Senate passes 2021-2023 MTEF/FSP

…Pegs oil benchmark at $40 per barrel, exchange rate at N379/1US$

By Henry Umoru

THE Senate, yesterday, passed the 2021-2023 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.

The passage of the document was sequel to the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.

Presenting the report,  Chairman, Senate Committee on Finance, Senator Olamilekan Adeola (APC, Lagos West),  explained that  the Conference Report of the Senate and House of Representatives was a harmonized position of both chambers upon examination of the differences contained in the 2021-2023 MTEF/FSP document.

According to Adeola,  the Joint Committee of the two chambers after due deliberations, pegged daily crude oil production at 1.86mbpd; Benchmark oil price at $40 per barrel; Exchange rate at N379 to $1; Gross Domestic Growth (GDP) rate at 3 percent; inflation growth rate at 11.95 percent; and FGN retained revenue at N7.99 trillion.

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In addition, total Federal Government proposed expenditure was pegged at N13.58 trillion; Fiscal deficit at N5.60 trillion; New borrowings N4.28 trillion (including Foreign and Domestic Borrowing); Statutory transfers at N484.4 billion; Debt service, N3.12 trillion; Sinking fund N220 billion; Pension, Gratuities and Retirees Benefits at N520.6 billion; Total FGN expenditure,  N13.58 trillion; and Total Recurrent (Non-Debt) N5.66 trillion.

The committee said that Personnel Costs for Ministries, Departments and Agencies of Government, MDAs, was put at N3.05 trillion; Capital Expenditure (exclusive of Transfers) at N3.58 trillion; Special Intervention (Recurrent) N350 billion; and Special Intervention (Capital) – N20 billion.

Vanguard News Nigeria

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