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Nigerian Senate Approves Expenditure and Fiscal Strategy Framework for 2023-2025

Nigerian Senate Approves Expenditure and Fiscal Strategy Framework for 2023-2025

The Senate on Wednesday, October 5, approved the 2023-2025 Medium Term Expenditure Framework -MTEF, and Fiscal Strategy Paper -FSP, for the country. This followed the adoption of the report of the Senate Committee on Finance at the plenary.

The Senate had also asked that 10 out of the 63 Government Own Enterprises -GOEs be excluded from the approved budget and placed on a cost of collections to serve as an example for others in the future.

The GOEs included: Nigeria Communication Commission -NCC, Corporate Affairs Commission-CAC, Nigeria Ports Authority -NPA, Nigeria Maritime Administration, and Safety Agency -NIMASA, and Nigeria Upstream Petroleum Regulatory Commission -NUPRC, Federal Inland Revenue Services -FIRS, Nigeria Customs Service -NCS, Nigeria Midstream and Downstream Petroleum Regulatory Authority -NMDPRA, Joint Admission and Matriculation Board -JAMB and National Agency for Food and Drug Administration and Control -NAFDAC.

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The upper legislative chamber also approved daily crude oil production benchmarks of 1.69million barrels per day (mbpd) 1.83mbpd, and 1.83mbpd for 2023, 2024, and 2025.

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