The Senate has passed the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, sequel to the consideration of the harmonised conference report of the Joint Committee of the Senate and House of Representatives.
Presenting the document, the Chairman of the Committee on Finance, Sen. Solomon Adeola, said the report contained recommendations that daily crude oil production be pegged at 1.86 million barrels per day, oil benchmark price of $40 per barrel and exchange rate of N379 to one dollar.
Adeola said the committee also proposed a gross domestic product rate of three per cent, inflation rate of 11.95 per cent, and the federal government’s revenue of N7.99tn.
“In addition, the total federal government’s proposed expenditure was pegged at N13.58tn, fiscal deficit of N5.60tn, new borrowings N4.28tn (including foreign and domestic borrowing),” the committee chairman said.
Statutory transfers was projected at N484.4bn; debt servicing, N3.12tn; sinking fund, N220bn; pension, gratuities and retirees benefits, N520.6bn; total federal government expenditure, N13.58tn and total recurrent (non-debt), N5.66tn.
Personnel costs for Ministries, Departments, and Agencies of Government were put at N3.05tn, capital expenditure (exclusive of transfers) at N3.58tn, special intervention (recurrent) at N350bn and special intervention (capital) at N20bn.
