Nigeria: Senate Passes 2021-2023 MTEF/FSP allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
The Senate, yesterday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The passage followed consideration of the harmonised conference report of the joint committee of both chambers of the National Assembly.
Chairman, Senate Committee on Finance, Olamilekan Adeola, said the panel recommended crude oil production of 1.86bmpd at $40 per barrel, exchange rate of N379/$ as well as a Gross Domestic (GDP) growth rate of three per cent, inflation growth of 11.95 per cent and retention of Federal Government revenue at N7.99 trillion.
Besides, government’s expenditure was pegged at N13.58 trillion, fiscal deficit at N5.60 trillion, new borrowings got N4.28 trillion, statutory transfers have N484.4 billion, N3.12 trillion for debt servicing, sinking fund has N220 billion, pension, gratuities and retirees’ benefits account for N520.6 billion, just as expenditure totalled N13.58 trillion and N5.66 trillion goes for recurrent (non-debt).
By Chuks Okocha
The Senate has confirmed eight nominees to the Governing Council of the Hydroelectric Power Producing Areas Development Commission (HYPADEC).
The nominees were confirmed after the consideration of a report of the Senate Committee on Power.
Those confirmed are Hon. Ityav Joseph Tarfa (Benue), chairman; Abubakar Sadiq Ahmed Yelwa (Kebbi), managing director; Alhaji Isa Ozi Salami (Kogi), member; Taoheed Daud Toyin (Kwara), member; Hon. Mikail Al-Amin Bmitosahi (Niger), member; Dr. Saleh Mohammed Galadima Kanam (Plateau), member; Aminu Mohamed Ganda (Sokoto), member, and Chief Utum Ubi Eteng (Cross River), member.
The Chairman of the committee, Gabriel Suswam (PDP, Benue North East), in his presentation, recalled that the nominations were made by President Muhammadu Buhari pursuant to Section 3(1) of the Hydroelectric Power Producing Areas Development Commission (Establishment) Act, 2018, as amended.
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The Senate, yesterday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The passage followed consideration of the harmonised conference report of the joint committee of both chambers of the National Assembly.
Chairman, Senate Committee on Finance, Olamilekan Adeola, said the panel recommended crude oil production of 1.86bmpd at $40 per barrel, exchange rate of N379/$ as well as a Gross Domestic (GDP) growth rate of three per cent, inflation growth of 11.95 per cent and retention of Federal Government revenue at N7.99 trillion.
Besides, government’s expenditure was pegged at N13.58 trillion, fiscal deficit at N5.60 trillion, new borrowings got N4.28 trillion, statutory transfers have N484.4 billion, N3.12 trillion for debt servicing, sinking fund has N220 billion, pension, gratuities and retirees’ benefits account for N520.6 billion, just as expenditure totalled N13.58 trillion and N5.66 trillion goes fo