The Kwara state House of Assembly, Wednesday approved N130.380bn as the new revised total budget size of the state as against the initial N157.421bn representing 17.4 percent.
This was sequel to the report of the House committee on Finance and Appropriation on the year 2019 revised appropriation bill presented to the House by the chairman of the Committee, Hon Ambali Olatunji Ibrahim.
The committee arrived at the sum after perusing and scrutinising the 2019 budget of the state government.
According to the chairman of the Committee, the reduction of the budget size, was necessary to enhance the state chances of benefitting maximally from the benefits derivable by the state from “the state fiscal, transparency, accountability,and sustainability program for result (SFTAS) open to all states with high appreciable budget implementation/performance, accountability, transparency and sustainability.”
A breakdown of the budget showed that the total revenue estimate of the 2019 budget now stands at N130.380bn down from N157.802bn, while the approved budget surplus of N43.638bn was scaled down to N27.187bn, a decrease of N16.450bn representing 37.70 percent.
On capital receipts, the House revised it to N57.177bn as against N79.594bn, a decrease of N22.476bn.
However, considering the fact that there is little time left to the end of the year, a term loan of about N1.67bn was granted as against the initial N6.221bn proposed by Governor Abdulrahman Abdulrazaq.
The Speaker, Engr Yakubu Danladi Salihu, commended the House committee on Finance and Appropriation for a thorough work on the budget review, and directed the Clerk of the House, Hajia Halimah Jummai Kperogi to forward a clean copy to the state governor for assent.