The 540.3 billion Naira budget presented by the Governor of Kwara State, Governor AbdulRahman AbdulRazaq, reflects the focus of the present administration on economic stability and business-inclined fiscal measures. The proposed 2025 budget is divided into 62.1 percent capital expenditure and 37.9 percent recurrent expenditure, which stresses social protection for the people of the state and the conclusion of ongoing projects.
Infrastructural projects have taken the forefront of the new appropriation bill as presented by the governor. The 2025 budget for economic stability and sustained prosperity aims to complete ongoing projects like the international conference center, innovation hub, Patigi Motel, Kwara Hotel, and many roads across the state. Additionally, initiatives like the construction of 250 units of mass housing and inner roads in the smart city and the stadium in Offa and Lafiagi are prioritized in the budget.
In addition, social welfare is another provision in the budget. The budget allocated 32.50 percent to the social sector, 16.2 percent to education, and 10.56 percent to health with a focus on getting a new University of Education established and strengthening existing institutions across the state. The budget also promises to strengthen mechanized agriculture and investments in modern technology.
According to Governor AbdulRahman AbdulRazaq, he said the budget is based on the projected oil price of 75 dollars per barrel, daily production of 2.6 million barrels, and 6.4% GDP growth in the proposed national budgets put forth by the president. The Kwara State budget of consolidation is to be funded by federal allocations, which account for 48.1 percent of the proposed revenue, while Internally Generated Revenue and other capital receipts have the balance of 51.9 percent.
The budget reflects a strong vision for economic growth and development as well as people-centered fiscal measures. Transparency and effective fiscal policies will empower this budget of consolidation to consolidate growth for Kwara State.
