2024 Budget: Governor AbdulRazaq presents N296.4Billion to Kwara assembly

Governor AbdulRahman AbdulRazaq of Kwara state on Thursday laid before the parliament a N296.4bn fiscal plan for year 2024, with the capital expenditure guzzling a whopping 61% of the proposed spending and recurrents keeping the balance of 39%.The budget cristened "Budget of ‘economic expansion and collective prosperity’ is 15.5% higher than the budget of the outgoing year and has an opening balance of N25bn, according to the governor.The budget session was presided over by the Kwara State House of Assembly Speaker Rt. Hon. Yakubu Danladi-Salihu.Governor AbdulRazaq also said that the capital expenditure takes the lion share of N180.0bn, representing 61% of the total fiscal plan, while the recurrent component gets N116bn, or 39%.He further said that “This document is predicated on the estimated crude oil price of $77.96; daily oil production of 1.78million barrel per day; exchange rate of N750/USD; GDP growth projection of 3.76 percent; and 21.4% inflation rate.“The budget will be funded from an assortment of sources, especially the internally generated revenue and receipts from the federation accounts, among other channels.” he stressed.He added,“Also covered in this document is our preparation for a new minimum wage, which is due for negotiation next year, completion of KWIRS modern headquarters, among other things'.The governor also said that the next four years ,"will serve to consolidate on the gains of our first term, expand the economic base of this lovely state through completion of ongoing infrastructural projects and commencement of new ones, make the state more self-sustaining by widening the revenue base, create more private sector-driven jobs, and better the lots of our people."" In the new year, we will formally inaugurate our flagship projects like the garment factory, visual arts centre, Tunde Idiagbon bridge, innovation hub, sugar film factory, the two campuses of Kwara State University, sheabutter factory in Kaiama, among others. "He added.He also said that “This fiscal plan will prioritise the completion and unveiling of several of our legacy projects, and introduction of a few other ones that centre around the welfare of the people. I am glad to inform this Honourable House that the Ilorin Capital City Master Plan will officially produce what we call Ilorin Smart City Satellite Town, which will cover an area estimated at 18,000 hectares. This city is modelled after sustainable, green cities around the world, such as Washington DC. The groundbreaking of this huge project will be done next year, God willing."The Speaker Hon Yakubu Danladi-Salihu, for his part, said the Governor did so well in his first term to deserve the popular mandate he got to govern the state for another four years.He also said that the legislature will peruse the budget and act in accordance with the public good.