On Thursday, Kwara State Governor, AbdulRahman AbdulRazaq, presented a fiscal plan of N296.4bn for the year 2024 to the parliament. The proposed budget allocates a substantial 61% to capital expenditure, while the remaining 39% goes to recurrent spending. This budget reflects a 15.5% increase from the outgoing year, with an opening balance of N25bn, as highlighted by the governor…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

AbdulRazaq also outlined the state’s initiatives for negotiating a new minimum wage next year and the establishment of an 18,000-hectare Smart City Satellite Town in Ilorin. The budget session was presided over by the Speaker of the Kwara State House of Assembly, Rt. Hon. Yakubu Danladi-Salihu.

During the presentation, AbdulRazaq emphasized the government’s commitment to consolidating gains, expanding the economic base, completing ongoing infrastructural projects, and initiating new ones. He highlighted flagship projects set for formal inauguration, such as the garment factory, visual arts center, Tunde Idiagbon bridge, innovation hub, sugar film factory, Kwara State University campuses, and more.

The governor named the fiscal plan the “budget of economic expansion and collective prosperity.” With a total size of N296.4bn and a dominant capital expenditure of N180.0bn, the budget aims to prioritize legacy project completion and the introduction of initiatives focused on public welfare.

Key highlights include the Ilorin Smart City Satellite Town, modeled after sustainable cities globally, and the establishment of the Kwara State University Teaching Hospital and Kwara State University of Education. Other projects encompass the completion of the industrial park at Eiyenkorin, MSMEs Support Funds, rehabilitation of waterworks, construction of rural access roads, and various healthcare and education initiatives.

The budget also anticipates the negotiation of a new minimum wage, completion of KWIRS modern headquarters, implementation of life-changing programs, and investments in agriculture and conflict resolution between herders and farmers.

AbdulRazaq based the budget estimates on economic indicators, including an estimated crude oil price of $77.96, daily oil production of 1.78 million barrels per day, an exchange rate of N750/USD, GDP growth projection of 3.76%, and a 21.4% inflation rate.

The governor confirmed that the budget would be funded through various sources, with a significant reliance on internally generated revenue, receipts from the federation account, and other channels. The Speaker of the State House of Assembly, Danladi-Salihu, commended AbdulRazaq’s performance in his first term and assured thorough scrutiny and legislative action on the budget.