Kwara to secure FG N18 billion bridging financing to take out legacy loans, others


The Kwara State Executive Council authorized the state government to enter into the Federal Government’s N18 billion “bridge financing” to secure old loans inherited from the old administration as well as to execute certain infrastructure projects in the state.

Speaking to reporters after the state executive council meeting in Ilorin on Tuesday evening, along with other commissioners, State Commissioner for Education and Human Capital Development Hajia Sa’adatu Modibbo-Kawu, said the approval was like every other state in the country.

Modibo-Kawu said the funding for the bridge is the federal government’s initiative to cushion the effects of loan repayments on states, including the facilities the old administration received in September and December 2015.

The commissioner also said that the state government would halt construction of the Osi-Obbo Road, a strategic border highway connecting Kwara with Ekiti State on November 11, “ending years of public agony on along this corridor ”.

Modibbo-Kawu said the stop of construction work on the 11.1 km road will go as planned, barring unforeseen incidents.

She said the cabinet also approved the award of a contract to run the KwaraLearn program which aims to tackle absenteeism, boost enrollment, move children from public schools to digital learning and improve academic performance.

The cabinet press briefing was attended by the commissioners for the company Hajia Fatima Arinola Lawal; Olasumbo Florence Oyeyemi (Finance); Olaitan Bosede Buraimah (Communication); Suleiman Rotimi Iliasu (Works); and special advisor to the governor for political communications, Alhaji Bashiru Adigun.

She also announced that the administration has revoked the original Kishi-Kaiama road contract initially awarded by the former administration to Road construction Limited. She said the revocation was the result of objections from the federal government. She said the contract would now be awarded to CPN (Construction Product Nigeria Limited) who won the bid in accordance with the provisions of applicable laws and the Federal Government’s position. Section 1 of the road, which stretches 34.5 km between Kaiama and Tesse, will swallow N 3,702,874,523.94, according to the commissioner.

Modibo-Kawu said the cabinet also approved the construction of an airlift at the Tanke pipeline junction in the metropolis of Ilorin to deal with the current and expected traffic jam in this busy corridor.

It said the contract was awarded to a prominent local contractor, JMK Construction Company Limited, for N 2,272,899,200.00 with a 12-month completion period.

The full text of the press conference reads as follows:

• You may be aware that the federal government has offered bridge financing for all states in the federation to cushion the effects of some loan repayments since 2015. To do this, SEC and legislative approvals are being made. required. This is the standard process that other states have followed as well.

Accordingly, Council listened to a presentation by the Hon. Commissioner of Finance and approved a memorandum for the Kwara State government to seek federal government bridging funding of N18 billion to cushion the repayment effect of some previous FG intervention facilities. It is recalled that the last administration had in September and December 2015 taken certain facilities from the FG to pay salaries and meet other obligations. Repayment of these facilities has now started across the country, devastating government revenues. To cushion the effect of the repayment, the federal government is extending bridging funding worth N18 billion each to the 36 states of the federation. All states in the country benefit from this bridging funding. This cabinet approval will now be presented to the House for a legislative nod for the administration to also submit its Letter of Expression of Interest (EOI) to the federal government.

• After listening to a presentation by the Honorable Commissioner of Works, including details of the tendering process, Cabinet also approved the award of the contract for the construction of a highway bridge at Pipeline Road Junction, Tanke Tipper Garage. The contract was awarded to a large local contractor JMK Construction Company Limited for N 2,272,899,200.00. The period for completion of the contract is 12 months. This installation, along with ancillary road projects in the region, will help address current and planned traffic bottlenecks in this strategic transit point in the metropolis. The Council took note of the enormous socio-economic benefits of the facility.

• The Board also approved a 1.7 billion naira contract for the design, renovation and construction of buildings to house the garment factory in preparation for the installation of the already awarded procurement of machinery and equipment. for the garment factory. The Council had already received information on the tendering process. This contract was awarded to Building Services Design Consultants Limited. The garment factory is part of the government’s efforts to expand economic space, create jobs and increase the income base of Kwara State.

• Despite the administration’s visibly huge investments in educational infrastructure across the state, the administration feels the need to deploy technology to enhance the quality and modernity of education, reduce absenteeism and increase enrollment. and school attendance. Therefore, the cabinet approved the introduction and operation of the “KwaraLearn” program in public schools across the state. KwaraLearn will transform the current analog state of teaching and learning into a modern digital learning process using modern technological platforms. It will dramatically improve the educational outcomes of our children across the state. The program will be implemented by New Globe Consultant, a company with track record and accomplishments in similar projects. This project will cost N 1,072,336,784.00 and will run between 2022 and 2025. The council observed that this project would put Kwara state’s education level on a better pedestal, making it jealous of other states. In addition to eliminating the ghost teacher phenomenon since there will be electronic tracking of education statewide, the program will also expose our students to up-to-date online learning content and, a once this is successfully completed, will move students from public primary schools. from the analogue state of the learning process to the modern process of teaching and learning ICT. The Council observed that states like Edo and Lagos have adopted a similar concept with impressive results.

• Beyond council approvals, I must also announce that the government will stop construction work on the Osi-Obbo road on November 11, 2021, unless there is an administrative hitch. The contract is worth 1,183,960,097.25 N. The government assures members of the public that this strategic but long-abandoned border road will be built by this administration. This is the promise of His Excellency the Governor of the people. It is important to note that this route was allocated and was subsequently abandoned before the arrival of this administration. We will end the suffering of the people of Kwara State on this road.

• Similarly, following the firm position of the federal government on the illegality of the contract initially awarded for section A of the Kishi-Kaiama road by the last administration, this government therefore decided to revoke the contract awarded to Rocad Construction Ltd because that MM. Rocad Construction Ltd was not shortlisted nor participated in the tendering process. He was also not one of the contractors who were sent for a “certificate of no objection” to the public procurement office, so he is not recognized as the contractor for the works as he has no record with the public procurement office. of the Federal Ministry of Works and Housing and of the Bureau. public procurement on this project. The project will now be canceled / awarded to the contractor CPN (Construction Product Nigeria Limited) who won the bid in accordance with the provisions of the applicable laws and the position of the Federal Government. * Section 1 of the road, which stretches 34.5 km between Kaiama and Tesse, will engulf 3,702,874,523.94 N. Further details will be given on this important road, in particular the reporting of construction works . In addition, talks are underway with the contractor in charge of section 2 of the road between Tesse and Moshe (13.5 km), the cost of which is estimated at 2,346,772,560.64 N. Section 3 of the road, worth 1,896,588,570.00 N, connects Moshe with the town of Kishi. The total cost of the 61.85 km road is N 7,946,235,663.58 and will be carried out in phases.

YOU MUST NOT MISS THESE NIGERIAN TRIBUNE TITLES

Viral Voice Note on Fake WhatsApp Billing

Complain: A viral WhatsApp voice note, allegedly authored by the director and CEO of WhatsApp, claims that users will have to start paying for WhatsApp services.

Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been broadcast as a broadcast message several times in the past.

Kwara to secure FG N18 billion bridging financing to take out legacy loans, others

Previous PierianDx Closes Up To $ 47.5 Million In Growth Capital | Missouri
Next Global Medical Grade N95 Respirator Market 2021 by Key Players - 3M, Honeywell, Kimberly-clark, Cardinal Health - Bolivar Commercial

No Comment

Leave a reply

Your email address will not be published.