Abuja, Dec. 4, 2024 – The Senate on Tuesday approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) .
The framework was approved after the consideration of the Senate Committee report on Finance presented by its Chairman, Sani Musa.
It consists of ₦47.9 trillion expenditure plan and a ₦9.22 trillion new borrowing plan for both domestic and foreign borrowings.
The capital expenditure is projected at ₦16.48 trillion, exclusive of transfers; statutory transfers of ₦4.26 trillion, while the recurrent (non-debt) expenditure is projected at ₦14.21 trillion,
It is based on foreign exchange rate of ₦1,400 to the dollar and projected crude oil prices of between $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
The framework is also predicated on daily oil production of 2.06 million, 2.10 million, and 2.35 million barrels for the three years in succession.
It projected GDP growth rates of 4.6 per cent, 4.4 per cent, and 5.5 per cent for 2025, 2026, and 2027, respectively. (GBN)
