The Kwara State Governor, Alhaji Abdulfatah Ahmed on Thursday presented a budget estimate of over one hundred and thirty-five billion, two hundred and sixty-four million Naira before the State House of Assembly for 2017 fiscal year.
Laying the budget tagged: Budget of Introspection and Sustenance is an increased of 29 billion Naira of the revised 2016 appropriation law.
Out of the estimate, over seven billion, nine hundred eighty-six million Naira is earmarked for capital expenditure while fifty-seven billion, four hundred and seventy-nine is for recurrent expenditure estimate.
Giving the sectoral analysis of the budget, economic affairs is allotted the highest vote with the estimate of over thirty-five billion Naira which represents twenty-six percent of the budget size while twenty-nine billion, nine hundred and thirty-six million is earmarked for education sector, representing twenty-two percent of the total budget size.
On Health, the sum of twenty-six billion, one hundred and fifty-two million is allocated, Social Protection got over eight billion Naira while recreation, culture and religion has over one billion, eight hundred and sixty-three million Naira.
The projected total Revenue, according to the budget is over one hundred and thirty-five billion, two hundred and sixty-four million Naira, from all revenue sources to the State.
Governor Ahmed gave the assurance that the Budget proposal would 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 the budget estimate is anchored on current economic realities and determination to look inwards for sustained prosperity and development.
Governor Ahmed said the budget underlines the resolve to sustain ongoing infrastructure and gains of the twenty-sixteen budget.
According to him, the main objectives of 2017 Budget are to expand and improve the Internally Generated Revenue base and reduce dependence on Federal Allocation, block leakages through sustenance of the Treasury Single Account system and moderation of recurrent expenditure that will result in significant savings for infrastructure development.
Governor Ahmed explained that the Budget proposal builds on the prevailing macroeconomic realities in the country as a result of the collapse in oil prices in the international Market.
He noted that the capital spending proposal is geared towards critical infrastructure that would improve socio-economic development of the State, aid private sector participation, and ultimately, reduce unemployment and poverty.
The Governor reassured the people of the state that the government remains committed to implementing result-oriented policies and programmes that would boost economic activity, unlock growth and create jobs in the twenty-seventeen financial year.
Governor Ahmed added that the zero based budgeting approach is maintained to arrive at projections and based on the assumptions adopted by the Federal Government.
Source: Voice of Nigeria