Governor Abdulrahman Abdulrazaq of Kwara State presented a fiscal plan of N296.4 billion for the year 2024 to the State House of Assembly on Thursday. The capital expenditure constitutes 61 percent of the proposed spending, with recurrents making up the remaining 39 percent.
Dubbed the budget of ‘economic expansion and collective prosperity,’ the governor mentioned that the budget is 15.5 percent higher than the outgoing year’s budget and has an opening balance of N25 billion.
The governor stated that the budget proposal encompasses preparations for a new minimum wage, scheduled for negotiation with labour next year.
The budget session, presided over by the Kwara State House of Assembly Speaker, Rt. Hon. Yakubu Danladi-Salihu saw Governor Abdulrazaq emphasize the socioeconomic and political stability brought to the state during his administration. He highlighted achievements in public education, healthcare, social security, rural development, sports, and recreational development.
Abdulrazaq outlined plans for the next four years, intending to consolidate gains from the first term, complete ongoing infrastructure projects, commence new ones, widen the revenue base for self-sustainability, create private sector-driven jobs, and enhance the well-being of the people.
He detailed flagship projects set for inauguration in the new year, including the garment factory, visual arts centre, Tunde Idiagbon bridge, innovation hub, sugar film factory, and the two campuses of Kwara State University.
The governor expressed optimism about the Ilorin Capital City Master Plan, introducing the Ilorin Smart City Satellite Town modelled after sustainable cities worldwide. Other highlights included the establishment of the Kwara State University Teaching Hospital, the Kwara State University of Education, the completion of the industrial park at Eiyenkorin, and various infrastructure projects across the state.
The budget document also covers the preparation for a new minimum wage, the completion of KWIRS modern headquarters, and the implementation of life-changing programs like the Adolescent Girls Initiative for Learning and Empowerment (AGILE).
Governor Abdulrazaq shared that the budget’s estimates 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 percent, and an inflation rate of 21.4 percent.
The Speaker of the House, Yakubu Danladi-Salihu, commended the governor for transparency, accountability, and fiscal discipline in the outgoing year. He acknowledged the administration’s achievements in various sectors and expressed confidence in the House’s commitment to thorough legislative scrutiny for the timely passage of the budget.