Speaking during the inauguration at the Government House, Ilorin on Friday, Governor Ahmed described IF-K as a stand-alone funding scheme, which offers a reliable funding window for infrastructural projects.
He explained that in view of the current economic realities, it was imperative for the State government to devise alternative funding options to meet its obligations and carry out developmental projects for the benefit of the people.
Governor Ahmed disclosed that IF-K will be managed by trustees who are independent of the State government, adding that capital projects executed under the scheme will also be inspected by independent project assessors in order to ensure that contractors comply with the required project standards.
The governor noted the infrastructure fund will be backed by initial seed money and an Irrevocable Standing Payment Order (ISPO), which will be sourced from the State’s internally generated revenue monthly.
According to him, the IF-K gives project contractors the confidence to borrow money to execute projects knowing full well that payment is guaranteed by the fund which is backed by the Kwara State Public and Private Partnership Law 2015.
Governor Ahmed assured that all ongoing projects will be funded to completion under the IF-K while new capital projects will also be delivered.
The new projects that will be executed according to him include the construction of two new campuses for the Kwara State University at Osi and Ilesha-Baruba and the renovation and equipping of Ilorin Stadium Indoor Sports Hall.
Others are the construction of the Geri-Alimi Diamond underpass and the new Civil Service Secretariat as well as the implementation of the Light-Up Kwara project, which is comprised of the installation of streetlights across major centres in the State.
Governor Ahmed urged members of the committee to discharge their responsibilities effectively, ensure that all necessary structures needed for the successful implementation of the IF-K scheme are put in place and be mindful of time frame for all projects.
Members of the IF-K implementation committee are the Chief of Staff, Alhaji Abdulwahab Babatunde, Commissioner for Finance, Alhaji Demola Banu, Director General of the State Bureau of Public Private Partnership (KP3), Mr. Yomi Ogunsola and the Chairman, Kwara State Internal Revenue Service (KWIRS), Dr. Muritala Awodun.
Others are the Special Adviser to the governor on Infrastructure, Yinka Olaoye, Senior Special Assistant, Government House, Alhaji Ibrahim Adeyemi, Senior Special Assistant on Media and Communications, Dr. Muyideen Akorede and the Assistant Director at KP3, Mrs. Mosunmola Shaaba Lafiagi.