Paucity of funds cause of slow pace of IPP – Ganduje
Impediment encountered in accessing a N10billion loan from the Bank of Industry (BOI) is slowing down the completion of the multi-billion naira Kano Independent Power Project, the Governor, Dr Abdullahi Umar Ganduje, revealed.
Ganduje made the disclosure when he received the Managing Director of the Bank of Industry, Mr Olukayode Pitan in his office on courtesy visit.
The governor therefore appealed to the management of the bank to take steps to hasten its credit delivery process, to facilitate completion of the project by the end of this year.
Dr Ganduje also lamented that certain formalities were responsible for the minimal access to the BOI/Kano State Matching Fund, pointing out that so far, only about N400 million out of the N2billion set aside were disbursed.
The Managing Director announced that the bank has concluded arraignment to receive the second tranche of the N500million of the matching fund to further support indigenous entrepreneurs in the state.