The Kwara State House of Assembly has successfully passed the 2024 appropriation bill, amounting to over two hundred and ninety-two billion naira (₦292,741,292,132.30). The budget, initially presented by Governor AbdulRahman AbdulRazaq, underwent a thorough review process that resulted in a reduction of over three billion naira (₦3,716,583,446), representing a 1.5% decrease from the original proposal.
Governor AbdulRazaq had presented the initial budget of ₦296,457,875,578.00 to the legislative arm on December 14, 2023. The Assembly’s appropriation committee, chaired by Hon. Fatimoh Arinola Lawal, diligently reviewed and amended the budget before its approval.
Speaking on the development, the Speaker of the House, Rt. Hon. Engr. Yakubu Danladi-Salihu, expressed commendation for the collaborative efforts of his colleagues, the House management, and staff, especially the appropriation committee. He praised their dedication to due diligence, resulting in a successful budgetary exercise.
Rt. Hon. Engr. Danladi-Salihu, presiding over the plenary on Wednesday, highlighted that the revised budget allocates 61% to Capital Expenditure and 39% to Recurrent Expenditure, adhering to the framework proposed by Governor AbdulRazaq.
The Speaker emphasized that Kwara State has adopted the Nigeria Governors’ Forum’s new budget template, aligning with global best practices.
In addition, he noted that the state legislature’s commitment to embracing progressive budgeting frameworks places Kwara at the forefront among state legislatures in the country.
The Speaker also acknowledged the state’s adherence to fiscal reforms, citing the successful implementation of the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) program until the end of the first quarter of 2023.
Rt. Hon. Danladi-Salihu further commended the state’s alignment with the National Charts of Accounts in preparing the 2024 budget, ensuring compliance with the State Action on Business Enabling Reforms (SABER) template.
This move positions Kwara State favorably for potential intervention funds from the Economic Reform Program.
The Speaker concluded by commending Governor AbdulRazaq for presenting a budget geared towards economic expansion and collective prosperity. He appreciated the Governor’s commitment to sustaining payment of counterpart funds, essential for accessing development funds across various sectors.
The passage of the 2024 budget reflects the collaborative efforts of the executive and legislative arms in steering the state towards continued growth and development.
“Recall also that the annual budgets of the State in the recent past conformed with the Fiscal reform of the State Fiscal Transparency, Accountability, and Sustainable; SFTAS program. It is gladdening to note that our dear State reaped the benefits of doing so while the program lasted up till the end of the 1st Quarter of 2023 when it wound down”.
“With the full adaptation and domestication of the National Charts of Accounts in the preparation of the 2024 budget, Kwara has again keyed into the newly introduced State Action on Business Enabling Reforms; SABER that has come to take the place of SFTAS. The 2024 budget of the government of Kwara State that has just been passed is therefore in full compliance with the SABER template and this has placed the State at a vantage position of eligibility for intervention funds from the Economic reform program”, the Speaker noted.
“I wish to commend His Excellency, Mall Abdulrahman Abdulrazaq, CON, the Executive Governor of Kwara State on the contents of the budget tagged budget of Economic Expansion and Collective Prospect. The Budget, no doubt, will consolidate on the achievements of this administration in its first four years by ensuring the completion of all ongoing legacy projects and the introduction of new ones to enhance continuous growth and development. Let me also state that this Honourable House appreciates the Governor for sustaining the current administration’s commitment to payment of counterpart funds that will enable the State access fund required for overall development in all sectors”.
Join our twitter community :