Paucity of funds cause of slow pace of IPP – Gan­duje

Weekly Trust - - News - Yusha’u A. Ibrahim, Kano

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.

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