By Dipo Olowookere
Governor Abdulfatah Ahmed of Kwara State on Wednesday presented a budget estimate of N181.9 billion for the 2018 fiscal year to the Kwara State House of Assembly.
Christened ‘Budget of Sustained Growth and Prosperity,’ the Governor told the lawmakers that the sum of N75.2 billion representing 41.3 percent is for recurrent expenditure, while total sum of N106.7 billion, which represents 58.7 percent, is earmarked for capital expenditure.
Laying the budget before the state parliament, yesterday, Governor Ahmed said the proposed budget reflects an increase of N15.8 billion or 9.5 percent compared to the 2017 Revised Appropriation.
He said under the recurrent expenditure, N46.6 billion, representing 62 percent, is allocated as overhead cost, which includes subventions to parastatals, support grants and contributions including overhead cost of tertiary institutions in the state.
According to him, personnel cost is expected to gulp N13.9 billion or 18.5 percent of the total recurrent expenditure.
Mr Ahmed explained that the 2018 budget proposal was formulated using the zero-based budgeting approach and its projections were based on the federal government adopted assumptions of oil price benchmark of $45 per barrel and oil production estimate of two point 3 million barrels per day.
The economic affairs sector has the highest allocation of N53.7 billion, which represents 54.4 percent of the total capital expenditure, while the health sector is allocated N23.9 billion, representing 22.4 percent.
The education sector has an allocation of N12.6 billion, which represents 11.8 percent, while general public services has N7.6 billion, representing 7.1 percent of the total expenditure.
Governor Ahmed said the government recorded 71 percent implementation of the 2017 budget with modest achievements in key sectors despite the economic challenges.
more recommended stories
One-Month T-Bills Yield Depreciates to 8.74%
By Dipo Olowookere Yield on the.
NSE Index Posts Marginal 0.03% Growth Friday
By Dipo Olowookere The Nigerian Stock.
VFD Group Lists 84.738m Shares on NASD Exchange at N105.07 Each
By Adedapo Adesanya The shares of.
NASD Index Stays at 714.21 Points, Market Cap at N513bn
By Adedapo Adesanya The main market.
Brent Crosses $63 Threshold on Fresh Trade Deal Optimism
By Adedapo Adesanya The Brent crude,.
Naira Recovers, Gains 27 Kobo Against Dollar at I&E Friday
By Adedapo Adesanya The last transaction.
Red Star Express Seeks Funds for New Warehouses, Trucks, Others
By Adedapo Adesanya Top courier and.
Primero Lists N16.5bn Bond on FMDQ
By Dipo Olowookere The N16.5 billion.