Governor AbdulRahman AbdulRazaq of Kwara State today submitted 2024 budget proposal of N296.4 billion to the State House of Assembly for consideration and passage.
Governor AbdulRazaq made the presentation at the Hallowed Chamber of the House in Ilorin, the state capital.
He said next year’s fiscal document cristened “Budget of Economic Expansion Collective Prosperity” has largest capital expenditure of N280 billion representing 61 percent of the total fiscal plan.
The Governor pointed out that the recurrent expenditure is N116 billion of 39 percent as the fiscal plan would prioritize completion of ongoing projects and launching of new ones that centre around the welfare of the people.
The governor announced that, projects like Garment Factory, Visual Arts Centre, Innovation Hub, Sugar Factory, Tunde Idiagbon Bridge and two campuses of Kwara State University, Malete in Osi and Ilesha Baruba including Shea Butter Factory in Kaiama would be commissioned next year.
Earlier in his remarks, the speaker of the House, Rt. Hon. Yakubu Salihu Danladi explained that next year’s budget plan as presented by the governor contained realistic projections, urging him to ensure all critical sectors of the state economy are accorded attention to consolidate on the achievements recorded in the first four years.
Speaker Danladi on behalf of his colleagues assured the Governor of the readiness of the House to work round the clock to ensure that the Appropriation Bill is meticulously scrutinized as constitutionally required.
The Appropriation Budget is to be funded with Internally Generated Revenue, receipts from Federation Account as well as development partners, plus other channels predicted on oil benchmark of 77 dollar per barrel, oil daily production of 1.78 million barrels.
The next year’s budget is on assumption of N750 exchange rate to a dollar and Gross Domestic Product GDP growth projection of 3.76 percent and inflation of 21.4 percent