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Senate approves 2023-2025 expenditure framework

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The Senate on Wednesday approved the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the country.

This followed the adoption of the report of the Senate Committee on Finance at the plenary.

The Senate also requested that 10 out of the 63 Government Own Enterprises (GOEs) be excluded from the budget and placed on the cost of collections to serve as a test case for others in the future.

The GOEs include Nigeria Communication Commission (NCC), Corporate Affairs Commission (CAC), Nigeria Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), and Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

READ ALSO: Senate passes Medium Term Expenditure Framework (MTEF)

Others were Federal Inland Revenue Services (FIRS), Nigeria Customs Service (NCS), Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Joint Admission and Matriculation Board (JAMB) and National Agency for Food and Drug Administration and Control (NAFDAC).

The upper legislative chamber also approved daily crude oil production benchmarks of 1.69million barrel per day (mbpd) 1.83mbpd, and 1.83mbpd for 2023, 2024 and 2025.

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