Wednesday, August 4, 2021

2021-2023 MTEF/FSP: Senate pegs oil benchmark at $40/b, exchange rate at N379/1$

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Maryam Hassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Senate, shortly before it adjourned plenary on Thursday, passed the 2021-2023 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.

A statement by the Senate President’s Special Assistant (Press), Ezrel Tabiowo, said the passage was sequel to the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.

The statement quoted the Chairman, Senate Committee on Finance, Olamilekan Adeola (APC – Lagos West), as saying that the Conference Report of the Senate and House of Representatives was a harmonized position of both chambers upon examination of the differences contained in the 2021-2023 MTEF/FSP document.

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According to the lawmaker, the Joint Committee of the two chambers after due deliberations gave the following recommendations: that Daily crude oil production be pegged at 1.86mbpd; Benchmark oil price at US$40 per barrel; Exchange rate at N379 to $1USD; Gross Domestic Growth (GDP) rate at 3 percent; inflation growth rate at 11.95 percent; and FGN retained revenue at N7.99 trillion.

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In addition, Total Federal Government proposed expenditure was pegged at N13.58 trillion; Fiscal deficit at N5.60 trillion; New borrowings N4.28 trillion (including Foreign and Domestic Borrowing); Statutory Transfers at N484.4 billion; Debt Service N3.12 trillion; Sinking Fund N220 billion; Pension, Gratuities and Retirees Benefits N520.6 billion; Total FGN expenditure N13.58 trillion; and Total Recurrent (Non-Debt) N5.66 trillion.

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Personnel Costs for Ministries, Departments and Agencies of Government (MDAs) was put at N3.05 trillion; Capital Expenditure (exclusive of Transfers) at N3.58 trillion; Special Intervention (Recurrent) N350 billion; and Special Intervention (Capital) – N20 billion.

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