Kwara State Governor Abdulfatah Ahmed says the State government’s Infrastructure Development Fund (IF-K) will accelerate infrastructural growth in the state on a sustainable basis.
Governor Ahmed, who said this during a meeting with investors in Ilorin on Monday, noted that by providing a fund dedicated to infrastructure projects, IF-K ensures the state government will be able to implement developmental projects and pay contractors promptly.
According to him, the implication is that contractors do not have to be mobilized before they commence projects since they are guaranteed payment at different milestones of the project.
Ahmed stated that the primary aim of IF-K is to provide sustainable funding for continuous infrastructure development through partnership with private sector and efficient resource allocation.
The governor added that IF-K is an alternative funding window for projects worth over N300m, noting that the executed projects will be certified by independent assessors before the contractors are paid. According to him, other high value infrastructure projects will be funded through other funding windows as enshrined in the budget.
Ahmed emphasized that the infrastructure fund will outlive his administration as it is enshrined in Kwara State Public Private Partnership Law 2015. He disclosed that IF-K will commence in the last quarter of 2016 with a N4.2b Energy sector project.
He gave assurance that the scheme will not put any undue pressure on the State’s finances as adequate plans have been made to ensure that government contributes to IF-K regularly through prudent resource allocation while meeting other obligations.