Kwara: AbdulRazaq presents N296.4bn 2024 budget to assembly 

 

Governor AbdulRahman AbdulRazaq of Kwara state Thursday laid before the parliament a N296.4bn fiscal plan for year 2024.

The budget is 15.5% higher than the budget of the outgoing year, and has an opening balance of N25bn, according to the governor.

The governor said the document is 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. 

Christened the budget of “economic expansion and collective prosperity” the capital expenditure takes the lion share of N180.0bn, representing 61% of the total fiscal plan, while the recurrent component gets N116bn, or 39%. 

The governor said: “The next four years will serve to consolidate on the gains of our first term, expand the economic base of this lovely state through completion of ongoing infrastructural projects and commencement of new ones, make the state more self-sustaining by widening the revenue base, create more private sector-driven jobs, and better the lots of our people. In the new year, we will formally inaugurate our flagship projects like the garment factory, visual arts centre, Tunde Idiagbon bridge, innovation hub, sugar film factory, the two campuses of Kwara state university, sheabutter factory in Kaiama, among others.” 

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