By Chukwudi Obasi
The House of Representatives approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which President Bola Tinubu transmitted in preparation for the presentation of the 2025 budget.
The report on the framework was presented for consideration by the House Committee on Finance Chairman during plenary.
He told the House that it was the result of a joint meeting between the House and Senate Committees and relevant government agencies.
The MTEF retained the government recommendation of the N1400 exchange rate to the dollars, subject to review in the New Year, and an oil production of 2.06 million barrels of crude per day, with a $75 per barrel crude price.
The House approved a projection of 15.75 percent inflation and 4.6 percent GDP growth for 2025.
It also approved the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the Federal Government owed to States, high-priority judgments, and liabilities incurred by Federal Ministries, Departments, and Agencies on behalf of the Government.
In addition, the House approved the recommendation that a quarterly investigative hearing with revenue-generating agencies track their compliance with the Fiscal Responsibility Act and punish those in apparent contravention of the Act.
It also asked the Committee on Finance to conduct a review and initiate an inquiry into the implementation of the Nigerian Export Supervision Scheme (NESS) Act, specifically focusing on the inspection and monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN) to ensure effectiveness, compliance, and oversight mechanisms.
The MTEF/FSP provides the critical parameters for preparing the annual budget.
