Governor Ahmadu Umaru Fintiri of Adamawa State has signed a N225.893 billion budget for 2024, titled ‘Budget of Reengineering.’
The budget allocates N111.3 billion (49.3%) to recurrent services and N114.5 billion (50.7%) for capital expenditure, reflecting an increase from the N214.2 billion budgeted in 2023.
It is structured based on current economic indicators: Oil Production Bench Mark at 1.78 million Barrels Per Day, oil Price Bench Mark at $77.96/barrel, Exchange Rate set at N750/$, National Real GDP Growth Rate projected at 3.75%, and National Inflation Rate at 21.5%.
The State House of Assembly, which had previously endorsed 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 gratitude to the State House of Assembly for the swift passage of the budget within the stipulated time frame. He affirmed his commitment to maintaining the harmonious relationship between the executive and legislative arms of the government.
Mr. Emmanuel Pridimso, the Commissioner of Budget and Economic Planning, highlighted in an interview that the approved budget is anticipated to drive significant development in the state. He said that the budget aligns with the current administration’s 8-point agenda.
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