Reps approve MTEF, N7.8trn borrowing plan for 2024

The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of N7.8 trillion for 2024.

For 2024, 2025, and 2026, the House further set benchmark oil prices of $73.96, $73.76, and $69.90 per barrel, respectively.

Additionally, the House set daily crude oil production levels of 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps.

The executive’s proposed exchange rate as agreed by the Green Chamber for the period 2024–2026 is N700, N665.61, and N669.79 to $1.

The Inflation rates of 21.40 per cent in 2024, 20.30 per cent in 2025, and 18.60 per cent in 2026 were proposed by the lawmakers even as they proposed  Gross Domestic Product growth rates of 3.76 per cent , 4.22 per cent  and 4.78 per cent respectively.

The Federal Government recommended spending N26 trn, with N16.9 trn in retained revenue, N9 trn budget deficit
N7.8 trn in new borrowings, N1.3 trn for statutory transfers,  N8.2 trn debt service and N1.27 trn in pension, gratuity, and retiree benefits.

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