Governor Ahamdu Umaru Fintiri has presented a budget proposal of N225.8b for the 2024 fiscal year.
Presenting the budget today at the hallow chambers of the Adamawa state House of Assembly Friday, the governor said the budget proposal was based on the current realities of the economy.
The 2024 proposed budget tagged ‘Budget of Re-engineering’ according to the governor is aimed at fostering economic growth of the state on projects and programmes.
Stressing that “it has become necessary so that the positive economic impact that will change the standard of living of our people will become a reality.
“It is in line with this policy objective and mission towards the transformation of the state, that the 2024 proposed annual budget has been carefully articulated to allow faster economic development of the state.
“The 2024 proposed Appropriation Bill as duly bestowed on me by the Constitution for the financing of all government programmes and services in the state in the incoming financial year.
“Having considered all factors, this administration is presenting the sum of ₦225,893,690,626.00 as the 2024 proposed annual budget towards the financing of both the Recurrent and capital development programmes within the 2024 fiscal year,” Finitri said.
The budget is articulated on the current economic indicators of the Oil production Bench Mark of 1.78 (Mbpd) million barrels per day Oil Price Bench Mark of $77.96/barrel, exchange rate of N750/$, National Real GDP growth rate of 3.75% and the national inflation rate of 21.5%
The proposed budget is in line with the 2024- 2026 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP) has a proposed budget estimate of N111,379,586,126.00 which represents 49.5% of the total proposed annual budget estimate earmarked for the recurrent services of the state.
While the sum of N114,514,104,500.00 which represents 50.5% of the total proposed budget is earmarked for capital development programmes and services in the state.
The additional breakdown of the 2024 proposed annual budget in terms of revenue and expenditure are; Economic Line-item Description 2024 Proposed Budget of statutory Allocation; N68,047,186,396.00 share of VAT; N47,731,651,558.00, Ecological Fund N1, 000,000,000.00, Exchange Rate Difference N16,000,000,000.00,
Non-oil Revenue N6,623,744,122.00.
While others are FAAC transfers N2,214,500,000.00, Internally Generated Revenue N22,240,608,550.00, Aids and Grants N4,900,000,000.00 and Capital Receipts N57,136,000,000.00
The Ministry of Works and Energy Development got the highest allocation of N25,535bn, followed by the Ministry of Education and Human Capital Development got N15,603bn and the Ministry of Health and Human Services with an allocation of N6,388bn.
Others are the Ministry of Finance N6,066bn, while Ministries of Housing and Urban Development and Youth and Sports Development got N4,995bn and N4,604bn.
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