The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The House approved a benchmark oil price of USD$73.96, $73.76 and $69.90 per barrel, 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 exchange rate of N700, N665.61 and N669.79 to USD$1 proposed by the executive for the period: 2024 – 2026.
The lower chamber proposed the Gross Domestic Product (GDP) growth rates at 3.76%, 4.22%, and 4.78% during the years 2024, 2025, and 2026 with an inflation rate 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 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.
