…CAPEX takes 61% of budget, recurrent 39%
…Roads, housing, health, education, minimum wage in focus
…Gov to unveil 18,000 hectares Smart City project in new year
FRI, DEC 15 2023-theGBJournal|Kwara State Governor AbdulRahman AbdulRazaq on Thursday laid before the parliament a N296.4 billion fiscal plan for year 2024, with N180.0 billion or 61% of the proposed spending allocated for capital expenditure. While N116 billion, or 39% is slated for recurrent expenditure.
The budget is 15.5% higher than the budget of the outgoing year, and has an opening balance of N25 billion, according to the Governor, who heralded his speech with “appreciation to the people of Kwara and his party, APC, for another win at the last general elections, and acknowledgement of the supportive role of the legislators.
The budget is predicated on the estimated crude oil price of $77.96, daily oil production of 1.78 million barrel per day, exchange rate of N750/USD; GDP growth projection of 3.76 percent and 21.4% inflation rate.
The Governor said the budget will be funded from an assortment of sources, especially the internally generated revenue and receipts from the federation accounts, among other channels.
The budget session was presided over by the Kwara State House of Assembly Speaker Rt. Hon. Yakubu Danladi-Salihu.
“This fiscal plan will prioritise the completion and unveiling of several of our legacy projects, and introduction of a few other ones that centre around the welfare of the people,” the Governor said.
He informed the 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,”
“It is my hope that the year 2024 appropriation bill contains realistic projections both on revenue and expenditure that all critical sectors of the economy are accorded adequate attention. It is only by doing this that the administration will consolidate on the achievements recorded in the first four years,” Speaker Danladi-Salihu said.
He also assured the Governor of the readiness of the House to work round the clock to ensure timely passage of the budget after thorough legislative scrutinies.
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