The Senate has passed the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The Senate also approved the expenditure framework with a total spending of ₦47.9 trillion for 2014 and a new borrowing plan of ₦9.22 trillion which constitutes both domestic and foreign borrowings.
In the approved MTEF/ FSP, the Senate as adopted the projected oil benchmark prices at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027.
In the three years projections, the Upper Chamber pegged the exchange rate at N1,400/$ for 2025, 2026 and 2027 respectively, just as it noted that the three-year projections for domestic crude oil production had a significant increase from 1.78m bpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
The resolutions of the Senate followed its consideration of the 2025-2027 MTEF/FSP report presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during plenary.
The Senate also tasked its committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.
Leave a comment
