The
Kwara State Government has said that it will source N4.4bn as internal
loans from commercial banks pending when it can access the revised N23bn
bond.
The state House of Assembly had approved the executive’s proposal to access a N30bn bond, which was later revised to N23bn.
The Commissioner for Planning and
Economic Development, Mr. Abraham Ogunleye, who stated this during the
breakdown of the state’s 2014 budget in Ilorin on Monday, also said the
state House of Assembly increased the budget of N124.5bn as proposed by
Governor Abdulfatah Ahmed to N130.26bn, an increase of five per cent.
He stated that the increase was a result of the inclusion of the internal loans because of possible delay in securing the bond.
The commissioner said from the approved
budget, the state was expected to receive N44bn as statutory allocation,
which will make up 34 per cent of the total revenue; N8.052bn from
Value Added Tax and N3.175bn from the Excess Crude.
He added that the government was expecting N17.723bn as Internally Generated Revenue and N22.311bn as capital receipts.
Ogunleye said the state government would
spend N63.86bn as capital expenditure; N17.278bn as public debt charges;
and N49.126bn as recurrent expenditure (personnel and overhead costs).
He said, “More concerted efforts will be
made on the IGR drive to improve collection mechanism in the face of
dwindling federal statutory allocations as well as finance prudence,
blockage of leakages, optimum utilisation and avoidance of wastage in
whatever form.
No comments:
Post a Comment