The 2024 to 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) has been passed by Nigeria’s senate on Tuesday for implementation by the Federal Government.
This comes after the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa Mohammed Sani (Niger East).
Nigeria’s Medium Term Expenditure Framework (MTEF) is a budgeting and public financial management approach that helps guide the country’s annual budgeting process. The 70 page document, available on the ministry of budget and economic planning website outlined the economic plan of the administration for the next 3 years.
The senate also tasked its Committees on Finance, and Petroleum and Gas, to investigate allegations of withheld funds by the NNPC, including N8.48 trillion in petrol subsidies, and $2 billion (N3.6 trillion) in unpaid taxes.
The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
The development followed the position of the Office of the Auditor-General of the Federation, who said it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.
