3 hours ago
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…$75 Oil Benchmark
…Targets 2.06m Daily Oil Production
Ahead of the presentation of the 2025 Appropriation bill, the House of Representatives Wednesday approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), submitted by President Bola Ahmed Tinubu.
The MTEF/FSP was approved by the Committee of the Whole following the presentation of the report by the House Committee on Finance.
While presenting the report, the Chairman of the House Committee on Finance, James Faleke noted that the document was the outcome of a joint effort between the House and Senate committees, working closely with relevant government agencies.
This development has therefore paved the way for the president to present the N47.9trillion proposal for the 2025 fiscal year.
In approving the MTEF, the House pegged the exchange rate of N1400 to the US dollar, subject to review in 2025.
The lawmakers also fixed an oil production target of 2.06 million barrels per day and a benchmark oil price of $75 per barrel.
The House also approved a projected inflation rate of 15.75% and a Gross Domestic Product (GDP) growth rate of 4.6% for the 2025 fiscal year.
In addition to approving the MTEF/FSP, the House endorsed measures to strengthen fiscal oversight. It approved the Promissory Note Programme and Bond Issuance aimed at settling outstanding federal liabilities to states, priority judgments, and debts incurred by Ministries, Departments, and Agencies (MDAs) on behalf of the government.
The House also mandated quarterly investigative hearings to assess revenue-generating agencies’ compliance with the Fiscal Responsibility Act. Agencies found in violation of the Act are to face penalties.
Similarly, the House Committee on Finance was directed to conduct a detailed review of the implementation of the Nigerian Export Supervision Scheme (NESS) Act. The inquiry will focus on the monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN).
The committee is to identify challenges, ensure compliance, and enhance government revenue through greater transparency, accountability, and efficiency in export supervision.
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