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Kwara State Gov, AbdulRazaq Presents N162bn Budget Of ‘Reconstruction’

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Kwara State Governor AbdulRahman AbdulRazaq presenting 2020 Appropriation Bill before the State House of Assembly in Ilorin, the state capital, on Wednesday.

• Education, enterprise, health, roads top agenda
• CAPEX takes 53% of budget; REX down to 47%

Kwara State Governor AbdulRahman AbdulRazaq has presented the 2020 budget estimates to the State House of Assembly, with provisions for critical infrastructure and human capital development taking the larger chunk of the budget.

In a Press release made available to Naija News through Rafiu Ajakaye the state Chief Press Secretary to the Governor, AbdulRazaq revealed that the N162bn fiscal plan comprises 53% capital expenditure covering road construction and rehabilitation, rehabilitation and re-equipment of schools and hospitals, rehabilitation of courtrooms, and completion of a 500-seater hall building at the House of Assembly.

He also proposed the purchase of vehicle for political office holders and Honourable members of the House, rehabilitation of Squash Courtrooms and other sporting facilities at Stadium Complex Ilorin, construction of a twin Squash Court, interventions in the state-owned media, and active promotion of culture and tourism. The governor said there is a plan to widen the state’s tax base without imposing new tax on the people but through blocking of leakages.

AbdulRazaq commended members of the Assembly and the Kwara public for their support since he assumed office, calling for more support and sacrifice in the new year in the strategic interest of the state.

The Governor said the budget estimates are predicted on the national oil price benchmark of $57 per barrel; oil production estimate of 2.18m barrels per day; official exchange rate of N305 per US dollar; Gross Domestic rate of 2.93 percent; and inflation rate of 10.81 per cent.

He added that the budget estimates match the exact revenue projections for the state in the fiscal year, including N48,943,215,564, or 30.2 percent of the total revenue; VAT receipt of N16,430,807,482, or 10.1 percent of the total revenue; other sundry revenue valued at N3, 838,863,505, or 2.3.percent of revenue; Internally Generated Revenue of N39, 783,008,301, or 24.5.percent of the revenue; income from other sundry internal sources valued at N193,322,646, or 0.1 percent; capital development fund/aid and grants put at N45,871, 444,487, or 28.3 percent; and an opening balance of N7bn, or 4.3 percent of the revenue projections.