Adamawa State Governor Ahmadu Umaru Fintiri has approved the N225.893 billion “Budget of Reengineering” for 2024.
The budget increases from the N214.2 billion budgeted in 2023 to N111.3 billion (49.3%) for recurrent services and N114.5 billion (50.7%) for capital expenditures.
Its structure is based on current economic variables, such as the national inflation rate of 21.5%, the anticipated real GDP growth rate of 3.75%, the exchange rate of N750/$, the oil price benchmark of $77.96/barrel, and the oil production benchmark of 1.78 million barrels per day.
The State House of Assembly coordinated its approval of the budget with the 2024–2026 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP), having previously adopted the budget earlier this month.
Governor Fintiri thanked the State House of Assembly for passing the budget so quickly and within the allotted time. He reaffirmed his dedication to upholding the cordial standing of the government’s legislative and executive branches.
The approved budget is expected to spur major development in the state, according to Mr. Emmanuel Pridimso, Commissioner of Budget and Economic Planning, who made this clear in an interview. According to him, the budget supports the eight points of the current administration’s goal.