The Senate on Tuesday, December 2024, passed the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The Senate also approved the expenditure framework with a total spending of ₦47.9 trillion for 2014 and a new borrowing plan of ₦9.22 trillion which constitutes both domestic and foreign borrowings.
The resolutions of the Senate followed its consideration of the 2025-2027 MTEF/FSP report presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during plenary.
The MTEF/FSP is a projection of a three-year spending plan of the federal government. The nation’s budget is predicated on the approved framework.
The lawmakers approved the framework with an exchange rate of ₦1,400 to a dollar and adopted the oil price benchmark of $75, $76.2, and $75.3 per barrel for years 2025, 2026, and 2027 respectively.
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“The approved framework also contains a daily oil production output of 2.06 million, 2.10 million, and 2.35 million barrels for the three years.
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The Senate also approved the sum of 15.38 trillion for Debt Service while pensions, gratuities, and retirees’ benefits would gulp ₦1.443 trillion, and the fiscal deficit at ₦13.08 trillion.
The GDP growth rate projected at 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027 respectively were approved.
According to the report, the “Capital expenditure is projected at ₦16.48 trillion, which is exclusive of transfers; statutory transfers stand at ₦4.26 trillion; the sinking fund is projected at ₦430.27 billion, while total recurrent (non-debt) expenditure is projected at ₦14.21 trillion.”
Details later.
