GOVERNOR ABDULRAZAQ PRESENTS 2025 BUDGET OF OVER 540 BILLION NAIRA TO KWARA ASSEMBLY 21-12-24
By Sadiq Aminu Governor AbdulRahman AbdulRazaq of Kwara State has presented a budget of over 540 Billion Naira for 2025 fiscal year to the Kwara State House Assembly.
The budget tagged, “Budget of Expansion”, has the capital expenditure of 62.1 per cent while the recurrent expenditure stands at 37.9 per cent.
Governor AbdulRazaq explained that the estimates was to ensure continued progress, prosperity, and well-being of all citizens.
The Governor said that the budget would complete major infrastructural projects across the State and fund new ones such as the 250 units of mass housing and inner roads in the Smart city projects among others.
He noted that the budget is projected on the $75 per barrel benchmark of crude oil and 6.4% GDP growth.
According to the Governor, the funding windows are FAAC receipts, which constitute 48.1%, the opening balance of 62 bilion Naira IGR and other capital receipts that form the balance of 51,9 per cent.
The Speaker, Kwara State House of Assembly, Engr Yakubu Danladi-Salihu, who commended the strides of the Governor across the state, assured him of speedy yet thorough consideration of the fiscal proposal.
The speaker explained that aside from the adequate funding of legacy projects in the State, the present administration remains focused in providing the dividends of democracy to different parts of the state in all sectors.
He added that the state’s investment in the payment of counterpart funds to development partners has bolstered its standing in education, health, and agricultural sectors.