Major takeaways from governor Fintiri’s 2024 proposed budget
Governor Ahmadu Umaru Fintiri of Adamawa State yesterday presented budget estimates to the tune of ₦225,893,690,626.00 before the state house of assembly to finance the 2024 fiscal year.
The governor who tagged the appropriation bill as budget of reingineering said the provisions of the budget will allow him consolidate on the solid development foundation he laid in the state four years ago.
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Below are major takeaways from the 2024 appropriation bill.
Review of 2023 budget
Initial budget approved by assembly
₦175,019,054,060.00
Adamawa assembly approved additional inflow of revenue of
₦39,261,914,707.63
Total budget of 2023
₦214,280,968,767.63
2023 recurrent budget estimates
₦105,011,432 437.00
2023 budgeted estimates for capital expenditure
₦109,269,536,330.6
Total actual income received by the state from all revenue sources as at 30th September 2023
₦85,504,533,496.00
Distribution of revenue inflow from the sources in 2023
~ Statutory allocation
₦25,050,852,749
~ VAT
N24,648,664,854
~ Ecological fund
₦847,672,845
~ Exchange rate difference
₦6,622,974,209
~ Non-oil revenue
₦3,278,452,883
~ Other FAAC transfers
₦1,498,458,705
~ IGR
₦9,862,266,712
~ Capital Receipts
₦13,695,190,539
Total Recurrent and capital expenditure of the govt in 2023 as at 30th Sept 2023
₦73,557,885,583
~ Personnel emoluments
₦28,044,776,356.72
~ Overhead cost
₦26,278,286,219.32
~ Capital projects
₦19,234,821,008
2024 budget estimates
Proposed budget estimates
₦225,893,690,626.00
Economic indicators
~ Oil production benchmark 1.78 mbpd
~ Oil price benchmark $77.96/barrel
~ Exchange rate N750/$
~ National real GDP growth rate 3.75%
~ National inflation rate 21.5%
Projected Recurrent Expenditure
N111,379,586,126:00
Projected Capital Expenditure
N114,514,104,500:00
Projected Statutory Allocation
68,047186,396:00
Projected VAT share
N47,731,651,558:00
Projected Ecological Fund
N1,000,000:00
Projected Exchange Rate Difference
N16,000,000,000:00
Projected Non-oil Revenue
N6,623,744,122:00
Projected Revenue from other FAAC sources
N2,214,500,000:00
Projected IGR
N22,240,608,550:00
Projected Aids and Grants
N4,900,000,000
Projected Capital Receipts
N57,136,000,000:00
Projected Personnel Cost
42,978,572,756
Projected overhead cost
N68,401,013,370:00
Projected Capital Expenditure
N114,514,104,500:00
Government priority areas in 2024
1. Min of works and energy dev
N25,535,000,000:00
2. Min of edu and human capital dev
N15,603,000,100:00
3. Min of health and human services
N6,388,000,000:00
4. Min of finance
N 6,066,300,000:00
5. Min of housing and urban dev
N4,994,732,600:00
6. Min of youths and sports dev
N4,604,291,400:00
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Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.
