2024 budget estimate: Kwara to spend N116bn on recurrent, pegs GDP growth at 3.76%

By Mosunmola Ayobami,Ilorin

Kwara state government would be spending the total sum of N116bn on recurrent expenditure amidst high inflation in the 2024 fiscal year.

This was contained in the 2024 Appropriation Bill presenting by Governor AbdulRahman AbdulRazaq before the House of Assembly on Thursday.

The budget proposal was 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.

With a proposed budget size of N296.4bn and opening balance of N25bn, the government plans to fund it from ‘assortment of sources’, especially the internally generated revenue and receipts from the federation accounts.

Although, the governor while presenting it before the lawmakers, did not give a total breakdown of the budget estimate.

In the budget estimate, the government intends to spend N180bn on capital projects.

In his speech, Abdurazaq said that the fiscal plan was to prioritise the completion and unveiling of several legacy projects, and introduce few other ones that centre around the welfare of the people.

“ I am glad to inform this Honourable House that the Ilorin Capital City Master Plan will officially produce what we call Ilorin Smart City Satellite Town, which will cover an area estimated at 18,000 hectares. This city is modelled after sustainable, green cities around the world, such as Washington DC. The groundbreaking of this huge project will be done next year, God willing.

“Some other highlights include the establishment of the Kwara State University Teaching Hospital; Kwara State University of Education; completion of the first phase of the industrial park at Eiyenkorin; MSMEs Support Funds; rehabilitation of Ilesha Baruba Waterworks and others elsewhere in the state; construction of statewide rural access roads through RAAMP; rehabilitation of Isanlu Isin Waterworks and extension of pipes; rehabilitation of Pampo waterworks and extension of pipes, among others; construction of new wards and expansion of maternity unit at civil service clinic; expansion of 13 hospitals across the state; construction of 250 housing units under the proposed mass housing scheme of the State Government; construction of CBT Centres across the 3 districts; wholesale curriculum revitalisation and training under KwaraLearn; payment of UBEC counterpart funds for 2022 and 2023; and some sports facilities statewide.

“Also covered in this document is our preparation for a new minimum wage, which is due for negotiation next year, completion of KWIRS modern headquarters, among other things. We will also begin the implementation of life-changing programmes like the Adolescent Girls Initiative for Learning and Empowerment (AGILE), livestock development centre at Lata; special agroprocessing zone and L-PRES project, which seeks to provide infrastructure and the environment to curb the conflict between herders and farmers”, said Abdulrazaq.

The budget session was presided over by the Kwara State House of Assembly Speaker Rt. Hon. Yakubu Danladi-Salihu.

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