The Kwara State Government has said that it would source N4.4billion as internal loans from commercial banks in the state pending when it can access its proposed revised N23 billion bond.

The state government had as approved by the Kwara State House of Assembly proposed to access N30bn bond. But it later said it had revised the N30bn bond to N23bn bond.

Abraham Ogunleye, the state Commissioner for Planning and Economic Development, during the state’s 2014 budget break down in Ilorin on Monday also said the state Assembly increased the 2014 budget of N124.5 billion  as proposed by the Governor, Alhaji Abdulfatah Ahmed to N130.26 billion  which is an  increase of five per cent.

He stated that the increase was a result of the inclusion of N5bn internal loan because of possible delay in securing the bond.

The Commissioner said from the approved budget, the state expects to receive N44bn as statutory allocation, (34 per cent of total rrevenue); N8.052bn from Value Added Tax ( six percent of total revenue budget) and  N3.175bn as Excess Crude Acount revenue representing two per cent of total revenue budget.

He added that the government expects N17.723bn as Internally Generated Revenue; and N22.311bn as capital receipts.

Ogunleye said the state government will spend N63.86bn as capital expenditure; N17.278bn as public debt charges and recurrent expenditure (personnel and overhead costs) of N49.126bn.

“More concerted efforts will be made for IGR drive to improve collection mechanism in the face of dwindling federal statutory allocation as well as finance prudence, blockage of leakages optimum utilization and avoidance of wastage in whatever forms.

“The Ministry of Planning and Economic Development in collaboration with the Ministry of Finance and Board of Internal Revenue Services will intensify efforts more than ever before in the monthly monitoring of revenue collections.

“We will equally monitor the performances in the implementation of approved programmes and projects to ensure resultds and evidence-based budget performance,” Ogunleye said.