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Senate passes 2021-2023 MTEF/FSP


Senate passes 2021-2023 MTEF/FSP

Senate passes 2021-2023 MTEF/FSP

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

The passage followed the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.

In his presentation, Chairman of the Senate Committee on Finance, Senator Solomon Adeola ( 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 recommended a: “Daily crude oil production be pegged at 1.86mbpd; Benchmark oil price at US$40 per barrel; Exchange rate at N379 to $1USD; Gross Domestic Product(GDP) rate at 3 percent; inflation rate at 11.95 percent; and FGN retained revenue at N7.99 trillion.”

In addition, Total Federal Government proposed expenditure for 2021 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 of N520.6 billion; Total FGN expenditure of N13.58 trillion; and Total Recurrent (Non-Debt) Expenditure of 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.

The post Senate passes 2021-2023 MTEF/FSP appeared first on Within Nigeria.

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Aminat Aigbe

Aminat Aigbe is the first lady of afronaija and a very good blogger ( Original Mrs AfroNaija )

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