Kwara State Governor AbdulRahman AbdulRazaq unveiled the state’s ambitious N296.4bn budget for 2024, with a significant focus on infrastructure development and social welfare initiatives today, 14th of November 2023.
The capital expenditure dominates at 61%, amounting to N180.0bn, while recurrent spending stands at N116bn, constituting 39% of the total budget.
Expressing gratitude for the overwhelming support, Governor AbdulRazaq outlined the state’s achievements during the first term, emphasizing stability in socioeconomic and political spheres. He detailed plans for the next four years, highlighting the inauguration of flagship projects, including a Smart City Satellite Town covering 18,000 hectares.
The budget, themed ‘economic expansion and collective prosperity,’ includes allocations for key projects such as the Ilorin Capital City Master Plan, Kwara State University Teaching Hospital, industrial park at Eiyenkorin, and various infrastructure developments across the state. Plans for a new minimum wage, completion of the KWIRS modern headquarters, and life-changing programs like the Adolescent Girls Initiative for Learning and Empowerment (AGILE) are also in focus.
Governor AbdulRazaq disclosed that the budget’s funding will be sourced from multiple channels, with a primary reliance on internally generated revenue and federation account receipts. The budget projections are based on an estimated crude oil price of $77.96, daily oil production of 1.78 million barrels per day, an exchange rate of N750/USD, GDP growth projection of 3.76%, and an inflation rate of 21.4%.
Commending the Governor’s fiscal discipline and achievements, Speaker Yakubu Danladi-Salihu expressed confidence in the thorough legislative scrutiny of the budget.
He however, emphasized the legislature’s commitment to ensuring the timely passage of the appropriation bill to consolidate on the state’s developmental strides.
The 2024 budget signals Kwara State’s determination to bolster economic growth, improve public welfare, and build a sustainable future for its residents.
