Kwara State Governor AbdulRahman AbdulRazaq presented the 2022 budget proposal to the state legislature on Wednesday, with capital expenditure accounting for 55.3 percent of the fiscal plan and recurrent spending accounting for the remaining 44.7 percent.
The size of the fiscal plan is N189 billion representing a 12.15% increase over the 2021 revised budget and focuses on completing ongoing projects and initiating new ones in the year.
Tagged “Budget of Sustained Reformation for Inclusive Growth,”, Governor AbdulRazaq disclosed that the appropriation bill has been designed to sustain the tempo of phenomenal growth in the state.
It has a 44.7 percent recurrent component, with provisions for paying the minimum wage’s resultant adjustment, and a 55.3 percent capital component to fund ongoing projects and begin new ones when resources allow.
The budget is built on the assumptions of oil price of 57 US Dollars per barrel; daily oil production estimate of 1.88 million barrels/day; Exchange rate of N410 per US Dollar; and GDP growth projected at 4.20 percent and inflation closing at 13 percent.
The Governor said the administration has posted superlative performance in meeting basic needs of the people and repositioning the state for sustainable growth, although he insisted that a lot still needs to be done to cover new grounds.
