Kwara State Governor AbdulRahman AbdulRazaq on Thursday presented N296.4bn to the state Assembly as a fiscal plan for 2024 for deliberation.

The budget christened “budget of economic expansion and collective prosperity,” saw capital expenditure taking N180.0bn, representing 61 per cent of the total fiscal plan, while the recurrent component gets N116bn, or 39 per cent.

The governor said the budget will be funded from an assortment of sources, especially the internally generated revenue and receipts from the federation accounts, among other channels.”

According to the Chief Press Secretary (CPS) to the governor, Rafiu Ajakaye, the budget is 15.5 per cent higher than the outgoing year’s budget with an opening balance of N25bn.

Governor AbdulRazaq recalled: “together in four years, we brought socioeconomic and political stability to our state and restored the dignity of the human person.

“We have redefined public education in human resource and infrastructure, basic healthcare delivery, social security, public service, rural development, sports and recreational development, while measurable steps have been taken to make Kwara a hub of innovation, creativity, and viable economic activities in Nigeria.

“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.

“These, in shaa Allaah, will create tens of thousands of direct and indirect jobs in the new year, and spread collective prosperity on a sustainable basis.

“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.

“Further details on the budget estimates are contained in the full version of the fiscal plan, which would be issued later.

“The budget will be funded from an assortment of sources, especially the internally generated revenue and receipts from the federation accounts, among other channels.”

Danladi-Salihu, on 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 said the legislature will peruse the budget and act in accordance with the public good.

“Let me acknowledge and commend Your Excellency for transparency, accountability, and fiscal discipline exhibited in the implementation of the budget in outgoing year 2023,” he said.

“It is my hope that the year 2024 appropriation bill contains realistic projections both on revenue and expenditure that all critical sectors of the economy are accorded adequate attention. It is only by doing this that the administration will consolidate on the achievements recorded in the first four years.”

He 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.
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