Breaking: N296.4 Billion Set for Kwara in 2024 Budget Proposal
The governor of Kwara State, AbdulRahman AbdulRazaq, presented the legislature with a N296.4 billion budget for 2024 on Thursday. Of this amount, 61% was allocated for capital expenses, and the remaining 39% was for ongoing expenses.
The governor, who began his speech by expressing his “profound gratitude” to God, his appreciation to the people of Kwara and his party, the APC, for another victory in the most recent general elections, and his recognition of the legislators’ supportive role, said that the budget is 15.5% higher than the budget of the previous year and has an opening balance of N25 billion.
Along with heads of statutory commissions, government employees, elite traditional leaders, security chiefs, party elders, corporate executives, and civilians, Deputy Governor Kayode Alabi headed the governor’s entourage.
Speaker of the Kwara State House of Assembly, Rt. Hon. Yakubu Danladi-Salihu, led the budget session.
I want to start my budget address by expressing my sincere gratitude to Almighty Allah for His unfailing mercies, which allowed us to win 100% of the vote in the most recent election.
In addition to you, members of this sacred chamber, for your comprehension, maturity, and love for our state, I attribute that triumph and the success of our first term to the wonderful people of Kwara State who walked with us and trusted us with another mandate,” the governor declared.
Together, we restored human dignity and brought political, social, and economic stability to our state in just four years. Public education has been redefined in the areas of infrastructure and human resources, public service, social security, public education, rural development, sports, and recreation.
Measurable steps have also been taken to establish Kwara as a center of innovation, creativity, and profitable economic activity in Nigeria.
“The next four years will serve to build on the achievements of our first term, broaden the revenue base to increase the state’s self-sufficiency, improve the lot of our people, and expand the economic base of this beautiful state by finishing ongoing infrastructure projects and starting new ones.
We will formally open our flagship projects in the new year, including the sheabutter factory in Kaiama, the visual arts center, the sugar film factory, the Tunde Idiagbon bridge, the two campuses of Kwara State University, and the garment factory.
“These will, in shaa Allaah, spread community prosperity on a sustainable basis and generate tens of thousands of direct and indirect jobs in the new year.
For this reason, the budget for the upcoming year has been dubbed the one of “economic expansion and collective prosperity.” With an initial balance of N25 billion, the budget has a size of N296.4 billion.
Of the overall budget, the capital expenditure accounts for N180.0 billion, or 61%, and the recurrent component for N116 billion, or 39%.
“The completion and launch of a number of our legacy projects, together with the introduction of a few others that are focused on the welfare of the populace, will be given priority under this budget plan.
I am happy to notify this Honorable House that the Ilorin Capital City Master Plan would formally result in the creation of what we refer to as Ilorin Smart City Satellite Town, an estimated 18,000 acre area.
This city is based on green, sustainable cities seen all over the world, such Washington, DC. With God’s blessing, this massive project will break ground the next year.
Other notable events include the founding of the Kwara State University Teaching Hospital and Kwara State University of Education, the completion of the first phase of the industrial park at Eiyenkorin, the MSMEs Support Funds, the restoration of Ilesha Baruba Waterworks and other waterworks throughout the state, the building of statewide rural access roads through RAAMP, the restoration of Isanlu Isin Waterworks and the extension of pipes, the restoration of Pampo Waterworks and the maternity unit at the civil service clinic, the expansion of 13 hospitals throughout the state, the construction of 250 housing units under the State Government’s proposed mass housing scheme, the establishment of CBT Centers throughout the three districts, the comprehensive curriculum revision and training under KwaraLearn, and the payment of UBEC counterpart.
This document also addresses our plans for a new minimum wage, which will be discussed when negotiations begin next year, as well as the completion of KWIRS’s new modern headquarters.
The Adolescent Girls Initiative for Learning and Empowerment (AGILE), the livestock development center at Lata, the special agroprocessing zone, and the L-PRES project, which aims to provide infrastructure and an environment to curb conflict between farmers and herders, are just a few of the life-changing initiatives we will start implementing.
The expected price of crude oil at $77.96, the daily output of 1.78 million barrels, the exchange rate of N750/USD, the 3.76 percent GDP growth projection, and the inflation rate of 21.4% are the foundations of this document.
The complete fiscal plan, which will be released later, has further information on the budget estimates.
“The budget will be funded through a variety of channels, with internal revenue and federation account receipts serving as the primary sources of funding.”
For his part, Danladi-Salihu claimed that the governor had performed so admirably during his first term that he was deserving of the popular vote that granted him a further four years in office.
He declared that the legislature would review the budget and take actions that advance the general welfare.
“I would like to express my gratitude to Your Excellency for the transparency, accountability, and fiscal discipline demonstrated during the budget implementation in the 2023 outgoing year,” he stated.
According to the budget, it is documented that this administration has finished a number of people-oriented initiatives throughout the entire state.
Considering the religious pursuit of the state’s entire development, which has been a primary purpose of your administration since your second coming, the desire to build on the modest accomplishments documented during your first term appears to be on track.
“The amount of projects that are finished, those that are in progress, and those that are almost finished makes me feel satisfied.
Notable and praiseworthy is the fact that Your Excellency has continued to revive the state’s counterpart fund fulfillment with such fervor throughout all sectors.
Every Kwaran can see the results of these as they revitalize areas like health, rural roads, water supply and sanitation, basic education, and many more that were on the verge of collapse before you joined the team but have since seen a rebirth as the state’s citizens have been given new life.
“I hope that the appropriations plan for 2024 has reasonable estimates for both revenue and spending, ensuring that all important economic sectors receive sufficient attention. The administration can only build on the accomplishments from the first four years by taking this action.
He gave the Governor his word that the House was prepared to work nonstop to ensure that the budget was passed on time following careful parliamentary examinations.