Economy
Gov. Fintiri Present N486,318,047,600 Budget Proposal For 2025 Fiscal Year
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Gov. Fintiri present N486,318,047,600 budget proposal for 2025 fiscal year.
From Umar Dankano, Yola.
The Adamawa state government has presented a budget proposal for the 2025 fiscal year to the tune of N486,218,047,600. before the state legislature.
Making the presentation at the state Assembly Monday, Governor Fintiri said that the budget proposal was designed in line with the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Governor Fintiri stated that the budget was carefully drafted in recognition with the reality of the economy and to solely finance government programs and services in the state.
He highlighted that, the recurrent expenditure would gulf N137,256,217,610 representing 28.23% of the budget while the sum of N348,961,829,990 representing 71.77% of the budget was allocated for capital expenditure or capital development programs.
He explained further that the revenue sources for the budget include statutory allocation of ₦53,000,000,000 (10.9%), share of VAT of ₦91,000,000,000 (18.7%), independent revenue of ₦24,568,582,500 (5.1%), and capital receipts of ₦91,517,465,100 (18.8%).
“The expenditure includes personnel cost of ₦72,774,125,500.00 (15%), overhead cost of ₦64,482,092,110.00 (13%), and capital expenditure of ₦348,961,829,990.00 (72%).
“The budget is articulated on current macro-economic indicators, including an oil production benchmark of 1.8mbpd, an oil price benchmark of $80.00 per barrel, and an exchange rate of ₦1,314.94 to $.1”. Fintiri added.
While emphasizing the importance of transparency and accountability in budget preparation and implementation, Fintiri said his government had already introduced the e-budgeting process to reduce costs and improve efficiency.
He emphasized the importance of building on the successes of the previous year, including the payment of backlog of gratuity and pension of retired civil servants.
Earlier in his remarks the speaker of the state Assembly Hon.Wesley B.Hong expressed gratitude for the cordial relationship between the executive arm and the legislature in the state.
Wesley announced that the legislative arm has initiated 51 bills and passing 20 bills successfully urging all and sundry to support the government for more dividends of democracy.
