Governor Ahmadu Umaru Fintiri of Adamawa State Monday presented the 2021 appropriation budget of over one hundred and forty billion naira (N140b) to the Adamawa State House of Assembly for consideration.
The budget tagged “Budget of Stabilization” had a proposed seventy two point eight billion naira (N72.8b) for capital expenditure representing 52% while recurrent expenditure has sixty seven point two billion naira (N67.2b) representing 48% of the budget.
Governor Umaru Fintiri while presenting the appropriation bill on the floor of the Assembly in Yola said the budget is projected in terms of revenue sources that include Statutory Allocation: forty point nine billion naira (N4.9b) and Value Added Tax VAT eighteen point eight billion naira (N18.8b).
Others include Stamp Duty two billion naira (N2b), Excess Crude one point five billion naira (N1.5b) Internally Generated Revenue twelve point one billion naira (N12.1b) and Exchange Rate Difference two point six billion naira (N2.6b).
The rest are Stabilization Fund Receipts: two point five billion naira, Non-Oil Revenue one point five billion naira (N1.5b), Support Fund three billion naira (N3b) and Capital Receipts fifty five billion naira (N55b).
The Governor said the proposed appropriation is formulated in line with the 2021-2023 medium term expenditure framework and fiscal strategy paper as a matter of economic planning and policy.
He revealed that in line with government’s continued determination to pursue with great vigor the emancipation of the state economy, the 2021proposed budget has been carefully packaged to consolidate on the gains recorded in the year 2020 budget.
Receiving the document, Speaker of the Adamawa state House of Assembly Alhaji Aminu Iya Abbas appealed to the Governor to prioritize the welfare of primary school teachers from the allocation in the education sector in 2021budget.
He said members of the Assembly would reciprocate government gesture by passing the 2021 budget before the end of 2020 and called on Ministries, Departments and Agencies to prepare for budget defense commencing from next week.
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