Governor Ahmadu Umaru Fintiri of Adamawa State, has presented a budget proposal of N163,629,910,040.00 to the state House of Assembly for the year 2022.
Presenting the budget before the lawmakers on Thursday, Fintiri said the budget was carefully designed to consolidate on the gains of the previous one.
The governor said out of the estimated N164 billion budget, a sum of N99 billion and N65 billion, representing 60% and 40% respectively has been earmarked for recurrent and capital expenditures.
“The Proposed Budget of N163,629,910,040.00 Billion for 2022 Fiscal year is made up of recurrent expenditure of N98,855,243,040.00, representing 60% of the total Budget while the balance of N64,774,667,000.00 is for Capital development projects representing 40%.
“Government has completed plans to access long term finance from the capital market by floating bonds to finance some viable projects majorly Agriculture and livestock in the
State”, he said.
Fintiri praised his administration for achieving financial discipline that resulted in reduction of the cost of running government as well as improvement in management of financial and accounting processes in the state.
He said under his watch, Adamawa had succeeded in achieving an unprecedented reduction of overhead cost from 26 billion naira in 2019 to
18 billion naira in 2021 which is the first in Nigeria’s recent history.
“Unarguably, we are the first to achieve this in Nigeria, in
recent times. This, our reputable credit rating agency found encouraging
especially in this era of a galloping inflation and the global pandemic caused by the Covid-19”, Fintiri said.
