Governor Fintiri Greenlights Adamawa State’s 2024 Budget
Adamawa State Governor Ahmadu Umaru Fintiri has given the green light to the state’s 2024 budget, labeled the “Budget of Reengineering.” This fiscal plan is pegged at N225.893 billion, marking an increase from the previous year’s budget of N214.2 billion.
Budget Allocations and Structure
The newly approved budget allocates 49.3% (N111.3 billion) towards recurrent services and 50.7% (N114.5 billion) for capital expenditures. Its framework is intricately tied to prevailing economic indicators, encompassing a national inflation rate of 21.5%, an anticipated real GDP growth rate of 3.75%, an exchange rate of N750/$, an oil price benchmark of $77.96/barrel, and an oil production benchmark of 1.78 million barrels per day.
Alignment with Fiscal Strategy
The State House of Assembly synchronized its approval of this budget with the 2024–2026 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP). This alignment followed the earlier adoption of the budget by the Assembly earlier in the same month.
Acknowledgment and Commitment
Governor Fintiri expressed gratitude to the State House of Assembly for swiftly passing the budget within the stipulated timeframe. He reiterated his commitment to maintaining a harmonious relationship between the government’s legislative and executive arms.
Anticipated Impact and Development
Emmanuel Pridimso, the Commissioner of Budget and Economic Planning, highlighted the expected impact of the approved budget. He emphasized its potential to drive significant development in the state, emphasizing that it supports the eight key objectives outlined by the current administration.