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By Abdullahi Ahmed
Kwara State Governor, AbdulRahman AbdulRazaq, has presented the 2024 budget estimate of Two Hundred and Ninety-six point four billion Naira (N296.4Billion), to the State House of Assembly.
The budget is 15.5% higher than the budget of the outgoing year, and has an opening balance of N25bn.
Governor Abdulrazaq explained that capital expenditure takes the lion share of N180.0bn, representing 61% while the recurrent component gets N116bn, representing 39% of the total fiscal plan, christened as the budget of ‘Economic Expansion and Collective Prosperity’.
He noted that the budget would prioritise the completion and unveiling of several legacy projects, and introduction of a few other ones which would centre on the welfare of the people.
Governor AbdulRazaq stressed that in the past four years, his administration brought socio-economic and political stability to the State, redefined public education as well as infrastructure, basic healthcare delivery, social security, public service and rural development.
He gave an assurance that the next four years would serve to consolidate on the gains recorded in the first term, expand the economic base of the State through completion of ongoing infrastructural projects and commencement of new ones.
Governor AbdulRazaq added that in the new year, flagship projects such as garment factory, visual arts centre, Tunde Idiagbon bridge, innovation hub, sugar film factory, the two campuses of Kwara State University, and sheabutter factory in Kaiama, among others would be formally inaugurated.
In a remark, the Speaker, Kwara State House of Assembly, Yakubu Danladi-Salihu, commended the Governor for the transparency, accountability, and fiscal discipline he exhibited in the implementation of the 2023 budget.
The Speaker assured the Governor of the readiness of the House to work round the clock to ensure timely passage of the budget after thorough legislative scrutinies in accordance with public good.
The Appropriation Budget is to be funded with Internally Generated Revenue, receipts from Federation Account and development partners, as well as other channels predicted on oil benchmark of Seventy- Seven dollar per barrel, oil daily production of One point Seven Eight million barrels.
It was also estimated on the assumption of Seven hundred and Fifty naira exchange rate to a dollar and Gross Domestic Product, GDP growth projection of Three point Seven Six percent and inflation of Twenty-One point Four percent.
The Deputy Governor, Kayode Alabi, led the Governor’s entourage which include top heads of statutory commissions; government officials; first class traditional rulers; security commanders; party elders; business executives; and citizens.
