The Kwara State Government collaborating with a primary mortgage institution (PMI), Aso Savings and Loan Plc, to provide infrastructure for a new Government Reservation Area (GRA) located at Tanke area in Ilorin, the state capital, estimated to cost about N1.7 billion.
The Stateâ€™s Director of Bureau of Lands, Alhaji Kalmadeen Ajibade, explained that the project will be jointly financed by the state and the mortgage firm.
Under the arrangement, Ajibade remarked that the state government will contribute a sum of N149 million, noting that N79 million has already been released for the project, while the balance will be provided by the PMI, which is also the coordinator of the project.
â€œThe project is a private- public partnership (PPP) initiative of the state government with Aso Savings, which is expected to fund the provision of essential infrastructure like water, electricity, road, drainages, among others, with a sum of N1.6 billion,â€ he said.
He explained that the project will be executed in four phases, with 407 plots of land to be sold in the first phase of the project, noting that profit from the project will be shared appropriately between the government and the coordinating firm.
He said that the Bureau of Lands has already commenced the sales of form at a cost of N50, 000 for corporate organization and N25, 000 for private individual for the project, adding that current administration in the state is committed to its housing all programme.