The Nigerian Senate has passed the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.
The Red Chamber approved the expenditure framework with a total spending of ₦47.9 trillion and a new borrowing plan of ₦9.22 trillion which includes both domestic and foreign borrowings.
The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Senator Musa Sani.
During the debate, Lawmakers demanded a reduction in the petrol prices against the backdrop of the commencement of the Port Harcourt Refinery.
Our Correspondent, Raliat Adenekan reports that the Upper Legislative chamber also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the Nigerian National Petroleum Company Limited (NNPCL), including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.
The highlights of the approved recommendations of 2025-2027 MTEF/FSP include approval of a projected framework with an exchange rate of ₦1,400 to a dollar, the oil prices of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027 respectively.
