Reps Okay MTEF, N7.8tn Borrowing Plans For 2024

The House of Representatives yesterday approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of N7.8 trillion for 2024.

For 2024, 2025, and 2026, the House set benchmark oil prices of $73.96, $73.76, and $69.90 per barrel, respectively.

Also, the House set benchmark daily crude oil production levels of 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps.

As agreed by the Green Chamber for 2024–2026, the executive’s proposed exchange rate is N700, N665.61, and N669.79 to $1.

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The inflation rates of 21.40 per cent in 2024, 20.30 per cent in 2025, and 18.60 per cent in 2026 were proposed by the lawmakers even as they proposed Gross Domestic Product growth rates of 3.76 per cent, 4.22 per cent and 4.78 per cent, respectively.

The Federal Government recommended National spending of N26 trillion, with N16.9 trillion in retained revenue, N9 trn budget deficit, N7.8 trn in new borrowings, N1.3 trn for statutory transfers, N8.2 trillion in debt service and N1.27 trillion in pension, gratuity, and retiree benefits.

Nigeria’s inflation rate in October was 27.33 per cent; however, Fitch projected that the rate would moderate to 21 per cent in 2024.