Reps approve 2024-2026 spending framework

The House of Representatives has approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

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.

READ ALSO: Tinubu requests Senate approval for 2024-2026 spending plans

The House also approved the recommendation of its committees on finance, loans, and debt management on the immediate wounding up of the subsidiaries of the Nigerian Postal Service (NIPOST) having discovered that they are irregular and illegal.

Other parameters listed in the MTEF document are:

· Recommended spending N26 trillion with N16.9 trillion in retained revenue.

· A N9 trillion budget deficit.

· N7.8 trillion in new borrowings.

· N1.3 trillion worth of statutory transfers.

· An estimated N8.2 trillion in debt service.

· N243.6 billion in the sinking fund

· N1.27 trillion in pension, gratuity, and retiree benefits.

· Total recurrent (non-debt) of N10.2 trillion; personnel costs (MDAs) of N4.49 trillion; capital expenditure (exclusive of transfers) of N5.9 trillion.

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