Like Reps, Senate approves 2024-2026 MTEF

The Senate on Wednesday approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented by President Bola Tinubu.

This followed the adoption of the report of its Joint Committee on Finance, Appropriation, National Planning, Local and Foreign Debts presented by the chairman, Sani Musa, at the plenary in Abuja.

In his presentation, Musa said the committee recommended that the Nigerian National Petroleum Corporation Limited (NNPCL) should work toward reducing its operational costs to reduce wastage.

The House of Representatives approved the MTEF on Tuesday.

READ ALSO: Reps approve 2024-2026 spending framework

The Green Chamber approved a benchmark oil price of $73.96, $73.76, and $69.90 per barrel as well as daily crude oil production of 1.78 mbps, 1.80 mbps, and 1.81 mbps for 2024, 2025, and 2026 respectively during the plenary on Tuesday.

The parliament also approved an exchange rate of N700, N665.61, and N669.79 to $1 proposed by the Federal Government for the period.

The lawmakers equally proposed the Gross Domestic Product (GDP) growth rates at 3.76 percent, 4.22 percent, and 4.78 percent for 2024, 2025, and 2026.

In addition, they pegged the inflation rate at 21.40 percent in 2024, 20.30 percent in 2025, and 18.60 percent in 2026.

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