Gov. AbdulRahman Abdulrazaq of Kwara, on Wednesday, presented the 2023 Appropriation bill of N189,436,248,054.00 to the state House of Assembly for consideration and passage. The budget has a recurrent expenditure of 49.1% and capital expenditure of 50.9%.
Presenting the budget on Wednesday in Ilorin, Abdulrazak said it was a budget for economic expansion and sustainable development.
“Its key assumptions are oil price of 70 dollars per barrel; daily oil production estimate of 1.69m barrel per day; exchange rate of N435 to one U.S. dollar; GDP growth of 3.75%; and inflation rate of 17.16%.
“Funding windows include the federal allocations, internally generated revenue (IGR), grants, and other capital receipts.
“It focuses on strengthening the current gains, and built around the Kwara State Sustainable Development Plan 2021-2030, Medium Term Sector Strategy 2021-2023 and Citizens Need Assessments,” Abdulrazaq said.
He added that the budget placed more emphasis on continuous infrastructure development, completion of ongoing road projects, agricultural businesses, irrigation and mechanisation.
“The other areas include workers’ welfare, rural electrification, and improved water reticulation, among others. In the new year, the RAAMP road projects will begin full steam.
“So is the special agro-processing zone that is supported by development agencies. In the new year, we will also implement the National Programme on Food Security (NPFS), and Adolescent Girls Initiative for Learning and Empowerment, among others,” the governor said.
Earlier, the Speaker, Yakubu Danladi-Salihu, commended the current administration for the religious pursuit of transparency and fiscal discipline in the implementation of the 2022 budget.
He assured the house of the executive’s readiness to ensure timely passage of the bill, after carefully and meticulously scrutinising it, as constitutionally required for the benefit of the Kwara people.
According to Salihu, the budget, having been presented, stands at passing the first reading.
He thereafter, referred the budget to the House Committee on Rules and Business, to schedule it for second reading.
The News Agency of Nigeria (NAN), reports that the presentation of the budget was witnessed by the Deputy Governor, Kayode Alabi, traditional rulers and some members of the State Executive Council.