Senate Passes 2021-2023 Medium Term Expenditure Framework & Fiscal Strategy Paper

18 December 2020 By James Itodo

The Senate, has passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The passage of the document was sequel to the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.

In his presentation, the Chairman of the Committee on Finance, Senator Solomon Olamilekan representing Lagos West explained that the Conference Report was a harmonized position of both chambers.

The Joint Committee recommended Daily crude oil production at 1.86million barrel per day, Benchmark oil price at 40 dollars per barrel; Exchange rate at 379 Naira to one dolar and Gross Domestic Growth (GDP) rate at 3 percent.

Other recommendations are
Personnel Costs for Ministries, Departments and Agencies of Government 3.05 trillion Naira while Capital Expenditure is 3.58 trillion Naira.

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