Governor Abdulrahman Abdulrazaq of Kwara State on Wednesday presented a budget of N189,494,692,524, for 2022 to the state House of Assembly.
Tagged a ‘Budget of Sustained Reformation for Inclusive Growth’, the appropriation will set aside e 55.3 percent for capital expenditures, while 44.7percent is for recurrent expenditure, with provisions for payment of consequential adjustment of the minimum wage.
Governor Abdulrazaq said the 2022 budget has an increase of 12.15 percent over the 2021 revised budget.
He said the objective of the 55.3 percent capital expenditures 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 and Patigi Hotel.”
Others he stated, include rural roads under RAAMP, Montebeliarde Ranch project, KWASU campuses at Osi and Ilesha Baruba among others.
Governor Abdulrazaq, explained that the budget was built on the assumptions of oil price of 57 US dollars per barrel, daily oil production estimate of 1.88 million barrels a day, exchange rate of N410 per dollar and GDP growth projected at 4.20 percent and inflation of closing at 13 percent.
The funding windows for the 2022 budget, he disclosed, include the traditional sources of Federal allocation to the state, internally generated revenue, IGR, the bond already accessed and the bridge financing of the Federal government.
Governor Abdulrazaq who said efforts of the state government were paying off as reflected in various data sets, listed some ongoing projects to include among others, Innovation Hub, Visual Arts centre, Osi-Obbo Road, Garment Factory, Ilesha-Gwanara Road, new Dental and Eye facilities at Ilorin General Hospital and Kishi-Kaiama.
Meanwhile, the state government has received the first tranche of 3.5 million Euros from the French Development Agency to implement some of the projects captured under the Rural Access and Agricultural Marketing Project, RAAMP, across the state.
