2 hours ago
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ABUJA – The House of Representatives on Wednesday approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), submitted by President Bola Ahmed Tinubu, marking a significant step toward the presentation of the 2025 federal budget.
The MTEF/FSP, which serves as a blueprint for Nigeria’s annual budget preparation, states key economic projections, including an exchange rate of N1400 to the US dollar, subject to review in 2025.
Other parameters include 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.
The report was presented by the Chairman of the House Committee on Finance, who noted that the document was the outcome of a joint effort between the House and Senate Committees, working closely with relevant government agencies.
Fiscal Responsibility and Revenue Tracking
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.
Furthermore, the 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.
