The House of Representatives has approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted by President Bola Ahmed Tinubu, paving the way for the presentation of the 2025 budget.
The MTEF/FSP provides the key parameters for preparing the annual budget.
The report on the framework was presented for consideration by the Chairman of the House Committee on Finance, who informed members that it was the result of a joint meeting between both the House and Senate Committees, alongside relevant government agencies.
The MTEF retained the government recommendation of N1400 exchange rate to the dollars, subject to review in the new year and an oil production of 2.06 million barrel of crude per day, with 75 dollar per barrel of crude price.
The House approved a projection of 15.75 percent Inflation rates and a GDP growth rate of 4.6 percent for 2025.
It also approved the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department and Agencies on behalf of Government.
In addition, the House approved the recommendation that a quarterly investigative hearing with revenue generating agencies to track their compliance with the Fiscal Responsibility Act and punish those in clear contravention of the Act.
It also asked the Committee on Finance to conduct a review and initiate inquiry into the implementation of the Nigerian Export Supervision Scheme (NESS) Act, specifically focusing on the inspection and monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN) to ensure effectiveness, compliance, and oversight mechanisms under the Act, identify gaps or challenges, and enhance revenue for the Government, through transparency, accountability and efficiency of export supervision in line with national economic objectives.
