Adamawa State Governor Ahmadu Umaru Fintiri has presented a N225.8bn budget estimate for 2024 to the House of Assembly for consideration and approval.
Dubbed the ‘Budget of Reengineering’, the estimate includes N111.3bn (49.3 per cent) for recurrent, and N114.5bn (50.7 per cent) for capital expenditure.
The proposed budget is higher than the N214.2bn of 2023, which according to the governor, is based on current economic indicators such as an oil production benchmark of 1.78 million barrels per day, oil price benchmark of $77.96/barrel, an exchange rate of N750/$, national GDP growth rate of 3.75 per cent and national inflation rate of 21.5 per cent.
Fintiri revealed that the budget includes N68.047bn from statutory allocation, N47.7bn from the share of Value Added Tax, N1bn from the ecological fund, N16bn for exchange rate difference, N6.6bn from non-oil revenue, N2.2bn from other FAAC transfers, N22.2bn from internally generated revenue, N4.9bn from aids and grants, and N57.1bn from capital receipts.
The Ministry of Works and Energy Development will receive N25.5bn; Ministry of Education and Human Capital Development, N15.6bn; Ministry of Health and Human Services, N6.3bn; Ministry of Finance, N6.066bn; Ministry of Housing and Urban Development, N4.9bn; and the Ministry of Youth and Sports Development, N4.6bn.
The governor stated that the state would continue to maintain the International Public Sector Accounting Standards (IPSAS) programme, which is fully implemented in the state.
He directed all ministries, departments and agencies to include the classification code and vote of charge balance on their memos when requesting fund release to enable financial experts to accurately track releases.
Fintiri also stated that the state government would continue to train and equip civil servants with skills to improve their desk functions and enhance service delivery in the state.
Fintiri emphasised that the state would explore untapped sources of revenue to enhance revenue generation.
He added that his administration would prioritise key areas to improve the state’s fortune while carrying out its duties in all social and economic spheres with due diligence.
The Speaker of the Assembly, Mr Bathiya Wesley, pledged that the House would act promptly to ensure the timely approval of the budget for the overall development of the state.