Kwara State Records 16% IGR Growth, $85 Million Grant, and 45.8% Debt Reduction in Q1 2025

Kwara State has announced a series of impressive fiscal achievements for the first quarter of 2025, reflecting its commitment to prudent financial management and sustainable economic growth under the leadership of Governor AbdulRahman AbdulRazaq.

The state reported a 16% increase in Internally Generated Revenue (IGR) compared to the same period in 2024. Revenue rose from ₦21.5 billion to ₦25.5 billion, driven by effective tax reforms, enhanced collection systems, and strategic investments aimed at reducing dependency on federal allocations.

This boost in IGR highlights Kwara’s growing financial independence and resilience, supporting its broader economic goals.

Kwara also secured over $85 million in performance-based grants from the World Bank’s Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program. This grant rewards states demonstrating strong fiscal discipline, effective project implementation, and impactful social programs.

The funds will be used to strengthen healthcare, support small businesses, and improve basic infrastructure, directly benefiting the state’s residents.

In addition to revenue growth, Kwara State achieved a remarkable 45.8% reduction in its domestic debt stock, positioning it as one of the most fiscally responsible states in Nigeria.

This significant reduction reflects disciplined financial management, focused spending, and efficient debt restructuring, ensuring that the state remains within sustainable fiscal thresholds.

The state also reinforced its commitment to transparency and financial accountability. Kwara promptly published its 2025 budget, totaling ₦584.69 billion, and has continued to automate financial processes, adopting International Public Sector Accounting Standards (IPSAS) and real-time expenditure monitoring.

These efforts are designed to enhance efficiency, reduce waste, and ensure the timely payment of salaries and pensions.

To further strengthen fiscal management, the Kwara State Residents Registration Agency (KWSRRA) is conducting a comprehensive registration exercise for all state and local government employees and pensioners.

This initiative aims to ensure accurate data for effective budgeting and uninterrupted salary payments.

These fiscal milestones underscore Kwara State’s progress in building a financially sustainable, transparent, and economically resilient future.

The government’s efforts to expand revenue streams, reduce debt, and attract international grants are expected to further boost the state’s economic prospects in the coming years.