THE House of Representatives today passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2024-2026.
The House authorized benchmark oil prices of USD$73.96, $73.76, and $69.90 per barrel as well as daily crude oil production of 1.78 mbps, 1.80 mbps, and 1.81 mbps., for 2024, 2025, and 2026, respectively.
The green chamber also approved the executive’s recommended exchange rates of N700, N665.61, and N669.79 to USD$1 for the period 2024-2026.
The lower chamber suggested GDP growth rates of 3.76%, 4.22%, and 4.78% in 2024, 2025, and 2026, with an inflation rate of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026.
The following ancillary parameters were preserved in the MTEF/FSP draft for 2024-2026:
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 also adopted the suggestion of its finance, loans, and debt management committees that, if it is determined that the subsidiaries of the Nigerian Postal (NIPOST) Service established in this manner are irregular and illegal, they be wound up and deregistered immediately.
The House also demanded that the N10 billion provided by the Ministry of Finance for the proposed NIPOST reorganization and recapitalisation be investigated and fully repaid if found to have been misappropriated.
The lawmakers further stated that no tax breaks should be awarded that are not directly related to non-governmental/non-profit organizations, and that all tax breaks granted since 2015 should be scrutinized by the relevant House committee.
