The Kwara State Governor, Mallam AbdulRahman AbdulRazaq, on Friday presented N540, 369,119,765 billion 2025 budget proposal to the State House of Assembly.
During the presentation, the Governor said 62. 1 percent was allocated for Capital Expenditures while 37.9 percent was allocated for Recurrent Expenditures.
He said the 2025 budget is predicated on projected oil prices of 75 dollars per barrel, daily oil production of 2.06 million barrels and Gross Domestic Product (GDP) growth of 6.4 percent.
“The funding sources include FAAC receipts which constitutes 48.1 percent Internally Generated Revenue, contributing 17.8 percent, an opening balance of N62 billion or 11.5 percent and other capital receipts, accounting for 22.6 percent.
“The budget for economic stability and sustained prosperity, prioritises the completion of ongoing projects, such as the Ilorin International Conference Centre, Innovation Hub, Patigi Motel, Kwara Hotel and several other roads across the state.”
Governor AbdulRazaq added that the 2024 budget which which witnessed of expansion and prosperity brought significant benefits to various sectors, including infrastructure, healthcare, education and social protection.
He noted that as the year recorded unprecedented investments in physical infrastructure and social welfare, his administration reduced the state’s debt burden to N55.87 billion in the 3rd quarter from N109.16 billion in Dec. 2023.
In his remarks, the Speaker of the House of Assembly, Rt. Hon. Yakubu Danladi-Salihu assured the governor of the legislators’ readiness to work round the clock to ensure its timely passage for the growth and development of Kwara and in overall interest of Kwara residents.
“On our part as legislators, my colleagues and I will immediately swing into action by looking at the document critically and meticulously. This is as we begin to interface with Heads of Ministries, Departments and Agencies at defence sessions that will be underway shortly”, he said.
The speaker added that the presentation was registered as the Bill’s First Reading and thereafter referred it to the House Committe on Rules and Business to make necessary preparations for its Second Reading.
