The Kwara State Governor, AbdulRahman AbdulRazaq, on Wednesday, presented a 2022 budget of N189.4bn to the state’s House of Assembly.
The proposed budget, according to the governor, is 12.5 per cent bigger than the 2021 revised budget of N169.17bn, and focuses on completing ongoing projects and initiating new ones in the year.
He said, “The 2022 budget proposal we are presenting today has been designed to sustain the tempo of this phenomenal growth we have recorded. It is therefore called ‘Budget of sustained reformation for inclusive growth’.
“The size of the fiscal plan is N189,494,692,524, representing a 12.15 per cent increase over the 2021 revised budget. It has 44.7 per cent recurrent component, with provisions for payment of consequential adjustment of the minimum wage. With 55.3 per cent capital expenditure, the objective is to fund ongoing projects and initiate new ones as resources permit.
“For instance, we plan to fund many priority power projects across the state, secondary water reticulation projects, shea butter processing plant at Omilende, Patigi hotel, rural roads under RAAMP, Montebeliarde Ranch project, and KWASU campuses at Osi and Ilesha Baruba, among others.”
According to the governor, the budget is built on the assumptions of oil price of $57 per barrel; daily oil production estimate of 1.88 million barrels per day; exchange rate of N410 per US dollar; GDP growth projected at 4.20 per cent and inflation at 13 per cent.
“Funding windows include the traditional sources of federal allocation, internally generated revenue, the bond already accessed, and the bridge financing of the Federal Government,” he said.
AbdulRazaq said his administration, over this period of time, had delivered on its many electoral promises to restore the glory of state in basic education, basic healthcare, provision of potable water, extending development to the hinterlands, and supporting smallholding and commercial agriculture, among others.
He said, “Our efforts are paying off as various data sets have shown. Of special note is how much we have done in retooling the local economy and deepening financial inclusion for the poor.
“In a recent survey, Kwara came first nationwide in enabling business environment index, second in perception of opportunities index, third in business performance index, and fourth in State Entrepreneurial Index.”