Economy

Kwara budgets N296.4bn for 2024 fiscal year

Published

2 years ago

December 14, 2023

milcah

• CAPEX takes 61% of budget, recurrent 39%

Stephen Olufemi Oni, Ilorin

Kwara state Government has proposed the sum of N296.4bn for the 2024 fiscal year, with the capital expenditure gulping a whopping 61 percent of the proposed spending, while recurrent keeps the balance of 39 percent.

Governor AbdulRahman AbdulRazaq disclosed this on Thursday in Ilorin, the state capital, while presenting to the state House of Assembly the budget proposal for the year 2024 for approval.

The budget is 15.5 percent higher than the budget of the outgoing year, and has an opening balance of N25bn, according to the Governor, who heralded his speech with “profound gratitude” to God, appreciation to the people of Kwara and his party, APC, for another win at the last general elections, and acknowledgement of the supportive role of the legislators.

Deputy Governor Kayode Alabi led the Governor’s entourage that also comprised top heads of statutory commissions, government officials; first class traditional rulers; security commanders; party elders; business executives; and citizens.

“I begin this budget speech with profound gratitude to Almighty Allah for His enduring mercies that again saw us through the recent electioneering process with yet another resounding 100% victory. I dedicate that victory and the success of our first tenure to the good people of Kwara State who walked with and trusted us with another mandate, and to you, members of this hallowed chamber, for your understanding, maturity, and love for our state,” the Governor said.

“Together in four years, we brought socioeconomic and political stability to our state and restored the dignity of the human person. We have redefined public education in human resource and infrastructure, basic healthcare delivery, social security, public service, rural development, sports and recreational development, while measurable steps have been taken to make Kwara a hub of innovation, creativity, and viable economic activities in Nigeria.

“The next four years will serve to consolidate on the gains of our first term, expand the economic base of this lovely state through completion of ongoing infrastructural projects and commencement of new ones, make the state more self-sustaining by widening the revenue base, create more private sector-driven jobs, and better the lots of our people. In the new year, we will formally inaugurate our flagship projects like the garment factory, visual arts centre, Tunde Idiagbon bridge, innovation hub, sugar film factory, the two campuses of Kwara State University, sheabutter factory in Kaiama, among others.

“These, in shaa Allaah, will create tens of thousands of direct and indirect jobs in the new year, and spread collective prosperity on a sustainable basis.

“This is why next year’s fiscal document has been christened the budget of ‘economic expansion and collective prosperity’. The size of the budget is N296.4bn, with an opening balance of N25bn. The capital expenditure takes the lion share of N180.0bn, representing 61% of the total fiscal plan, while the recurrent component gets N116bn, or 39%.

“This fiscal plan will prioritise the completion and unveiling of several of our legacy projects, and introduction of a few other ones that centre around the welfare of the people. I am glad to inform this Honourable House that the Ilorin Capital City Master Plan will officially produce what we call Ilorin Smart City Satellite Town, which will cover an area estimated at 18,000 hectares. This city is modelled after sustainable, green cities around the world, such as Washington DC. The groundbreaking of this huge project will be done next year, God willing.

“Some other highlights include the establishment of the Kwara State University Teaching Hospital; Kwara State University of Education; completion of the first phase of the industrial park at Eiyenkorin; MSMEs Support Funds; rehabilitation of Ilesha Baruba Waterworks and others elsewhere in the state; construction of statewide rural access roads through RAAMP; rehabilitation of Isanlu Isin Waterworks and extension of pipes; rehabilitation of Pampo waterworks and extension of pipes, among others; construction of new wards and expansion of maternity unit at civil service clinic; expansion of 13 hospitals across the state; construction of 250 housing units under the proposed mass housing scheme of the State Government; construction of CBT Centres across the 3 districts; wholesale curriculum revitalisation and training under KwaraLearn; payment of UBEC counterpart funds for 2022 and 2023; and some sports facilities statewide.

“Also covered in this document is our preparation for a new minimum wage, which is due for negotiation next year, completion of KWIRS modern headquarters, among other things. We will also begin the implementation of life-changing programmes like the Adolescent Girls Initiative for Learning and Empowerment (AGILE), livestock development centre at Lata; special agroprocessing zone and L-PRES project, which seeks to provide infrastructure and the environment to curb the conflict between herders and farmers.

“This document is predicated on the estimated crude oil price of $77.96; daily oil production of 1.78million barrel per day; exchange rate of N750/USD; GDP growth projection of 3.76 percent; and 21.4% inflation rate.

“Further details on the budget estimates are contained in the full version of the fiscal plan, which would be issued later.

“The budget will be funded from an assortment of sources, especially the internally generated revenue and receipts from the federation accounts, among other channels.”

The State House of Assembly Speaker Rt. Hon. Yakubu Danladi-Salihu, who presided over the budget session, for his part, said the Governor did so well in his first term to deserve the popular mandate he got to govern the state for another four years, adding that the legislature would peruse the budget and act in accordance with the public good.

“Let me acknowledge and commend Your Excellency for transparency, accountability, and fiscal discipline exhibited in the implementation of the budget in outgoing year 2023,” he said.

“It is on record that this administration has completed many people oriented projects in all parts of the state as captured in the budget. The desire is to consolidate on the modest achievements recorded during your first term seems to be on course, considering the religious pursuit of the overall development of the state that has come to be a cordial objective of your administration since your second coming.

“I feel fulfilled with the magnitude of completed projects, ongoing projects, and others nearing completion.

“It is also noteworthy and commendable that Your Excellency has sustained the zeal with which you resuscitated the fulfillment of the state to counterpart funds in all sectors. The result of these is visible to every Kwaran to energise sectors such as basic education, rural roads, water supply and sanitation, health and many others that were almost dead before you came on board and have since experienced a rebirth as the people of the state now have a new lease of life.

“It is my hope that the year 2024 appropriation bill contains realistic projections both on revenue and expenditure that all critical sectors of the economy are accorded adequate attention. It is only by doing this that the administration will consolidate on the achievements recorded in the first four years.”

He assured the Governor of the readiness of the House to work round the clock to ensure timely passage of the budget after thorough legislative scrutinies.

Economy

JUST IN: FG Halts Planned 15% Import Duty on Petrol, Diesel

Published

2 weeks ago

November 13, 2025

Our Reporter

By: Fabian Apechihin

The Federal Government has suspended the planned implementation of a 15 percent import duty on petrol and diesel.

This was disclosed on Thursday by George Ene-Ita, Director of Public Affairs at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who urged Nigerians to avoid panic buying.

President Bola Tinubu had earlier, on October 29, approved the imposition of the tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji. The approval, conveyed in a letter signed by the President’s Private Secretary, Damilotun Aderemi, was intended to take effect from November 21, 2025.

The proposed policy sought to impose a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel. It was aimed at supporting domestic refineries — such as the Dangote Refinery and modular plants — by making imported fuel less competitive. However, experts cautioned that the move could lead to an increase of up to ₦150 per litre in pump prices and further fuel inflation and transportation costs.

In its latest update, the NMDPRA confirmed that the import duty is no longer under consideration.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the Authority stated.

The agency further assured the public of adequate fuel availability across the country, noting that national stock levels remain within the required sufficiency threshold.

“There is a robust domestic supply of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports, ensuring timely replenishment of depots and retail stations,” the statement added.

NMDPRA cautioned marketers against hoarding, panic buying, or arbitrary price increases, emphasizing that it will continue to monitor the market to prevent any disruption in supply.

“While appreciating the efforts of stakeholders in maintaining smooth and uninterrupted supply, the public is assured of NMDPRA’s commitment to safeguarding national energy security,” the statement concluded.

Economy

FGN, Sign $400m Deal To Boost Local Steel Production

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

The Federal Government of Nigeria, FGN, through the Ministry of Steel Development, has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited.

Stellar Steel Company Limited is a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China.

The company has committed approximately US$450 million for a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.

This landmark partnership is aimed at revitalising Nigeria’s steel industry and reducing the nation’s dependence on imported steel products, according to a statement signed by the the Principal Information Officer, PIO, Ijomah Opia, for the director, Information and Public Relations in the ministry.

The agreement, signed in Abuja, on Tuesday 28th October, 2025 will see Stellar Steel invest $400 million in the construction of a modern Steel Plant in Ewekoro, Ogun State. The project will be developed in three phases, with the first phase expected to begin production by 2026.

The Minister of Steel Development Prince Shuaibu Abubakar Audu signed the agreement when he hosted Mr Li, President of Inner Galaxy Group and other members of the Stellar Steel Company Limited in the Ministry’s Headquarters in Abuja.

According to Prince Audu, the collaboration aligns with the federal government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, a major step toward industrial self-reliance and economic diversification.

The minister further stated that the Federal Ministry of Steel Development would facilitate policy and infrastructure support, including inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to available fiscal incentives.

Highlights of the cooperation includes the followings:

1.Development of a localised iron ore supply chain to reduce import dependence and save over $1 billion in foreign exchange annually.

Creation of more than 2,000 direct and 20,000 indirect jobs across the steel value chain.
Promotion of green steel production using clean and energy-efficient technologies.
Strengthening of Nigeria’s position as a regional steel manufacturing hub in West Africa.

Audi also said that in return, Stellar Steel would prioritise local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production.

Prince Shuaibu emphasised that this strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation.

In his remarks the leader of the delegation, Mr Li assured the minister that Stellar Steel would respect all agreements reached and would ensure the completion of the project in record time and assured that all safety standards will be observed.

Mr Li was accompanied during the visit by Mr You Xiastian, Vice Chairman of RSIN Group, Mr Jackie Den, Vice President of Inner Galaxy Group and Mr Yin, Director of RSIN Group.

He recalled that the Minister of Steel Development, Prince Audu, performed the groundbreaking ceremony of the Steel Plant in Ogun State sometime in April, 2025.

Speaking at the signing, representatives of both parties emphasised that the partnership would strengthen Nigeria’s industrial base, create jobs, and foster technology transfer in the sector.

Economy

EU Delegation Strengthens Ties with Nigerian Senate

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

A high-level delegation from the European Union (EU) Parliament’s Foreign Affairs Committee, led by Mr. David McAllister, paid a courtesy visit to the Nigerian Senate today October 28, 2025.

“We are here to deepen our understanding of the situation in West Africa and strengthen our partnership with Nigeria,” McAllister said.

Senate President Godswill Akpabio welcomed the delegation, emphasizing Nigeria’s strategic partnership with the EU. “Nigeria is committed to strengthening ties with the EU, highlighting areas of mutual interest, including security, trade, and governance,” Akpabio said.

The delegation, comprising Ambassador Greta Mylott, EU Ambassador to Nigeria and ECOWAS, Miss Zelaya Zorko, Miss Mata Tamido, Sebastian Tankman, General Christophe Gomart, and Sebastian Buharo, is undertaking a comprehensive tour of West Africa, with stops in Nigeria and Ghana.

During the visit, Akpabio shed light on the challenges facing female representation in Nigeria’s parliament. “Women often vote for male candidates, making it difficult for female candidates to win elections,” he noted.

“The Senate is exploring innovative solutions, including constitutional amendments, to boost female participation in the legislative process, with support from organizations like the Black Women’s Forum.”

The EU delegation’s visit aims to foster greater understanding and cooperation between the EU and Nigeria, addressing shared concerns, such as terrorism, climate change, and economic development.

“The EU is committed to supporting Nigeria’s development efforts,” McAllister assured the Senate, emphasizing the bloc’s interest in seeing a stable, prosperous, and democratic Nigeria.

Their visit also includes participation in the forthcoming International Islamic Conference on Security and Governance in West Africa and the Sahel, scheduled for November 4-6, 2025 at ECOWAS Commission.

Akpabio expressed optimism about the potential for enhanced cooperation, highlighting Nigeria’s readiness to work with the EU to address common challenges.