The Senate, shortly before it adjourned plenary on Thursday, passed the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The passage of the document was sequel to the consideration of a harmonised conference report of the Joint Committee of the Senate and House of Representatives.
In his presentation, the Chairman of the Committee on Finance, Senator Olamilekan Solomon Adeola (APC-Lagos West), said the Conference Report of the Senate and House of Representatives was a harmonised position of both chambers upon examination of the differences contained in the 2021-2023 MTEF/FSP document.
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 $40 per barrel; Exchange rate at N379 to $1; Gross Domestic Growth rate at 3 per cent; inflation growth rate at 11.95 per cent; and FGN retained revenue at N7.99 trillion.
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.
Personnel Costs for Ministries, Departments and Agencies of Government 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.