Kwara State Governor, AbdulRahman AbdulRazaq has presented 2022 budget of N189.494 billion naira before the state parliament.
Presenting the Budget, tagged “Budget of Sustained Reformation for Inclusive Growth” at the state House of Assembly Complex in Ilorin, Governor AbdulRazaq said capital expenditure will take 55.3 percent of the fiscal plan and the remaining 44.7percent will go for recurrent expenditure.
He said the budget was 12.15 percent bigger than the revised budget of 2021, addig that it would focus on the completion of ongoing projects and initiating new ones in the year.
According to him, the 2022 budget proposal had been designed to sustain the tempo of phenomenal growth in the state.
AbdulRazaq said 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/day, Exchange rate of N410 per US Dollar, and GDP growth projected at 4.20 percent as well as inflation closing at 13 percent.
He said the Funding windows include the traditional sources of federal allocation, internally generated revenue (IGR), the bond already accessed, and the bridge financing of the Federal Government.
The Governor said the administration had posted superlative performance in meeting basic needs of the people and repositioning the state for sustainable growth.
ALI MUHAMMAD RABIU