Nigeria’s President Muhammadu Buhari had in July forwarded the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for approval.
The Senate has approved the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
President Muhammadu Buhari had in July forwarded the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for approval.
In approving it on Wednesday, the Senate maintained the crude oil benchmark price of $57 per barrel for 2022 as proposed by President Muhammadu Buhari – higher than the corresponding benchmark of $40 for 2021.
It also approved the total estimated expenditure of N13.98 trillion which includes the expenditures of N1.44 trillion for Government Owned Enterprises and donor funded projects amounting to N62.24 billion.
The sums of N15.46 trillion and N16.77 trillion are projected to be spent by the federal government in 2023 and 2024 respectively.
The exchange rate of N410/$ proposed by the executive was also approved.
Daily crude oil production of 1.88mbpd, 2.23mbpd, and 2.22mbpd were approved for 2022, 2023 and 2024 respectively.
This, the lawmakers say is in view of average 1.93mbpd over the past 3 years and the fact that a very conservative oil output benchmark has been adopted for the medium term in order to ensure greater budget realism.
A fiscal deficit estimate of N5.62 trillion (including GOEs) was also approved as well as a projected new borrowings of N4.89 trillion (including Foreign and Domestic Borrowing). This is however, subject to the provision of details of the borrowing plan to the National Assembly.
The MTEF approval was sequel to a consideration of the report of the Senate Joint Committee on Finance.
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