BREAKING: Gov AbdulRazaq Presents N296.4billion 2024 budget proposal to Kwara Assembly
Kwara State Governor AbdulRahman AbdulRazaq today presented the State House of Assembly with a N296.4 billion budget proposal for 2024 for review and approval.
The gift was given by Governor AbdulRazaq in the state capital of Ilorin, at the House of Assembly’s Hallowed Chamber.
He noted that the highest capital expenditure in the upcoming year’s budget, dubbed the “Budget of Economic Expansion Collective Prosperity,” is N280 billion, or 61 percent of the overall budget.
The Governor emphasized that the budget plan will prioritize finishing up ongoing projects and starting new ones that are centered around the welfare of the people, meaning that recurrent expenditures account for N116 billion, or 39%, of total spending.
The governor declared that the following year would see the commissioning of several projects, including the Shea Butter Factory in Kaiama, the Visual Arts Center, the Innovation Hub, the Garment Factory, the Tunde Idiagbon Bridge, and two campuses of Kwara State University, Malete in Osi and Ilesha Baruba.
Earlier in his speech, House Speaker Rt. Hon. Yakubu Salihu Danladi explained that the governor’s budget plan for the upcoming year included reasonable projections and urged him to make sure all important sectors of the state economy receive the attention they need to build on the accomplishments of the previous four years.
On behalf of his colleagues, Speaker Danladi informed the Governor that the House is prepared to work nonstop to guarantee that the Appropriations Bill is carefully examined.
The Appropriation Budget is expected to be supported by internally generated revenue, receipts from the Federation Account, development partners, and other channels based on a daily output of 1.78 million barrels of oil and an oil benchmark of 77 dollars per barrel.
The budget for the following year is based on the assumption of a N750 exchange rate to the dollar, a 3.76 percent GDP growth prediction for the GDP, and a 21.4% inflation rate.
