker, Engineer Yakubu Danladi-Salihu which was read during plenary.
Engineer Danladi-Salihu explained that the loan would be of private placement by providing security and enhancement for short capital raising exercise to be taken by a third party on behalf of the state government to be determined by the state commissioner for finance and Debt Management Office.
The lawmakers during the debate promised to ensure that the fund is spent on the purpose it is meant for.
Meanwhile, a supplementary budget to cater for the thirty five billion naira credit facility is expected to be presented by the governor
The Speaker, Engineer Yakubu Danladi-Salihu directed the Clerk of the House, Hajia Halimat Kperogi to convey the approval to Governor Abdulrahman Abdulrazaq.
