0
0
Protocols
For the third time since we assumed office in 2019, I am presenting to this Honourable House a fiscal document which points the next phase of our service to the people of Kwara State.
Over this period of time, we have delivered on our many electoral promises to restore the glory of Kwara State in basic education, basic healthcare, provision of potable water, extending development to the hinterlands, supporting smallholding and commercial agriculture, mainstreaming gender inclusion for sustainable growth, youths empowerment, easing the business climate, ensuring social mobility through equitable wealth distribution and employment opportunities, among others.
Our efforts are paying off as various data sets have shown. Of special note is how much we have done in retooling the local economy and deepening financial inclusion for the poor. In a recent survey, Kwara came first nationwide in enabling business environment index, second in perception of opportunities index, third in business performance index, and fourth in State Entrepreneurial Index.
Ongoing projects such as Innovation Hub, Visual Arts Centre, Osi-Obbo Road, Garment Factory, Oro General Hospital, Lafiagi General Hospital, Ilesha-Gwanara Road, new Dental and Eye facilities, Kishi-Kaiama Road, International Conference Centre, the Tunde Idiagbon Bridge at Tanke, Special Agroprocessing Zone, and sporting facilities are strategic efforts to place Kwara among the most vibrant states in Nigeria.
We thank this Honourable House and the people of Kwara State for these giant strides within a short period of time.
The 2022 budget proposal we are presenting today has been designed to sustain the tempo of this phenomenal growth. It is therefore called Budget of Sustained Reformation for Inclusive Growth . The size of the fiscal plan is N189,494,692,524, representing a 12.15% increase over the 2021 revised budget. It has 44.7% recurrent component, with provisions for payment of consequential adjustment of the minimum wage. With 55.3% capital expenditure, the objective is to fund ongoing projects and initiate new ones as resources permit. For instance, we plan to fund priority power projects across the state, secondary water reticulation projects, shea butter processing plant at Omilende, Patigi hotel, rural roads under RAAMP, Montebeliarde Ranch project, KWASU campuses at Osi and Ilesha Baruba, among others.
The budget is built on the assumptions of oil price of 57 US Dollars per barrel; daily oil production estimate of 1.88 million barrels/day; Exchange rate of N410 per US Dollar; and GDP growth projected at 4.20 percent and inflation closing at 13 percent.
Funding windows include the traditional sources of federal allocation, internally generated revenue (IGR), the bond already accessed, and the bridge financing.
More details of this important proposal are in the expanded budget speech which will be released shortly.
On that note, Mr Speaker and distinguished members of the Honourable House, I lay before you the budget estimates for year 2022.
Thank you.
