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Senate Passes 2021-2023 MTEF/FSP

The Nigerian Senate has Wednesday passed the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper approving a benchmark of $40 per barrel for the price of crude.

 

This among other resolutions was reached today at plenary after a debate on the report of the Joint Committees on Finance and National Planning on the 2021-2023 MTEF-FSP was presented by Senator Adeola Solomon. Some of the recommendations passed include the production of 1.97 million barrels of crude per day as well as an exchange rate of N379 to the dollar, also adopted an expected Gross Domestic Product growth rate of 3% and inflation rate pegged at 11.9%.

 

In his remarks, the President of the Senate, Ahmad Lawan, urged the Committees on Finance and National Planning to endeavour to meet with government agencies on a quarterly basis to check their performance. He also warned on the need to minimize borrowing so as not to end up using the nation's resources for debt servicing.

 

Earlier, the Senate President announced that in compliance with the COVID-19 guidelines the 2021 budget presentation to National Assembly by President Muhammadu Buhari on Thursday would be abridged and last for only One hour.

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