His Excellency, Rt. Hon. Ahmadu Umaru Fintiri recently laid before the State House of Assembly a total budget proposal of Seventy-five Billion, Nineteen Million, fifty-four thousand and Sixty Naira (N175,019,054,060.00),Tagged Budget of Consolidation, for the year 2023 ending 31st December.
Presenting the budget, Governor Fintiri explained that government has proposed to spend the sum of 70,007,621,624.00 (Seventy billion, Seven Million, Six hundred and twenty one thousand Six hundred and twenty four naira) on Capital Expenditure in 2023 Fiscal year.
Adamawa state governor also reiterated his commitment to further entrench the philosophy of his administration, “No one is left behind and nothing is left untouched” through the 2023 budget proposal.
He said, “we will forever be faithful to the timeless refrain of our governance philosophy of No one is left behind and nothing is left untouched – we are relentless in our commitment to
a path of security, unity and prosperity of our people”.
Speaking on the importance of the budget proposal towards agricultural revolution amongst other sectors of economy, governor Fintiri noted that, “Adamawa State Agricbusiness Development Programme (ADAS-P): Working with key stakeholders and technical partners, we innovated an agricbusiness plan which is our thought-out window for economic revival,” he said.
“It is a carefully articulated exit route from overdependence on oil money from FAAC to run governance. The ADAS programme is an end to-end economic exit plan which requires the support and goodwill of every citizen that wishes Adamawa State well.
“It is expected to grow our GDP from its current level of 1.7 trillion to 7.8 trillion Naira. Above all, it will raise our IGR from 8.3 billion in 2020 to 52 billion Naira in 10 years’ time. If we are looking for the ideal deal-breaker for Adamawa State, this indeed is the real one.
Stressing the need to boost Agribussiness in the State through a well structured economic plan, Adamawa State governor maintained that recent 100 Billion Naira Agribusiness Bond in the state will have far reaching effect in turning around the economic fortune of the state.
His words, “We have innovated a unique product which is the 100 Billion Naira Agribusiness Bond. We have so far, drown down the first series of 25 Billion Naira with a resounding success and the remaining 75 Billion Naira is on our shelf in the Capital Market,” he said.
“As of today, Adamawa State is the first and only State to float and access an Agribusiness Bond from the Nigerian Capital Market. Our investment rating is BBB+ and the investment climate looks handsomely bright”.
“We have so far, deployed a substantial part
of the 25 billion Naira drown into the financing of our infrastructural
projects, upgrade of 12 livestock and produce markets across the State and finalized the framework for the implementation of the Credit Guarantee Scheme to build the capacity of our local merchants and provide the necessary comfort for financial institutions to grant credit facilities to willing investors and smallholder farmers in the State”.
Governor Fintiri said, “agriculture presents us with the best
opportunity to attain growth especially that the majority of our people, about 60 percent, are dependent on it. This sector has a relatively short gestation period with low capital requirements, readily available labour, abundant water resources and the blessing of arable land. We shall implement a new comprehensive agriculture support programme in 2023,” he said.
He noted that, “The programme will be cost effective, better targeted and equitable across beneficiaries. It will also support the supply of quality inputs, attain diversification of crops as well as increase production and productivity”.
Speaking further on the turn-around inclination that 2023 budget has for his people, Governor Fintiri said, “it is only right that we continue to support our small- scale farmers for the reasons that we all know. But we can do more in agriculture by promoting large scale production for both local and export markets. The markets can employ many people at different levels of skills, create associated business opportunities, support agroindustry, support viable out-grower schemes and earn foreign exchange” he said.
According to him, “in order to reduce dependence on rain-fed agriculture, which often times comes with associated risk of nature such as flooding as it happened this year, Government will continue to encourage and support irrigation farming. Through our Credit Guarantee Scheme, we will also guarantee concessional financing for irrigation equipment for small-scale farmers” he noted.
Governor Fintiri also maintained that, “in line with the Fresh Air agenda of alleviating poverty, we will empower youth and female headed households through livestock stocking and restocking as well as support for livestock infrastructure.
Speaking about the prudence put into the preparation of the budget to ensure financial discipline in the year 2023, Adamawa governor said, “in the last three years, we have demonstrated a commitment to fiscal and budgetary discipline while trying to be as economically realistic as possible.
He explained further how he achieved the financial prudence in managing the state resources, “This fiscal realism is what led to the budget size of N244 Billion earlier approved by our predecessors in 2019 to be reduced to N143 Billion for 2020 which was considered fiscally realistic even for 2019. Subsequently, in 2021 the budget size was N140 Billion in view of the COVID-19 Pandemic and its attendant global
economic uncertainties” he said.
“we presented a budget of One Hundred and Sixty-three Billion, Six Hundred and Twenty-nine Million, Nine Hundred and Ten Thousand, Forty Naira (N163,629,910,040.00), for the 2022 fiscal year. All these were necessitated by the amount of revenue generated internally, Federation accounts, Capital receipts, Grants and other sources”.