Adamawa State Governor, Ahmadu Umaru Fintiri has presented the appropriation bill for the year 2020 tagged the “Budget of Rebirth” to the state assembly.
A total sum of N183,360,699,485.00 was presented by the Governor as the budget estimates for the year 2020 to the honourable members on Tuesday at the state assembly complex, Yola
while presenting the budget, the governor noted that it is the first appropriation bill of his administration brought to the hoourable house and that the main focus is to foster economic growth of the state from its laudable programmes and projects.
“Mr. Speaker, Honourable Members, this is the first Appropriation bill by this Administration to this Honourable House and the main focus is to foster economic growth of the state from its laudable programmes and projects.
“This is expedient so that it will impact positively on the socio-economic of our people in line with this policy objective and our mission towards the transformation of the State, that 2020 Proposed Annual Budget has been carefully articulated, with the view to attaining faster economic development of the State.
“We have therefore christened it Budget of Rebirth”. The Governor said.
According to the Governor, the sum of N85.935 Billion which represent 47% of the Budget Estimate is being earmarked for the Recurrent expenditure while the balance, N97.424 Billion which also represent 53% of the Budget is for capital expenditure in the State.
The estimates, according to the Governor, are based on the current Economic indicators of the country.
He said, “The Budget is articulated on the current National Economic indicators of $55 per Barrel, 10.36% inflation rate N350 per $1 exchange rate and 3.16% GDP economic growth rate”.
Governor Fintiri also lamented the shortfall recorded in the 2019 budget noting that out of the N244.729 billion estimate approved for the year, the state only realised N79.519 billion.
He said, “I want to refresh your memory that this Honourable Assembly early this year approved the total sum of N244.729 Billion for the 2019 fiscal year to finance both Recurrent and Capital Development Programmes of the State.
“Out of the aforementioned total Approved Budget for the 2019 financial year, the State Government was able to realize the total sum of N79.519 Billion, which represents 32.49% of the total Annual Budget from all her Revenue Sources as at 30th September 2019.