Gov Fintiri Presents N225.8bn 2024 Budget to Adamawa Assembly
By Umar Dankano,Yola.
The Adamawa state government has presented a budget proposal of N225.8 billion for 2024 fiscal year before the state Assembly.
Making the presentation in Yola Friday for the lawmakers consideration and approval, Governor Ahmadu Umaru Fintiri said out of the total amount of the proposed budget,N111.3 billion representing 49.3% is for recurrent expenditure while N114.5 billion representing 50.7% is to cover capital expenditure.
Governor Fintiri said the proposed budget tagged “Budget of Reengineering” is in line with the 2024- 2026 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP).
Fintiri stated that,the state will continue to ensure that some of the State’s untapped sources of Internally Generated Revenue are harnessed, and properly tapped towards the improvement of Revenue Generation.
He therefore directed all MDAS to quote the classification Code and the balance of Vote of Charge on their memos when requesting for release of funds, to enable our financial experts to properly classify and track releases as appropriate.
“The additional breakdown of the 2024 proposed Annual Budget in terms of Revenue and Expenditure is as follows: Economic Line-item Description 2024 Proposed Budget has Statutory Allocation; N68.047bn.
“Share of VAT; N47.7bn, and Ecological Fund; N1bn, Exchange Rate Difference; N16bn, Non-oil Revenue; N6.6bn and Other FAAC Transfers; N2.2bn
“Internally Generated Revenue; N22.2bn, Aids and Grants; N4.9bn, Capital Receipts; N57.1bn, giving the total estimate to N225.8bn,” said Governor Umaru Fintiri.
According to him,the budget, the Ministry of Works and Energy Development gets
N25.5bn, Ministry of Education and Human Capital Development has N15.6bn.
“Ministry of Health and Human Services;
N6,3bn, Ministry of Finance N6,066bn, Ministry of Housing and Urban Development N4.9bn, Ministry of Youth and Sports Development; N4,6bn.
Highlighting the major policy objectives of the budget, Governor Fintiri said the state will continue with the International Public Sector Accounting Standards (IPSAS) programme which is in full implementation in the state.
According to the Governor, the state will continue to ensure that some of the State’s untapped sources of Internally Generated Revenue are harnessed, and properly tapped towards the improvement of Revenue Generation.
In his address at the occasion, the Speaker of the State Assembly, Hon.Bathiya Wesley pledged that the House will swing into action immediately and ensure the budget is approved timely for the overall development of the state.
The budget which is higher than N214.2bn of 2023 is articulated on the current economic indicators of Oil Production Bench Mark; 1.78 million Barrels Per Day, oil Price Bench Mark; $77.96/barrel, Exchange Rate; N750/$, National Real GDP Growth Rate; 3.75% and National Inflation Rate; 21.5%.
