By Barnabas Augustine
Governor Ahmadu Umaru Fintiri has presented to Adamawa State House of Assembly Members 2020 propose estimated budget during their plenary on Tuesday at the House in Yola.
Governor Fintiri who was accompanied by top Government officials and other politicians in the State stated that the budget for the fiscal year 2020 is estimated one-hundred and eighty three billion three hundred and sixty million six hundred and ninety nine thousand four hundred and eighty five naira (N183,360,699,485.00), to finance both recurrent and capital development project in the State. And, it was tagged “Budget of Rebirth”.
The Governor further explain that 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.
“The projected oil price is based on the current oil price volatility in the world which is 2.18 million barrels per day” Governor Fintiri explained.
“Out of this total proposed Budget estimate, the sum of N85.935 billion which represent 47% of the total proposed Annual Budget estimate is being earmarked for the Recurrent Services of the State.
“The balance of N97.424 billion which also represent 53% of the total proposed Budget is for Capital Development Programmes and Services in the State.
Governor Fintiri hinted the House that the revenue for the proposed 2020 Budget, the highest will come from Capital Receipts over N97 billion and Statutory Allocation over N42 billion.
“The total proposed 2020 Revenue of N183.360 billion comprise: Statutory Allocation N42.63 billion, VAT N18.10 billion, Excess Crude N2 billion, and Refund from Paris Club N7.02 billion” Governor Fintiri stated.
“State share of Budget Support Fund from Federal Government N4.00 billion, Internally Generated Revenue (IGR) N12.83 billion, Capital Receipts N97.42 billion and the balance of N17.72 billion is from other miscellaneous sources from Federal Government”.
While the 2020 expenditure proposal will be N37,796,617,120.00 for Personnel Cost, N29,485,307,255.00 for Overhead Cost, N18,653,781,700.00 for Consolidated Revenue Fund charges and N97,424,993,410.00 for Capital Expenditure.
While breaking down the budget, Governor Fintiri said that the sectorial proposed Capital Allocation of the various sub sectors as contain in the proposed budget is Administrative Sector has the proposal of N 6,470,625,935.00, Economic Sector N43,158,603,964.00, Law and Justice gets proposal of N532,318,900.00 and estimated for Regional and Social Sectors is N47,193,444,611.00 .
The number one man of Adamawa explained that the key priority areas of his administration as contain in the 11 Point Development Agenda gets topmost priority in the proposed budget in which Education and Human Capital Development has N17,315,500,000.00, Works and Energy Development N16,275,300,000.00, Rural Infrastructure and Community Development N7,546,238,400.00, Housing and Urban Development N2,800,000,000.00, Agriculture N2,751,050,000.00, Water Resources N1,738,890,655.00, Youth and Sports N1,270,000,000.00 and Mineral Resources N1,030,859,182.00.
Responding, the Speaker Adamawa State House of Assembly, Rt. Hon. Iya Abbas assured the speedy passing of the 2020 proposed estimated budget for the State and continue cordial relationship with the Executive Arm of Government.