By Bolaji Akinyemi
ILORINâ€”Governor Abdulfatah Ahmed of Kwara State has presented a budget estimate of N181,886,056,555 for 2018 financial year.
Laying the budget before the lawmakers at the state House of Assembly yesterday, Governor Ahmed said the proposed budget reflected an increase of N15,781,-009,150 or 9.5 percent compared to the 2017 Revised Appropriation.
This is just as Governor Ahmed stated that the government recorded 71 percent implementation of the 2017 budget, with modest achievements in key sectors, despite economic challenges.
Tagged Budget of Sustained Growth and Prosperity, N75,204,-257,902, representing 41.3 percent, is for recurrent expenditure, while N106,681,798,630, which represents 58.7 percent, is earmarked for capital expenditure.
Under recurrent expenditure, N46,567,379,761, representing 62 percent, is allocated as overhead cost, including subven-tions to parastatals, support grants and contributions, and overhead cost of tertiary institutions in the state.
Personnel cost is expected to gulp N13,918,001,894 or 18.5 percent of the total recurrent expenditure.
Governor Ahmed explained that the 2018 budget proposal was formulated, using the zero-based budgeting approach, adding that its projections were based on the Federal Governmentâ€™s adopted assumptions of oil price benchmark of $45 per barrel and oil production estimate of 2.3 million barrels per day.
The economic affairs sector has the highest allocation of N53,744,166,-521.00, 54.4 percent, while the health got N23,918,-380,992.00â€”22.4 percent.
The education, N12,628,47,156 (11.8%); general public services, N7,550,770,62.00 (7.1%).