Reps Approves MTEF-FSP 2025-2027, Agrees On 2.06mbpd Crude At $75 Each
Reps Approves MTEF-FSP 2025-2027, Agrees On 2.06mbpd Crude At $75 Each.
The House of Representatives has approved the Medium-Term Expenditure Framework and the Fiscal Strategy Paper, MTEF/ FSP 2025- 2027.
The MTEF/FSP provides the key parameters for preparing the annual budget.
President Bola Tinubu had on November 19, transmitted the document to the National Assembly for consideration and approval.
The approval follows the adoption of a joint report of the House and Senate Committee on Finance, alongside relevant government agencies, presented Wednesday, for consideration at plenary by the House chairman of the Committee.
The lawmakers retained the government recommendation of the N1,400 exchange rate to the dollars, subject to review in the new year and oil production of 2.06 million barrels of crude per day, with 75 dollars per barrel of crude price.
The House also approved a projection of 15.75 percent Inflation rates and a GDP growth rate of 4.6 percent for 2025.
The lawmakers also supported a quarterly investigative hearing with revenue-generating agencies to track their compliance with the Fiscal Responsibility Act and punish those in clear contravention of the Act.
Consequently, the House charged Committee on Finance to conduct a review and initiate inquiry into the implementation of the Nigerian Export Supervision Scheme (NESS) Act, specifically focusing on the inspection and monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN) to ensure effectiveness, compliance, and oversight mechanisms under the Act, identify gaps or challenges, and enhance revenue for the Government, through transparency, accountability and efficiency of export supervision in line with national economic objectives.
The lawmakers also approved the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the Federal Government owed to States, high priority judgements, as well as liabilities incurred by Federal Ministries, Departments and Agencies on behalf of the Government.
