Reps approve 2024-2026 MTEF, maintain new borrowings at N7.8trn

The 2024-2026 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) were approved by the house of representatives on Tuesday.

The lawmakers approved $73.96, $73.76 and $69.90 per barrel as benchmark oil prices for daily crude oil production of 1.78 million barrels, 1.80 million barrels, and 1.81 million barrels, for 2024, 2025, and 2026 respectively.

Also, an exchange rate of N700/$, N665.61/$ and N669.79/$, proposed by the federal government for the period of 2024–2026, was approved by the lower chamber.

During the plenary, gross domestic product (GDP) growth rates of 3.76 percent, 4.22 percent, and 4.78 percent were proposed by the lower chamber for the year: 2024, 2025, and 2026.

The green chamber proposed an inflation rate of 21.40 percent next year, 20.30 percent in 2025, and 18.60 percent in 2026.

In the MTEF/FSP document’s ancillary parameters for 2024–2026, the house maintained the federal government of Nigeria’s recommended spending at N26 trillion; retained revenue was put at N16.9 trillion; budget deficit of N9 trillion; new borrowings N7.8 trillion; and N1.3 trillion for statutory transfers.

Other maintained parameters are an estimated N8.2 trillion in debt service; N243.6 billion in the sinking fund; N1.27 trillion in pension, gratuity, and retiree benefits; N10.2 trillion as total recurrent (non-debt); N4.49 trillion as personnel costs (mdas); N5.9 trillion capital expenditure (exclusive of transfers).