By Mosunmola Ayobami in Ilorin
The Kwara State Governor Alhaji Abdulfatah Ahmed has presented to the state House of Assembly a budget of N135,264,529,46 for year 2017, which represents an increase of N23,682,157,934 over year 2016 budget
The budget entitled “Budget of Introspection and Substance” took cognisance of the current economic situation in the country and hoped for sustained prosperity and development of the state
Ahmed promised to maximally utilise all the potential sources of Internally Generated Revenue through the improvement of existing revenue as well as breaking new grounds.
“In view of these assumptions and some other parameters, the Kwara State Government is proposing to spend a total amount of One Hundred and Thirty-five Billion, Two Hundred and Sixty-Four Million, Five Hundred and Twenty-Nine Thousand, Four Hundred and Sixty-One Naira only”.
“This shows an increase of Twenty-Three billion, Six Hundred and Eighty-Two Million, One Hundred and Fifty-Seven Thousand, Nine Hundred and Thirty-Four Naira only over the 2016 Revised appropriation and this represents 21.2% increase.
“Out of this total budget size, a total sum of Fifty-Seven billion, Four Hundred and Seventy-Nine Million, Six Hundred and Thirty-Two Thousand, Eight Hundred and Ninety-Four Naira only is for Recurrent Expenditure. This represents 42.5% of the total budget size,”he explained.
The governor added that the main objective of the budget would be to expand and improve IGR base and reduce dependence on Federal Allocation
“Mr. Speaker, Honorable Members, the proposed 2017 Budget is christened “Budget of Introspection and Sustenance”. It is anchored on current economic realities and our determination to look inwards for sustained prosperity and development. The theme also underlines our resolve to sustain ongoing infrastructure,” he added.
According to the governor, the capital spending proposal was geared towards critical infrastructure that would improve socio-economic development of the state, aid private sector participation, and ultimately, reduce unemployment and poverty.
”Mr. Speaker, Honourable Members, the 2017 budget proposal builds on the prevailing macroeconomic realities in the country as a result of the collapse in oil prices in the international market. In preparing this Budget, we were guided by the assumptions of the potential impact of global economic uncertainties and domestic challenges. We have therefore maintained a prudent approach to estimating revenues for the 2017 financial year in order to cushion the economy from possible fiscal shocks that may arise,” he noted.
The goveror assured the people of Kwara State that his government remained committed to implementing result-oriented policies and programmes that will boost economic activities, unlock growth and create jobs in the 2017 financial year.
In tandem with this goal, the 2017 Budget proposal will consolidate on the gains of the previous year with a focus on completing all on-going capital projects and stimulating pro-people growth, he said.
Receiving the budget, the Speaker, Kwara State House of Assembly, Rt. Hon Ali Ahmad, referred the budget to the House Committee on Rules and Budget for Legislative Deliberation.
Ahmad thanked the governor for the address and prayed that all the good things in the budget would come to fruition.