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Senate passes 2021-23 MTEF/FSP

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The Senate has passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The lawmakers passed the 2021-23 MTEF/FSP after considering the harmonised conference report of the joint committee of both chambers of the National Assembly.

According to the Chairman, Senate Committee on Finance, Olamilekan Adeola, the panel recommended crude oil production of 1.86bmpd at $40 per barrel, exchange rate of N379/$ as well as a Gross Domestic Product (GDP) growth rate of three per cent, inflation growth of 11.95 per cent and retention of Federal Government revenue at N7.99 trillion.

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He added that government’s expenditure was pegged at N13.58 trillion, fiscal deficit at N5.60 trillion, new borrowings at N4.28 trillion, statutory transfers pegged at N484.4 billion, N3.12 trillion for debt servicing, sinking fund got N220 billion, pension, gratuities and retirees’ benefits account pegged at N520.6 billion while expenditure totalled N13.58 trillion, N5.66 trillion goes for recurrent (non-debt).

A further breakdown indicated that personnel cost for Ministries, Departments and Agencies (MDAs) was put at N3.05 trillion, capital expenditure (exclusive of transfers) got N3.58 trillion, special intervention (recurrent) N350 billion and N20 billion for special intervention (capital).

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