Governor Ahmadu Umaru Fintiri of Adamawa State, on Monday, presented the N486.218 billion budget for the 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 #137.256 billion, while the capital expenditure estimate is over N348 billion.
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 ₦1,314.94 to $.
Speaking on the floor of the State Assembly, 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 ₦137,256,217,610 (28.23%) for recurrent services, while ₦348,961,829,990 (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 ₦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 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 to give 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, a member representing the Demsa constituency and seconded by Musa Mahmud Kallamu of Mayo Belwa constituency.
He used the opportunity and brief 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.
