Nigerian federal lawmakers Thursday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) which pegs the benchmark for the new budget at $40 and the exchange rate at N379 to One US dollar
The passage of the document which is the foundation on which the 2021 to 2023 budgets will run, came after the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.
In his presentation, Chairman of the Committee on Finance, Senator Olamilekan Solomon Adeola (APC – Lagos West), said 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 the lawmaker, the Joint Committee of the two chambers after due deliberations gave the following recommendations: that Daily crude oil production is pegged at 1.86mbpd; Benchmark oil price at $40 per barrel; Exchange rate at N379 to $1USD; Gross Domestic Growth (GDP) rate at 3 per cent; inflation growth rate at 11.95 per cent; and FGN retained revenue at N7.99 trillion.
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 N520.6 billion; Total FGN expenditure N13.58 trillion; and Total Recurrent (Non-Debt) N5.66 trillion.
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.
Comments are closed.