Reps Approve 2024-2026 Medium Term Expenditure Framework

Members of the House of Representatives have approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Lifestyle Nigeria reports that the green chamber on Tuesday approved a benchmark oil price of USD$73.96, $73.76 and $69.90 per barrel, daily crude oil production of 1.78 mbps, 1.80 mbps, and 1.81 mbps, for 2024, 2025, and 2026 respectively.

The House also approved exchange rate of N700, N665.61 and N669.79 to USD$1 proposed by the executive for the period: 2024 – 2026.

The lower chamber further proposed the Gross Domestic Product (GDP) growth rates at 3.76%, 4.22%, and 4.78% during the years 2024, 2025, and 2026 with an inflation rate of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026.

The MTEF/FSP document’s ancillary parameters for 2024–2026 were maintained as follows:

a) FGN recommended spending n26 trillion, with n16.9 trillion in retained revenue.

(b) A N9 trillion budget deficit.

(c) N7.8 trillion in new borrowings.