Categories: Business

Senate Approves 23-25 Medium Term Expenditure Framework

A file photo of lawmakers during plenary in the Senate.


The Senate on Wednesday approved the 23-25 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Paper(FSP) ahead of the presentation of the 2023 Budget proposals by the president on Friday.

The Senate gave the approval following the consideration of the report of its Joint Committee on Finance and National Planning on the 2023-25 Medium Term Expenditure Framework (MTEF) And Fiscal Strategy Paper (FSP) which President Muhammadu Buhari recently proposed to the National Assembly.

The report was presented by the chairman of the Committee, Senator Adeola Olamilekan (APC – Lagos West).

READ ALSO: Senate Confirms 19 INEC RECs, NUPRC Executive Commissioner

After the debate on the report, the Senate approved, for 2023, the oil price benchmark of US$73 per barrel of crude oil and sustained, as contained in the MTEF/FSP documents, the exchange rate of N437.57 to one dollar.

The Senate also approved the sum of N3.6 trillion as subsidy on petroleum products for 2023.

Other parameters approved include; “projected new borrowings of N8.437 trillion, including foreign and domestic borrowings subject to the approval of the provisions of details of the borrowing plan by the National Assembly.

“A retained revenue of N9.352 trillion as a result of increase in the oil bench mark, fiscal deficit of N10.563 trillion, Statutory transfers, totalling N722.11 billion; debt service estimate of N6.31 trillion ; sinking fund at N247.7 billion; pensions, gratuities and Retirees benefits at N827.8 billion.

The Senate further recommended for comprehensive review of waiver policy to ensure that only companies engaged in manufacturing and production are granted such waivers.

It also granted relevant oversight committees of the National Assembly the liberty to remove recycled projects in their budget proposals during the Committees’ budget defence.

Soonest Nathaniel

Disqus Comments Loading...
Published by
Soonest Nathaniel
Tags: budget Senate

Recent Posts

  • Politics

2023: I Won’t Vote Any Of Atiku Or Obi If I Am Not Contesting – Tinubu

  The presidential candidate of the All Progressives Congress (APC), Bola Tinubu, has said that he won’t vote for any…

26 mins ago
  • Local

Troops Kill Several Bandits During Clearance Operations In Kaduna

Troops of the Nigerian Army have killed several bandits during clearance operations in bandit enclaves around Idasu, Fatika and Makera…

32 mins ago
  • Local

CBN Pegs Maximum ATM, PoS Withdrawals At N20K Per Day

  The Central Bank of Nigeria (CBN) has pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of…

2 hours ago
  • Business
  • World News

Developing Economies’ Debt More Than Doubled Over Decade: World Bank

    The external debt of developing economies has more than doubled from a decade ago to $9 trillion in…

2 hours ago
  • Africa

Morocco Ex-Minister Denied Release From Prison After ‘Adultery’ Video

    A Moroccan court has rejected a request to release a former rights minister turned outspoken government critic who…

2 hours ago
  • Local

Russian Court Orders Arrest In Absentia Of Ukrainian Ministers

  A Moscow court on Tuesday ordered the arrest in absentia of two Ukrainian ministers after they were accused of…

2 hours ago