Breaking News: Senate Passes 2021-2023 MTEF/FSP

The Senate has passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The upper chamber in the approved MTEF/ and FSP pegged oil benchmark at $40 and exchange rate at N379 per dollar.

The passage of the document on Thursday was sequel to the consideration of a harmonised conference report of the Joint Committee of the Senate and the House of Representatives.

The Chairman of the Committee on Finance, Senator Solomon Adeola, in his presentation, said the conference report of the two chambers was their harmonised position upon examination of the differences contained in the 2021-2023 MTEF/FSP document.

The lawmaker said the joint committee of the two chambers, after due deliberations, put the Gross Domestic Growth rate at three percent; inflation growth rate at 11.95 percent; and FGN-retained revenue at N7.99tn.

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He added that the total Federal Government proposed expenditure was pegged at N13.58tn; and Fiscal deficit at N5.60tn.

Adeola said new borrowing was N4.28tn (foreign and domestic); statutory transfers, N484.4bn; and debt servicing is N3.12tn.

He put sinking fund at N220bn; Pension, Gratuities and Retirees Benefits N520.6bn; total FGN expenditure N13.58 trn; while total recurrent (non-debt) at N5.66tn.

Personnel costs for Ministries, Departments and Agencies of government (MDAs) were put at N3.05 trillion; capital expenditure (exclusive of transfers) at N3.58 trillion; special intervention (recurrent) N350 billion and special intervention (capital) N20 billion.