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At a plenary session on Wednesday, the parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.
On November 19, President Bola Tinubu forwarded the MTEF and the FSP to the national assembly for consideration and approval.
The joint committee of the senate and house of representatives held a hearing on the MTEF/FSP parameters on November 25.
During Wednesday’s plenary, the green chamber maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.
The lower house endorsed the projected exchange rate of NGN1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.
The lower legislative chamber also maintained new borrowings at N9.22 trillion.
The legislators approved the federal government’s projected inflation rates of 15.75 percent, 14.21 percent, and 10.04 percent for 2025 to 2027.
The green chamber did not make any adjustments to the assumptions of the federal government in the MTEF document.
The house also resolved to investigate the report of the revenue mobilisation, allocation, and fiscal responsibility commission (RMAFC) alleging that the Nigerian National Petroleum Company (NNPC) Limited withheld N8.48 trillion as claimed subsidies for petrol.
“Additionally, the investigation will address the NEITI report stating that NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the federal government,” the house report reads.
The house mandated relevant committees to hold quarterly investigative hearings with the revenue-generating agencies to “track their compliance with the Fiscal Responsibility Act and punish those in clear contravention” of the law.
The green chamber asked the committees on finance and customs to investigate the operations of the import duty exemption certificate (IDEC) programme, “focusing on the administration of import waivers and their impact on revenue losses by the ministry of finance and the Nigeria Customs Service”.
The parliament said the probe should evaluate compliance, identify systemic, gaps and recommend measures to enhance transparency and accountability and optimise revenue generation for the country.
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