Governor Ahmadu Umaru Fintiri of Adamawa State has officially signed into law a N225.893 billion budget for the fiscal year 2024, titled ‘Budget of Reengineering.’ The budget delineates allocations of N111.3 billion (49.3%) for recurrent services and N114.5 billion (50.7%) for capital expenditure, showcasing an increase from the N214.2 billion budgeted in the preceding year, 2023.
Structured based on current 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 projected National Real GDP Growth Rate of 3.75%, and a National Inflation Rate estimated at 21.5%.
The State House of Assembly, having endorsed the budget earlier in the 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 expeditious passage of the budget within the stipulated timeframe. He reaffirmed his commitment to fostering a harmonious relationship between the executive and legislative branches of the government.
Mr. Emmanuel Pridimso, the Commissioner of Budget and Economic Planning, emphasized in an interview that the approved budget is poised to drive substantial development in the state, aligning closely with the current administration’s 8-point agenda.