Senate pegs oil benchmark at $40 per barrel, passes 2021-2023 medium term expenditure framework, fiscal strategy paper

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Fixes exchange rate at N379/1USD

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The Senate, today, December 17, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), shortly before it adjourned plenary.

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The passage followed the consideration of a harmonized conference report of the Joint Committee of the Upper and Lower chambers.

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Commenting on the development, Chairman of the Committee on Finance, Senator Olamilekan S. Adeola , said the Conference Report of the Senate and House of Representatives was a consensus of both chambers after thorough examination of the differences contained in the 2021-2023 MTEF/FSP working paper, stating that the Joint Committee of the two chambers gave recommendations as follows: that daily crude oil production be pegged at 1.86mbpd; benchmark oil price at US$40 per barrel; exchange rate at N379 to $1USD; Gross Domestic Growth (GDP) rate at 3 %; inflation growth rate at 11.95 %, even as  FGN retained revenue stands at N7.99 trillion.

Furthermore, Total Federal Government proposed expenditure stands at N13.58 trillion; fiscal deficit at N5.60 trillion; new borrowings – N4.28 trillion (including Foreign and Domestic Borrowing); statutory transfers at N484.4 billion; debt service – N3.12 trillion; sinking fund – N220 billion; pension, gratuities and retirees benefits – N520.6 billion; total FGN expenditure – N13.58 trillion; and total recurrent (non-debt) – N5.66 trillion.

Personnel Costs for Ministries, Departments and Agencies of Government was pegged at N3.05 trillion; capital expenditure (exclusive of transfers) at N3.58 trillion; just as special intervention (recurrent)  was put at N350 billion.

  • Tag: Senate, MTEF/FSP

 

 

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