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Kogi State Government To Borrow $100 Million For Economic Development - Politics - Nairaland

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Kogi State Government To Borrow $100 Million For Economic Development by LosC: 2:12am On Feb 06
The Kogi State Government has concluded plans to borrow an extra 100 million dollars in order to fast track the social economic development of the state.

The Kogi State Commissioner for Finance, Budget and Economic Planning, Asiru Idris disclosed this on Wednesday while briefing newsmen shortly after the State Executive Council meeting held at the government house in Lokoja.

Mr. Idris also said there was no cause for alarm over the intended debt as the state is buoyant enough to sustain its present and expected debts.
Idris said the state has already paid a visit to the senate to defend its need for the 100 million dollars which when released will be channelled towards developing the Staple Crop Processing Zone, SCPZ in Alape, Kabba Bunnu area of the state.

“The 100 million dollar when accessed will be used to build roads, construct electricity and other social amenities within the Alape Crop Processing Zone.

“This will in turn make the place and the state accessible to investors to come in and do agricultural businesses; a development that will generate income and employments for the state.”

Asiru also confirmed that the state still had the capacity to borrow based on its fiscal sustainability plan

‘‘The fiscal sustainability of the state gives room for borrowing. If the state debt has not gone beyond 250 per cent of his income then, it can still borrow. Kogi is presently on 147 percent.

“Also, a state who is not using more than 40 percent of his Internally Generated Revenue, IGR, to service loan can still borrow. Kogi is presently using only 28 per cent of its IGR to service loan. We still have a difference of 12 per cent to borrow.

“We are not borrowing for consumption. We are borrowing to build capital projects. This is in line with the state governor‘s fight against insecurity. Because if you don’t provide food security then any fight against insecurity will be a mirage.”

The Finance Commissioner also said the state government at the Executive meeting approved the creation of a new Department of International Cooperation to coordinate funds from World Bank, and other donor agencies.

He said all ministries have also been mandated to look inward and contribute to the economic development of the state in line with the fiscal discipline directive of the governor’s agenda.
https://dailypost.ng/2020/02/05/kogi-state-govt-set-to-borrow-100million-for-economic-development/

Re: Kogi State Government To Borrow $100 Million For Economic Development by akinbode1(m): 2:39am On Feb 06
Next Level of poverty...
Kogites Congratulations and pls enjoy your next level.... cool

79 Likes 3 Shares

Re: Kogi State Government To Borrow $100 Million For Economic Development by Israelconcepts: 2:42am On Feb 06
grin
Re: Kogi State Government To Borrow $100 Million For Economic Development by Maxymilliano(m): 3:59am On Feb 06
$100m ? Is he converting kogi to Texas

57 Likes 3 Shares

Re: Kogi State Government To Borrow $100 Million For Economic Development by MoxxxxO123(m): 5:13am On Feb 06
This country

6 Likes

Re: Kogi State Government To Borrow $100 Million For Economic Development by recievesense: 5:20am On Feb 06
how?

2 Likes 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by teamsynergy: 5:21am On Feb 06
Silly politicians , he will borrow money that will take 20years to repay . The money will be looted the state will plunge in to another pit of debt.


Their govt doesn't appear Bright enough to make the state economically viable

36 Likes

Re: Kogi State Government To Borrow $100 Million For Economic Development by Mrtitanic(m): 5:22am On Feb 06
100 million dollars= 36plus million naira 36plus billion naira

Great move, Only problem it's that more than half of the funds will be looted by the criminals in office, they have been borrowing money since ages to better the economy yet kogi state remains the same unchanged.

Modified
@Dozieson thanks for the correction we are really going backwards in this country

1 Like 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by 0taPiaPia(m): 5:22am On Feb 06
Well, I have nothing to say.
Just happy that am alive this beautiful morning cool
Thanks to Jehovah

25 Likes 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by Mrbenny001: 5:23am On Feb 06
That's small naa, why not make 100 billion dollars, audio development

2 Likes

Re: Kogi State Government To Borrow $100 Million For Economic Development by Centcanada: 5:25am On Feb 06
The only thing I see in this country is a mirage and for kogi as a state, kogi was create to feel pain. That's all I see. They open their etas and vote this monster called Bell or Bello, so they should take whatever that comes from him. I riot!

17 Likes 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by mrfix212: 5:25am On Feb 06
so where is he going to borrow it from?! grin grin grin [color=#990000][/color]
Re: Kogi State Government To Borrow $100 Million For Economic Development by Centcanada: 5:25am On Feb 06
The only thing I see in this country is a mirage and for kogi as a state, kogi was create to feel pain. That's all I see. They open their etas and vote this monster called Bell or Bello, so they should take whatever that comes from him. I idiot!
Re: Kogi State Government To Borrow $100 Million For Economic Development by linearity: 5:28am On Feb 06
hmmmm
Re: Kogi State Government To Borrow $100 Million For Economic Development by Glycosunde: 5:29am On Feb 06
Kogites if I hear pimm, una go hear yimmm. Make una kindly enjoy una next level of poverty. I believe Yeye Bello he can never disappoint to being useless and clueless.


Meanwhile in another news, na person application letter dem take tie akara so. Dem nor even fit remove d guy passport

19 Likes 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by benpuzzy(m): 5:30am On Feb 06
This people have come again oooooooooooo, Mr. Governor first tackle the security challenges in your State and see how investors will flow into your State.

1 Like

Re: Kogi State Government To Borrow $100 Million For Economic Development by dominique(f): 5:31am On Feb 06
Kogi people sorry o
Re: Kogi State Government To Borrow $100 Million For Economic Development by Dozieson(m): 5:31am On Feb 06
Mrtitanic:
100 million dollars= 36plus million naira,

Great move, Only problem it's that more than half of the funds will be looted by the criminals in office, they have been borrowing money since ages to better the economy yet kogi state remains the same unchanged.

How can $100m be 36plus million Naira? We are talk of billions of naira to be looted. This should not be approved because we know the end already

5 Likes 1 Share

Re: Kogi State Government To Borrow $100 Million For Economic Development by brainworkng: 5:32am On Feb 06
Kogi people how market? grin grin
Re: Kogi State Government To Borrow $100 Million For Economic Development by Auxtin85(m): 5:33am On Feb 06
APC government with borrowing

1 Like

Re: Kogi State Government To Borrow $100 Million For Economic Development by Papanwamaikpe: 5:35am On Feb 06
Mrtitanic:
100 million dollars= 36plus million naira,

Great move, Only problem it's that more than half of the funds will be looted by the criminals in office, they have been borrowing money since ages to better the economy yet kogi state remains the same unchanged.
100m dollars is around 360b naira
Re: Kogi State Government To Borrow $100 Million For Economic Development by TheMan3: 5:37am On Feb 06
Why not 1 billion dollars!
Re: Kogi State Government To Borrow $100 Million For Economic Development by GreenArrow1(m): 5:40am On Feb 06
Jokers!
Re: Kogi State Government To Borrow $100 Million For Economic Development by awesome99(m): 5:46am On Feb 06
Nigeria my country
Re: Kogi State Government To Borrow $100 Million For Economic Development by Enemyofpeace: 5:46am On Feb 06
Whi h economic development? I pity the person that will take over from this yeye bello. This hediot will soon be reacher than the state
Re: Kogi State Government To Borrow $100 Million For Economic Development by cardoctor(m): 5:46am On Feb 06
Another loan bites the dust.
Re: Kogi State Government To Borrow $100 Million For Economic Development by rossi49ja(m): 5:47am On Feb 06
I feel so sorry for this state. Kogi has never been blessed with good leadership but this current clown has made the bad ones look like saints in comparison.

Economic development indeed cry cry cry. Kogites, welcome to next level Poverty.

4 Likes

Re: Kogi State Government To Borrow $100 Million For Economic Development by BRASH: 5:48am On Feb 06
Assistant dullard has joined his master in collecting loans senselessly. What does this one knw about economic development? Does he even have the ideas? Abi he just wants us to believe he is workìng. Nonsense.
Re: Kogi State Government To Borrow $100 Million For Economic Development by ORACLE1975(m): 5:48am On Feb 06
Bad
Re: Kogi State Government To Borrow $100 Million For Economic Development by crownwealth: 6:05am On Feb 06
IT IS FINISHED!


Yeye Below want to FASTTRACK LOOT!
Re: Kogi State Government To Borrow $100 Million For Economic Development by GidiWoodsMan(m): 6:05am On Feb 06
Borrow-to-steal is the new M.O of Nigerian politicians/white-collar-bandits
Re: Kogi State Government To Borrow $100 Million For Economic Development by OakConsultNG: 6:06am On Feb 06
Okay.. coming from a state that is still struggling with payment of salaries. In Kogi, one major thing that drives investors away is the very porous security architecture, and not the lack of business opportunities.


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