Adamawa State House of Assembly has passed the 2024 Medium Term Expenditure Framework (MTEF), Economic and Fiscal Update (EFU), Fiscal Strategy Paper(FSP) and Budget Policy Statement (BPS) as well as adopted 9 points recommendations. NEWS PLATFORM
The passage of the MTEF followed the consideration and adoption of the report of the House Standing Committee on Finance, Appropriation and Budget as presented by its Chairman, Hon. Haruna Jilantikiri (Madagali).
The MTEF was sent to the assembly by Governor Ahmadu Umaru Fintiri where he requested it to consider and approve it, explaining that the 2024 MTEF was designed primarily to guide the government in its annual planning.
After consideration, adoption and passage of the MTEF, the Speaker of the hallowed chamber, Rt. Hon. Bathiya Wesley, directed the Clerk to communicate the resolution of the assembly to Governor Fintiri.
Earlier, in its report presented at the resumed sitting, the committee presented 9 points recommendations which formed part of the MTEF considered and passed.
The committee recommended for the passage of the document, saying that the Fiscal Framework forms an Integral part setting out the underlying assumptions for the revenue projection proposed expenditure plans and Fiscal targets.
The committee recommended that agriculture, especially crops, livestock and fisheries as well as SMSS, which have the potential to generate large scale employment opportunities should undergo transformation.
The assembly advised government to seek alternative sources of funds through other available options provided by capital market and lodge Funds (IDB, Nexim, ADB, etc) to reduce cost of borrowing from commercial banks.
Equally, it recommended that the government should sustain the current budget reform programmes particularly as it relates to the preparation of a realistic budget ensuring policy plans project leakages and early passage of the budget.
It further urged the the government to continue to monitor performance of mineral based revenue to ensure estimates are consistent with the latest development globally and within the FG's budget process.
The legislators stressed the need for the government to prepare detailed debts sustainability analysis to better understand the nature, complexity and monitor sustainability of it debts.
According to the committee, to achieve the desired development from 2024 - 2026 as enshrined in the State Development Plan 2022- 2026, fiscal strategies such as Macro-Economic and Fiscal Stability, Economic Diversification,Infrastructural Development, Job creation, Social inclusion, Improving Revenue and managing expenditure are proposed.
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