Senate passes 2021-2023 MTEF/FSP, pegs oil benchmark at $40
The Senate on Thursday passed the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
It pegged oil benchmark at $40 and exchange rate at N379 per dollar.
The MTEF/FSP is the fiscal document upon which the 2021 Appropriation Bill would be predicated upon.
The approval of the document was sequel to the consideration of a harmonised conference report of the Joint Committee of the Senate and the House of Representatives.
The Chairman of the Committee on Finance, Senator Solomon Ademola, said the conference report of the two chambers was their harmonised position upon examination of the differences contained in the 2021-2023 MTEF/FSP document.
Adeola said the joint committee of the two chambers after due deliberations also put the Gross Domestic Growth rate at three per cent; inflation growth rate at 11.95 per cent; and FGN-retained revenue at N7.99tn.
He added that the total Federal Government proposed expenditure was pegged at N13.58tn; and Fiscal deficit at N5.60tn.
He said new borrowing was N4.28tn (foreign and domestic); statutory transfers, N484.4bn; and debt servicing is N3.12tn.
He put Sinking Fund at N220bn; Pension, Gratuities and Retirees Benefits N520.6bn; total FGN expenditure N13.58 trn; while total recurrent (non-debt) at N5.66tn.
Adeola said personnel costs for ministries, departments and agencies of government wede put at N3.05tn; capital expenditure (exclusive of transfers) at N3.58tn; special intervention (recurrent) N350bn; and special intervention (capital) – N20bn.