Kwara State Governor AbdulRahman AbdulRasaq has presented N540 billion budget proposal for the 2025 fiscal year to the state Assembly.
AbdulRazaq said the budget stands on projected oil prices of $75 per barrel, daily oil production of 2.06 million barrels, and 6.4 per cent GDP growth.
The funding windows, according to him are FAAC receipts, which constitute 48.1 per cent; and opening balance (N62bn), IGR, and other capital receipts that form the balance of 51.9 per cent.
Christened “the budget of economic stability and sustained prosperity funds,” will ensure the completion of ongoing projects like the international conference centre, innovation hub, Patigi Motel, Kwara Hotel, and several roads across the state. Construction will begin on the multi-story CourtHouse and access roads for Smart City project, alongside the development of 250 mass housing units.
Statewide road construction and the reconstruction of Lafiagi and Offa Stadia are also prioritised.
Presenting the bill on Friday, the governor dedicated 62.1 per cent of the entire budget to capital expenditure while 37.9 per cent is given the recurrent expenditures.
According to him, the budget would complete the major infrastructural projects in the state, and fund new ones that include 250 units of mass housing and inner roads in the smart city.
The stadia in Offa and Lafiagi are also prioritised in the budget, while new roads are to be constructed in Kwara South, North, and Central senatorial zones for easier movement of goods and services within the state.
AbdulRazaq said construction work will begin on the CourtHouse, while the Metropolitan Square will be upgraded and completed.
Pointing at massive youth and women empowerment and anti-poverty initiatives, he announced that the social sector gets 32.50 per cent of the plan, while education and health are allotted 16.2 per cent and 10.56 per cent respectively, with a focus on getting the new university of education off the ground and strengthening existing institutions across the state.
The budget reads in part: “Ministry of Works and Transport gets 17.51 per cent to carry on its massive road construction and maintenance mandate. Reflect our commitment to delivering on promises as resources permit,” recalling how the 2024 budget brought significant benefits to various sectors, including infrastructure, healthcare, education, and social protection.
“In 2024, we supported 171,649 farmers, invested in irrigation systems, and provided N2.2bn worth of farm inputs,” he said.
“We also funded education for 66,000 entrance exam candidates, 58,420 BECE candidates, 28,500 WAEC candidates, and 27,000 NECO candidates. Over 70,000 vulnerable people received social protection, including those impacted by the urban renewal programme.
“The urban renewal programme has transformed the capital city, improving its infrastructure significantly, restoring law and order, and projecting Ilorin as a modern city,” he read.
The Governor however celebrated the prudence of his administration, saying “while the year recorded unprecedented investment in physical infrastructure and social welfare, we similarly reduced the debt burden of the state to N58.87b in the third quarter, down from N109.16bn in December 2023.”
Speaker Yakubu Danladi-Salihu, who commended the strides of the Governor, assured him of speedy and thorough consideration.
The Speaker said the state’s investment in counterpart funds to development partners has bolstered its standing in education, health, and agricultural sectors.
“On our part as legislators, we will immediately swing into action by looking at the document, and interact with heads of ministries, departments, and agencies at the defence sessions that will be underway shortly,” he said.
