The Senate on Wednesday approved the 2023-25 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Paper (FSP) ahead of the presentation of the 2023 Budget proposals by President Muhammadu Buhari on Friday.
It gave the approval following the consideration of the report of its Joint Committee on Finance and National Planning on the 2023-25 Medium Term Expenditure Framework (MTEF) And Fiscal Strategy Paper (FSP) which President Buhari recently proposed to the National Assembly.
After the debate on the report presented by the chairman of the Committee, Senator Adeola Olamilekan (APC-Lagos West), the Senate approved an oil price benchmark of US$73 per barrel of crude oil for 2023 as contained in the MTEF/FSP documents while the exchange rate was fixed at N437.57 to the dollar.
The Senate also approved the sum of N3.6 trillion as subsidy on petroleum products for 2023.
Other parameters approved include the projected new borrowings of N8.437 trillion, including foreign and domestic borrowings subject to the approval of the provisions of details of the borrowing plan by the National Assembly.
The approvals further states; “A retained revenue of N9.352 trillion as a result of increase in the oil bench mark, fiscal deficit of N10.563 trillion, Statutory transfers, totalling N722.11 billion; debt service estimate of N6.31 trillion ; sinking fund at N247.7 billion; pensions, gratuities and Retirees benefits at N827.8 billion”.
The Senate further recommended for a comprehensive review of waiver policy to ensure that only companies engaged in manufacturing and production are granted such waivers.
It also granted relevant oversight committees of the National Assembly the liberty to remove recycled projects in their budget proposals during the Committees’ budget defence.
