The House of Representatives has approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.
The House also passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.
President Bola Tinubu has on November 19,
forwarded the MTEF and the FSP to the National Assembly for consideration and approval, following which the joint committee of the Senate and House of Representatives held a hearing on the MTEF/FSP parameters on November 25.
At plenary on Wednesday, the House also maintained the Gross Domestic Product (GDP) growth rate projected at 4.6 per cent, 4.4 per cent, and 5.5 per cent for the three years in the fiscal strategy paper.
The House further endorsed the projected exchange rate of NGN1,400/$ but said it is subject to review in early 2025, depending on monetary and fiscal policies.
The reps also maintained new borrowings at N9.22 trillion.
The legislators approved the federal government’s projected inflation rates of 15.75 percent, 14.21 percent, and 10.04 per cent for 2025 to 2027.
The House did not make any adjustments to the assumptions of the federal government in the MTEF document.
