Governor Ahmadu Umaru Fintiri of Adamawa State has officially signed into law a robust budget of N225.893 billion for the fiscal year 2024, aptly named the ‘Budget of Reengineering.’
This financial plan strategically designates N111.3 billion (49.3%) to recurrent services and N114.5 billion (50.7%) for capital expenditure, signaling a notable uptick from the N214.2 billion earmarked in 2023.
Crafted with a keen eye on prevailing economic indicators, the budget factors in an Oil Production Benchmark of 1.78 million Barrels Per Day, an Oil Price Benchmark set at $77.96 per barrel, an Exchange Rate fixed at N750/$, a forecasted National Real GDP Growth Rate of 3.75%, and a targeted National Inflation Rate of 21.5%.
The State House of Assembly, having given its endorsement to the budget earlier this month, aligned its approval with the 2024-2026 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP).
Governor Fintiri expressed sincere gratitude to the State House of Assembly for their swift approval of the budget within the stipulated timeframe. He reiterated his unwavering commitment to maintaining a harmonious relationship between the executive and legislative arms of the government.
In a recent interview, Mr. Emmanuel Pridimso, the Commissioner of Budget and Economic Planning, underscored that the approved budget is poised to catalyze substantial development in the state. He emphasized that the budget is intricately aligned with the current administration’s comprehensive 8-point agenda.
