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Senate approves MTEF for 2024 to 2026, adopts N700/$1 exchange rate

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The Senate today approved the Medium-Term Economic Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2024 to 2024 after a presentation by the chairman of the Joint Committee on Finance, Sen. Sani Musa which oversaw the MTEF/FSP.

The Senate approved a slew of recommendations including an inflation rate of 21.4% for 2024, 20.3% in 2025, and 18.6% in 2026.

According to the National Bureau of Statistics, the inflation rate for October stands at 27.33%. KPMG projects Nigeria’s inflation rate to reach 30% in December, although the federal government expects the inflation rate to drop in 2024.

Other decisions reached include the following:

During the seating, there was a contentious debate on the exchange rate of N700/$ pegged for 2024 as senators queried the feasibility of the proposal.

The Senate also moved to amend the act of the Bureau of Public Enterprise (BPE) and mandate the Ministry of Finance to take charge of all assets of the federal government both fiscal and material.

The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) guides the federal government’s spending with its economic and social objectives.

 

Source- Live senate session on Youtube

 

 

 

 

 

 

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