Kwara State governor, Abdulfatah Ahmed, yesterday presented an appropriation bill of N119, 850,892,747 to the state House of Assembly representing an increase of N4,249,620,473 which is 3.7 percent above that of 2014 budget.

N62,137,722,766 of the budget is for capital expenditure which is the 52 percent of the budget while N46,460,937,187 representing 39 percent is the recurrent expenditure of the total budget size; N11,252,232,794 of the lot was budgeted for debt servicing alone.

Presenting the budget, the governor said the state like all others across the country was able to make some strides in the 2014 fiscal year despite revenue shortfalls from federation account and other revenue sources.

He said: "It is against the background of these achievements and particularly the need to ensure that all on-going projects are completed that the 2015 budget is being formulated."

The budget, he added, was also prepared against the backdrop of a fragile global economic recovery and an uncertain outlook of the crumbling oil revenue in the global market which has resulted in the dwindling monthly receipts by states from the Federation Account Allocation.

The budget which the governor themed: 'Budget of Introspection and Job Creation' will however be made to work with prudent management and focus to achieve the desired goals in the face of harsh financial situations.

Ahmed said the objective of the budget, among others, is to enhance revenue collection machinery to reduce reliance on federation and fund-sustained growth, rationalisation of recurrent expenditure to eliminate waste, and free up more funds for capital expenditure.

Also, it will stimulate investment in the productive sectors of the economy with the aim of increasing output, promoting enterprise, boost job creation, prudent management of all human, material and financial resources for consolidated and sustained economic development.

The state is however projecting an Independent Generated Revenue (IGR) of N16,438,062,992 while the projected Capital Development Fund receipts, Aid and Grants is N29,795,162,428.

In addition, the governor said federal allocation revenue would be used to service sectoral expenses to include General Public Service, order and safety, Economic Affairs, Environmental Protection, housing and Community Amenities, Health, Recreation, culture & Religion, Education and Social Protection.