The council, which met Tuesday, immediately after the swearing-in ceremony of the new commissioners, among other deliberations, agreed that the bond has become necessary in the face of incessant slide in the monthly Federal Allocations.

The Commissioner of Finance, Ademola Bane, while briefing newsmen after the council meeting said, few months ago, the state was earning N3.4B as federal allocation, but that last month, it went down to N1.4B. He said this will not be able to sustain the State's government commitment to salaries alone, which stands at N2.4B monthly, if nothing is done to improve the situation.

While fielding questions at the press conference, the Chief Economic Assistant to the the Director-General for Kwara Public Private Partnership, Yomi Ogunmola said the state will not be able to achieve her infrastructural drive if an alternative source of funding is not sought.

He clarified that the state government, asides improving the internally generated revenue, believes that the bond will help to cause a bottom-up spiral effect on the economy of the state, as more investments will spring up, as infrastructural developments is enhanced.

Furthermore, the newly appointed Commissioner for Information, Alhaji Mahmud Ajeigbe, expressed delight at meeting newsmen, and also added that the state has resolved that to use the bond for multi-sectoral projects which will cut across Education, Health, Sports, Roads, Education, Energy etc.