The Senate, yesterday, endorsed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).

The decision followed the adoption of the recommendations of the Senator Solomon Olamilekan-led joint Committees on Finance, National Planning and Economic Affairs, Foreign and Local Debts, Banking, Insurance and other Financial Institutions, Petroleum Resources (Upstream), Downstream Petroleum Sector and Gas at plenary presided over by Senate President Ahmad Lawan.

The lawmakers approved the daily crude oil production of 1.88mbpd, 2.23mbpd and 2.22mbpd for 2022, 2023 and 2024, as well as a minimum of crude of $57 per barrel.

The legislators also endorsed the exchange rate of N410.15/$, projected GDP growth rate of 4.20 per cent and a forecast inflation rate of 13 per cent, besides the sustenance of the fiscal deficit estimate of N5.62 trillion (including GOEs).

Also approved were the new borrowings of N4.89 trillion, $3.5 billion International Monetary Fund (IMF) loan at the rate of 0.01% to 0.02%, FG’s retained revenue of N8.36 trillion, total government’s proposed expenditure of N13.98 trillion, fiscal deficit of N5.62 trillion (including GOEs), new borrowings of N4.89 trillion (including foreign and domestic loans) subject to provisions of details of the plan before the National Assembly.

It includes statutory transfers totalling N613.4 billion; debt service, N3.12 trillion; sinking fund of N292 billion; pension, gratuities & retirees’ benefits of N567 billion and aggregate Federal Government expenditure of N13.98 trillion, made up of total recurrent (non-debt) of N6.21 trillion; personnel cost (MDAs) of N3.47 trillion of capital expenditure (exclusive of transfers) N3.26 trillion and Special Intervention (Recurrent) amounting to N350 billion and special intervention (capital) of N10billion.

Among the recommendations of the committees were that the Salaries and Wages Commission should review the salary structure of all MDAs for a new salary structure that reflects the true financial position of the agencies.

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