Reps Endorse 2024-2026 Medium Term Expenditure Framework
The green chamber additionally endorse exchange rate of N700, N665.61 and N669.79 to USD$1 proposed by the leader for the period.
The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The House endorsed a benchmark oil cost of USD$73.96, $73.76 and $69.90 per barrel, daily crude oil raw production of 1.78 mbps, 1.80 mbps, and 1.81 mbps, for 2024, 2025, and 2026 individually.
The green chamber additionally endorse exchange rate of N700, N665.61 and N669.79 to USD$1 proposed by the leader for the period: 2024 - 2026.
The lower chamber proposed the GDP (Gross domestic product) development rates at 3.76%, 4.22%, and 4.78% during the years 2024, 2025, and 2026 with an expansion pace of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026.
The MTEF/FSP document’s ancillary parameters for 2024–2026 were maintained as follows:
a) FGN recommended spending n26 trillion, with n16.9 trillion in retained revenue.
(b) A N9 trillion budget deficit.
(c) N7.8 trillion in new borrowings.
(d) N1.3 trillion worth of statutory transfers.
(e) An estimated n8.2 trillion in debt service.
(f) N243.6 billion in the sinking fund.
(g) N1.27 trillion in pension, gratuity, and retiree benefits.
(h) Total recurrent (non-debt) of N10.2 trillion; personnel costs (mdas) of N4.49 trillion; capital expenditure (exclusive of transfers) of N5.9 trillion.
The House likewise endorsed the proposal of its boards on finance, loan, and debts management that having found that the subsidiaries of the Nigerian Postal (NIPOST) Service so made are sporadic and unlawful, they would be twisted up and deregistered immediately.
The House likewise said that the amount of N10 billion delivered by the Ministry of Financial for the proposed NIPOST rebuilding and recapitalisation be examined and the assets completely recuperated whenever laid out to be foolishly used.
The lawmakers also said that all tax waivers not directly linked to non-governmental/non-profit organisations should not be granted, while all tax waivers from 2015 to date should be investigated by the relevant committee of the House.
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