Adekunle Jimoh, Ilorin
Kwara State Governor, AbdulRahman AbdulRazaq, on Wednesday presented the 2020 budget estimates of N162billion to the state House of Assembly, with provisions for critical infrastructure and human capital development taking the larger chunk of the budget.
The N162bn fiscal plan comprises 53 per cent capital expenditure covering road construction and rehabilitation, rehabilitation and re-equipment of schools and hospitals, rehabilitation of court rooms, and completion of a 500-seater hall building at the House of Assembly, according to AbdulRazaq.
AbdulRazaq added that the budget comprised 53 percent capital expenditure covering road construction and rehabilitation, rehabilitation and re-equipment of schools and hospitals, rehabilitation of court rooms, and completion of a 500-seater hall building at the House of Assembly.
The governor said in a speech before the Assembly: “Basically, we are presenting a budget estimate of N162 billion for 2020, up from N157 billion budget of the outgoing year.”
The governor said there was 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 were predicated 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.
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