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2024 Fiscal: Governor Fintiri presents N225.8B

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2024 Fiscal: Governor Fintiri presents N225.8B

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Adamawa State Governor, Ahmadu Umaru Fintiri, has presented the state House of Assembly with the N225.8 billion Appropriation Bill for the fiscal year 2024.

The budget proposal, dubbed the “Budget of Re-engineering and Continuity,” includes both capital and recurring expenditures. He stated that it is intended to provide economic growth, increased infrastructure, and wealth for citizens.

While presenting the budget to state lawmakers in Yola today, the governor stated that capital expenditure for fiscal year 2024 is budgeted at 114,514,104,500.00.

According to the governor, the amount represents around 50.7 percent of the overall budget and follows the state’s pattern of prioritising capital expenditures above recurring ones.

Fintiri stated that the state would spend N25,535,000,000.00 on infrastructure, N15,603,000.00 on education, and N6,388,000,000.00 on health.

“As a result, the government budgeted 109,269,536,330.6 for capital expenditure in 2023.” However, due to limited revenue inflow, only 19,234,821,008 was spent on priority projects and programmes such as infrastructure, education, health, agriculture, general administration, and so on as of 2023. All of these projects have had a direct impact on our people’s lives.”

Fintiri stated in the 2023 budget proposal that his government has requested a total sum of 175,019,054,060.00 for the 2023 fiscal year to support both the state’s recurring and capital expenses.

However, during the fiscal year 2023, which this Honourable House approved, the state received and recorded an additional inflow of money to the tune of 39,261,914,707.63 as statutory allocations.

This has resulted in an increase in the approved budget size for 2023 from 175,019,054,060.00 to 214,280,968,767.63. The sum of 105,011,432 437.00 was earmarked for recurrent services, representing 49% of the total approved annual budget estimate, and the balance of 109,269,536,330.6 was earmarked for capital development programmes and services in the state, representing 51% of the total approved annual budget.

The governor stated that the state would spend N42,978,572,756.00 on salaries in 2024.He added that new projects may be given, and that the administration will mobilise resources and efforts to complete all ongoing projects.

“However, we will increase our efforts to considerably boost IGR by extending prospects for additional investment, industrialization, and effective tax collection.”

Wesley Bathiya, Speaker of the Adamawa State House of Assembly, stated that Fintiri has put in place a strategy for the state’s development through careful resource allocation.