Breaking News: Kwara State Governor Unveils N296.4 Billion 2024 Budget Proposal To Legislative Assembly

On Thursday, Governor AbdulRahman AbdulRazaq of Kwara State presented a robust fiscal plan of N296.4bn for the year 2024 to the state parliament. The proposed budget, which reflects a 15.5% increase from the outgoing year, allocates a substantial 61% to capital expenditure, while the remaining 39% is designated for recurrent expenses. Governor AbdulRazaq disclosed that the budget commences with an opening balance of N25bn.

During the budget session presided over by the Speaker of the Kwara State House of Assembly, Rt. Hon. Yakubu Danladi-Salihu, the governor outlined key initiatives for the upcoming year. These include plans for negotiating a new minimum wage and the establishment of an expansive 18,000-hectare Smart City Satellite Town in Ilorin, the state capital.

Governor AbdulRazaq emphasized a commitment to building on the achievements of the first term, focusing on completing ongoing infrastructure projects, initiating new ones, and enhancing the economic foundation of the state. Notable flagship projects scheduled for formal inauguration in the new year include a garment factory, visual arts center, Tunde Idiagbon bridge, innovation hub, sugar film factory, two campuses of Kwara State University, and a shea butter factory in Kaiama.

The governor expressed optimism that these projects would generate tens of thousands of direct and indirect jobs, fostering collective prosperity on a sustainable basis. The budget, aptly named the “budget of economic expansion and collective prosperity,” outlines a capital expenditure of N180.0bn, with recurrent components receiving N116bn.

Among the priorities outlined in the fiscal plan is the completion and unveiling of legacy projects, including the Ilorin Smart City Satellite Town. Modeled after sustainable cities like Washington DC, this ambitious project covering 18,000 hectares is set to break ground in the coming year.

Additionally, the budget addresses preparations for negotiating a new minimum wage, the completion of the Kwara State Internal Revenue Service (KWIRS) modern headquarters, and the initiation of impactful programs such as the Adolescent Girls Initiative for Learning and Empowerment (AGILE), a livestock development center at Lata, and the special agroprocessing zone. The latter aims to provide infrastructure to mitigate conflicts between herders and farmers.

Governor AbdulRazaq anchored the fiscal plan on economic parameters, 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, a GDP growth projection of 3.76%, and an inflation rate of 21.4%.

Detailed information on the budget estimates will be available in the full version of the fiscal plan to be issued later.

For more information join our whatsapp group by clicking the link here: WhatsApp Group Invite

For contributions and inquiries, reach us at bushradiogist@gmail.com, 090 1907 0863 (WhatsApp only)

Source: Bushradiogist