The Kwara State House of Assembly has approved a budget of N656.5 billion for the 2026 fiscal year.
This new budget signifies an increase of N10.5 billion over the amount initially proposed by Governor AbdulRahman AbdulRazaq.
During the plenary session on Friday, the Speaker of the House, Yakubu Salihu, made this announcement following the review of the Finance and Appropriation Committee's report.
The budget breakdown reveals that the state's recurrent revenue has been adjusted to over N409.6 billion, which includes an upward revision of N10.5 billion.
On the other hand, recurrent expenditure has been minimized to N212.6 billion, a reduction of more than N6.4 billion, reflecting the government's commitment to enhancing fiscal discipline.
Additionally, the allocation for the Capital Development Fund has been raised to N271 billion, up from the previous N254 billion, to facilitate increased investment in capital projects throughout the state.
Mr. Salihu noted that the total debt servicing allocation for the upcoming fiscal year now stands at N14.2 billion, a slight increase from the earlier suggestion.
He asserted that these modifications were made to promote sound financial management and to enhance the effective execution of government programs and initiatives.
The Speaker commended the House Committee on Finance and Appropriation, led by Ariola Lawal, for their diligent work. He also expressed gratitude to the various Ministries, Departments, and Agencies (MDAs) for their collaboration during the budget presentation process.
In conclusion, the Speaker instructed the Clerk of the House to compile a clean version of the budget for submission to the governor for his approval.
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