The Senate approved the framework with an exchange rate of N700 to a U.S. dollar and adopted the benchmark of oil price for 73 dollars per barrel of crude oil and 1.78 million barrels per day.
The Senate on Wednesday passed the 2024-2026 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF-FSP).
The upper chamber passed the framework after considering a report submitted by its Committee on Finance during the plenary.
Chairman of the committee, Sani Musa (APC, Niger East) presented the report.
President Bola Tinubu transmitted the MTEF-FSP to the National Assembly for consideration and approval on 31 October.
The Senate approved the expenditure framework with a total spending of N26 trillion for the 2024 budget fiscal year and a borrowing plan of N7.8 trillion.
The lawmakers also approved an exchange rate of N700 to a U.S. dollar and adopted the benchmark of oil price for 73 dollars per barrel of crude oil and 1.78 million barrels per day.
The special intervention (recurrent) was pegged at N200 billion while special intervention(capital) was marked at N7 billion
Other committee's recommendations
The committee presented the report with some recommendations on revenue generation and expenses.
Mr Musa, while presenting the report, said the committee recommended that all locally produced items should be banned from importation.
The senator stated that part of the committee's report was that the federal government should stop granting tax waivers to independent companies.
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The committee recommended that all tax waivers not directly linked to non-governmental or non-profit organisations should not be granted and lawmakers should probe all tax waivers from 2015 till date.
It also recommended that the Nigerian National Petroleum Corporation Limited (NNPC Ltd) should reduce its cost of production.
The committee called for the use of Information Communication Technology in the collection of revenue from MDAs including the collection of stamp duties in order to block revenue leakages.
It recommended the amendment of the Fiscal Responsibility Act (FRA, 2007) in order to enhance the agencies' ability to enforce fiscal responsibility and impose sanctions on erring corporations.
The committee also recommended an investigation into the N10 billion awarded to the Nigerian Postal Service (NIPOST) for restructuring of the agency.
After debate on the MTEF-FSP report, the Senate President, Godswill Akpabio, put it to voice vote and the majority of the senators voted in support for it.
