The Kwara State government yesterday shed more light on the N23billion bonds it plans to access from the capital market for the execution of capital projects.

It added that the bond will enable the state to save N500 million monthly.

The state Finance Commissioner, Demola Banu while explaining the necessity of the bond to reporters, said the monthly safing will enable the state embark on more capital projects.

Also at the briefing were Works and Transport Commissioner, Dr Abubakar Kannike, Senior Special Assistants to Governor AbdulFatah Ahmed on Investment and Media and Communications, Abayomi Ogunsola, and Dr Muideen Akorede as well as the governor's Chief Press Secretary, Abdulwahab Oba.

Banu said: "The N17 billion bonds that the state government obtained from the capital market in 2009 will be fully repaid in August this year. There was an initial proposal of N30 billion which was reduced to N23 billion. We have an existing loan that will amount to N7.5 billion by July this year, this is not part of the N17 billion loan, we got that loan from the commercial bank."