The Senate on Wednesday passed the 2022-2024 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.
The passage of the document was sequel to the consideration of a report of Senate Committee on Finance, National Planning and Economic Affairs, Foreign and Local Debt, Banking, Insurance and other Financial, Petroleum Resources (upstream) Downstream Petroleum Sector and Gas.
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Presenting the report, Chairman, Senate Committee on Finance, Senator Olamilekan Adeola, after due deliberations, pegged daily crude oil production at 1.88mbpd , 2.23mbpd, and 2.22mbpd for 2022, 2023 and 2024 in view of average 1.93mbpd over the past years.
Benchmark oil price at $57per barrel; Exchange rate at N410.15 to $1; Gross Domestic Growth (GDP), rate at 4.20 percent; inflation growth rate at 13.00 percent; and FGN retained revenue at N8.36 trillion.
Total Federal Government proposed expenditure is pegged at N13.08 trillion; Fiscal deficit at N5.62 trillion
( including GOEs), new borrowings N4.89 trillion (including Foreign and Domestic Borrowing) subject to the provision of deta6 of the borrowing plan to the National Assembly.
Statutory transfers at N613.4 billion; debt service, N3.12 trillion; Sinking fund N292 billion; Pension, Gratuities and Retirees Benefits at N567 billion; Total FGN expenditure, N13.98 trillion; and Total Recurrent (Non-Debt) N6.21 trillion.
The committee said that Personnel Costs for Ministries, Departments and Agencies of Government, MDAs, was put at N3.47 trillion; Capital Expenditure (exclusive of Transfers) at N3.26 trillion; Special Intervention (Recurrent) N350 billion; and Special Intervention (Capital) – N10 billion.