From Yagana Ali, Yola

Governor Ahmadu Umaru Fintiri of Adamawa State has today, presented N225,893,690,626 billion budget estimates to the State House of Assembly in Yola, the state capital.

The governor who thanked the Assembly for the support it has given his administration, said the budget of re-engeeneering will consolidate the laudable foundation of solid development he instituted in the state.

“Speaker, Honourable members, this is the first Budget Appropriation of the Second Term and the main focus is to foster Economic growth of the state on projects and programmes.

“This 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.

“Having acquainted you with the general performance of the 2023 Approved Budget, may I now present to you and this Honourable Assembly, 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.

“The budget is articulated on the current Economic indicators ” Fintiri said.

The Ministry of works and energy development carry the largest share with over 25.5 billion naira which represent 22 percent of the budget, follow by ministry of Education and Human Capital Development with an estimated budget of over N15. 6 billion representing 13.6 percent and ministry of health with an estimate of N6.5billion which represent five percent of the budge.

Highlighting the performance of the previous budget, governor Fintiri said it is customary that a review of the performance of the current approved budget in terms of the Actual Revenue that accrued to the state and in particular on what they were expended on, within the last three quarters of the financial year be made known to you, and indeed the entire state.

This review as a matter of tradition is also meant to reflect and evaluate past performance, cover the shortfall and consolidate on our success in order to move the state forward.

“I want to refresh your memory on the fact that this Honourable Assembly late last year approved the total sum of ₦175,019,054,060.00 for the 2023 fiscal year to finance both the Recurrent and Capital expenditure of the state. 

However, during the 2023 financial year, the state has received and recorded an additional inflow of revenue to the tune of ₦39,261,914,707.63 as statutory Allocations which was approved by this Honourable House.

This has led to the increase in 2023 Approved Budget Size from the initial ₦175,019,054,060.00 to ₦214,280,968,767.63. Out of this, the sum of ₦105,011,432 437.00 which represents 49% of the total Approved Annual Budget Estimate was earmarked for Recurrent Services and the balance of ₦109,269,536,330.6 which represents 51% of the total Approved Annual Budget was earmarked to service Capital Development programmes and services in the state,” He said.

Out of the aforementioned total Approved Budget for the 2023 Financial year, the state Government was able to realize the total sum of ₦85,504,533,496.00 from all her revenue sources as at 30th September, 2023. 

The breakdown of the total Revenue shows that: ₦25,050,852,749 was realised from Statutory Allocation, N24,648,664,854 from Value Added Tax (VAT), ₦847,672,845 from Ecological fund, ₦6,622,974,209 from Exchange Rate difference, ₦3,278,452,883 from Non-oil Revenue, ₦1,498,458,705 from other FAAC Transfers, ₦9,862,266,712 (collected from Internally Generated Revenue of the state) and the balance of ₦13,695,190,539 was realized from Capital Receipts.”

In the asme vein, the total sum of ₦73,557,885,583 was expended on the various Recurrent and Capital Development Expenditure profile sources as of 30thSeptember, 2023.

The breakdown of this expenditure is made up of the sum of ₦28,044,776,356.72 expended on personnel emolument, ₦26,278,286,219.32 on overhead cost, and the balance of ₦19,234,821,008 was expended on Capital Development projects and programmes in the state in the fiscal year.

Government has proposed to spend the sum of ₦114,514,104,500.00, on Capital Expenditure in the 2024 fiscal year.

The Governor expressed his appreciation and profound gratitude to the people of Adamawa State for giving him support. and to the security Agents in the state for the maintenance of peace, the efforts of traditional and religious leaders who are in the forefront of preaching peaceful coexistence and tolerance in the entire state.