Senate passes 2021-2023 MTEF/FSP

The Senate on Thursday at plenary passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The passage of the document was sequel to the consideration of the harmonised conference report of the Joint Committee of the Senate and House of Representatives.

In his presentation, Chairman of the Committee on Finance, Sen. Solomon Adeola (APC–Lagos), said the conference report of the Senate and House of Representatives was a harmonised position of both chambers through examination of the differences contained in the 2021-2023 MTEF/FSP document.

He said the Joint committee report contained the following recommendations-that daily crude oil production be pegged at 1.86mbpd, oil benchmark price of 40 dollar per barrel and exchange rate of N379 to 1 dollar.

He said the committee projected the Gross Domestic Growth (GDP) rate of 3 per cent, inflation rate of 11.95 per cent, and Federal Government revenue of N7.99 trillion.

“In addition, total federal government proposed expenditure was pegged at N13.58 trillion, fiscal deficit of N5.60 trillion, new borrowings N4.28 trillion (including foreign and domestic borrowing),” he said.

He said that statutory transfers was projected at N484.4 billion, debt servicing N3.12 trillion; sinking fund N220 billion, pension, gratuities and retirees benefits N520.6 billion, total federal government expenditure N13.58 trillion and total recurrent (non-debt) N5.66 trillion.

He said that personnel costs for Ministries, Departments and Agencies of Government (MDAs) was put at N3.05 trillion, capital expenditure (exclusive of transfers) N3.58 trillion; special intervention (recurrent) N350 billion and special intervention (Capital) N20 billion.