Governor Ahmadu Fintiri of Adamawa State has presented N486.218 billion budget for 2025 fiscal year to the House of Assembly for consideration and passage.
The Governor who tagged it as ”Budget of Service”, explained that the recurrent expenditure for the year stands at N137.256 billion, while the capital expenditure estimates is over #348billion.
The budget is articulated on current micro-economic indicators, including an oil production benchmark of 1.8mbpd, an oil price benchmark of $80.00 per barrel, and an exchange rate of N1,314.94 to $.
Speaking on the floor of the State Assembly composed, Governor Umaru Fintiri said the proposed budget is in line with the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
He mentioned the breakdown of the budget to include N137,256,217,610 (28.23%) for recurrent services, while N348,961,829,990 (71.77%) is earmarked for capital development programmes
Fintiri emphasized the importance of transparency and accountability in budget preparation and implementation.
The revenue sources for the budget include statutory allocation of N53,000,000,000 (10.9%), share of VAT of N91,000,000,000 (18.7%), independent revenue of N24,568,582,500 (5.1%), and capital receipts of N91,517,465,100 (18.8%).
The expenditure includes personnel cost of N72,774,125,500.00 (15%), overhead cost of N64,482,092,110.00 (13%), and capital expenditure of N348,961,829,990.00 (72%).
The governor announced the introduction of e-budgeting 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.
Receiving the budget proposal, the Speaker Hon. Bathiya Wesley promised given accelerated reading, hence the reading of the bill for the second time and committed same to the committee on Finance, Budget and Appropriation for scrutiny.
The second reading followed a motion by the Majority Leader, Hon. Kate Raymond Mamuno, member representing Demsa constituency and seconded by Musa Mahmud Kallamu of Mayo Belwa constituency.
He used the opportunity and briefed the Governor on the performance of the 8th assembly since pronouncement, saying that they have introduced 51 bills and passed 20 and that some of them were assented to by the Governor.
