The Senate has approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
The upper chamber approved the expenditure framework with a total spending of ₦47.9 trillion and a new borrowing plan of ₦9.22 trillion which includes both domestic and foreign borrowings.
The approval followed the consideration of a report presented by Chairman of the Senate Committee on Finance, Sani Musa, during the plenary on Wednesday.
The MTEF is a projection of a three-year spending plan of the federal government. The nation’s budget is predicated on this framework.
The lawmakers approved the framework with an exchange rate of ₦1,400 to a dollar and adopted the oil prices of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027 respectively.
The framework also has daily oil production fixed at 2.06 million, 2.10 million, and 2.35 million barrels for the three years.
Debt service was valued at ₦15.38 trillion, pensions, gratuities, and retirees’ benefits at ₦1.443 trillion, and the fiscal deficit at ₦13.08 trillion.
The GDP growth rates were projected at 4.6 per cent, 4.4 per cent, and 5.5 per cent for 2025, 2026, and 2027 respectively.
“Capital expenditure is projected at ₦16.48 trillion, which is exclusive of transfers; statutory transfers stand at ₦4.26 trillion; the sinking fund is projected at ₦430.27 billion, while total recurrent (non-debt) expenditure is projected at ₦14.21 trillion,” the report reads.
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