Senate approves the 2025-2027 mediums term expenditure framework and fiscal strategy paper 2025-2027 (MTEF-FSP) as submitted by the federal government for implementation.
The projections include 47.9trillion naira proposed budget for 2025, out of which 16.4 trillion naira is for capital projects while 14.2 trillion naira goes to recurrent expenditure.
Projections on oil benchmark, daily production f, gross domestic product and exchange rate projections were also approved.
Following observation by some legislators on the proposed naira to the dollar exchange rate projection at 1400 naira to the dollar, in which they noted prevailing market rate of 1700 naira to the dollar, senate therefore approves that all excess be channeled to debt servicing.
Senate also resolved to investigate reports from the revenue mobilisation allocation and fiscal commission and the Nigeria extractive industry transparency initiative alleging withholding and non remittance of funds by the Nigeria national petroleum company limited, in trillions of naira.
