Senate passes 2021-2023 MTEF/FSP documents

The Senate on Wednesday passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the fiscal years.

The passage followed the adoption of the recommendations of the report of its joint committees on National Planning and Finance, on the 2021-2023 MTEF and FSP documents.

The documents were submitted by President Muhammadu Buhari to the Senate for consideration on July 21.

The Chairman of the joint Committee, Sen. Solomon Adeola, while presenting its recommendations, said there was a need for the National Assembly to ensure effective collaboration with the executive to ensure the effective implementation of the MTEF and FSP.

Following the presentations and contributions by some senators on the need to cut the cost of governance, reduce borrowing, reduce waste and shore up government revenue, Senate approved the committee’s 20-point recommendations.

One of the recommendations was the retention of N7.89 trillion out of the total proposed expenditure of N13.08 trillion in the 2021-2023 MTEF/FSP.

READ ALSO: Senate passes MTEF, jerks up expenditure by N729bn

The Senate also approved the fiscal deficit of N5.19 trillion and borrowings of N4.28 trillion, including foreign and domestic borrowings.

Others are statutory transfers, totalling N484.4 billion, debt service estimate of N3.12 trillion, while sinking fund to the tune of N220 billion was also approved.

The upper legislative chamber also approved pension, gratuities, and retirees benefits of N520.6 billion and federal government aggregate expenditure of N13.08 trillion.

The expenditure is made up of total recurrent (Non-debt) of N5.66 trillion; Personnel Costs of Ministries Departments and Agencies (MDAs) of N3.05 trillion.

It comprised capital expenditure (exclusive of transfers) of N3.58 trillion, Special Intervention (recurrent) totaling N350 billion and special intervention (capital) of N20billion.

The Senate also approved daily crude oil production of 1.86mbpd for 2021; 2.09mbpd for 2022; and 2.38mbpd for 2023.

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