The Senate has approved the Medium Term Expenditure Framework (MTEF) for the next three years; proposing a budget size of N13.08 trillion and a projection of 1.9 million barrels of crude oil per day.
The Senate approval followed the report of the Committee on Finance, chaired by Senator Solomon Olamilekan.
The Senate approval however comes ahead of Thursday’s budget presentation by President Muhammadu Buhari to the joint session of the National Assembly.
For several hours on Wednesday, the Senate deliberated extensively on the MTF document and approved a benchmark price of $40 per barrel; ” taking into consideration crude oil price forecast by the World Bank and the EIA, as well as consultation with NNPC”.
Also Read : Senate to amend allocation of revenue act make more funds for sovereign authority
In its assessment, the upper legislative chamber approved a benchmark exchange rate of *N376/US $; putting the inflation rate at 11.95%.
The Senate proposed a borrowing plan of N4.28 trillion( including foreign and domestic borrowing).
In the summary of the revenue and expenditure framework; Senate retained a revenue purse of N7.89 trillion with a total proposed expenditure of N13.08 trillion.
The Federal lawmakers approved all the other far recommendations made by the Olamilekan- led Committee; including findings of how government revenue agencies either under- remit or outrightly fail to remit into the country’s coffers.
In her contribution, Senator Betty Apiafi (PDP Rivers State), questioned the passage of the MTF document without resolving issues of the budget performance for 2020; Nigeria’s borrowing plans, and debts Service.
Apiafi queried even more the N500 billion Special Intervention Fund for Covid-19; which she said was non-existence as no money has been released despite provisions for it in the 2020 budget.
Editors : Paul Akhagbemhe, Omor Bazuaye
