Kwara to spend 23 percent of budget on economy

Date: 2015-12-26

The Kwara State Government is to spend over thirty-seven billion, seven hundred and nine million naira ( N37,709,000,000) on the economy in 2016.

A breakdown of the state's 2016 budget also showed that over N32,435,000,000 is earmarked for education, which represents 26.2 while over N27,106,000,000 is allocated to general public services which represents 23.3 percent of the total budget size.

N491,000,000, representing zero point four percent is allocated to environmental protection. All ongoing projects are to be completed and new ones initiated for economic growth.

The Kwara State Governor, Abdulfatah Ahmed had during the week presented a budget estimate of N116, 164, 643,000 to the State House of Assembly for the 2016 fiscal year.

The estimate is a decrease of over N1,514,000,000 over the 2015 revised appropriation which represents a 1.3 percent decrease.

Out of the estimate, the budget is made up of recurrent expenditure of over N48bn, about N10bn for the public debt service while over N57bn is earmarked for capital expenditure.

The State Governor, Abdulfatah Ahmed who laid the budget before the state lawmakers said the budget proposal was based on a zero-budgeting approach for Ministries, Departments and Agencies to justify all their expenditure needs, in line with the prevailing economic situation in the country.

According to him, the total projected revenue to the state for the fiscal year is over N116bn.

Governor Ahmed believes 2016 holds great opportunity for the state and country, despite the challenges ahead.

Source

 

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