…Okays 2024-2026 budget framework
The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which includes a borrowing plan of N7.8 trillion for 2024.
For 2024, 2025, and 2026, the House further set benchmark oil prices of $73.96, $73.76, and $69.90 per barrel, respectively.
The House also set daily crude oil production levels of 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps.
The executive’s proposed exchange rate for the period 2024–2026 was N700, N665.61, and N669.79 to USD$1, and these rates were likewise agreed by the lower house.
The Inflation rates of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026 were proposed by Reps members, which also suggested GDP growth rates of 3.76%, 4.22%, and 4.78%, respectively
The Key parameters for 2024, the MTEF/FSP document’s parameters for 2024 were maintained as follows:
FGN recommended spending N26 trillion, with N16.9 trillion in retained revenue.
N9 trillion budget deficit N7.8 trillion in new borrowings N1.3 trillion for statutory transfers, N8.2 trillion debt service cost N243.6 billion in the sinking fund N1.27 trillion in pension, gratuity, and retiree benefits, Total recurrent (non-debt) of N10.2 trillion; personnel costs (MDAs) of N4.49 trillion; capital expenditure (exclusive of transfers) of N5.9 trillion.
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