Lawmakers pass 2022-2024 MTEF, approve N4.89trn new borrowings

The House of Representatives has passed the 2022–2024 Medium Term Expenditure Framework and Fiscal Strategy Paper as presented by President Muhammadu Buhari.

The passage followed consideration and adoption of the report by the House Committee on Finance at the plenary on Tuesday.

Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu, was on Thursday asked about the delayed passage of the MTEF/FSP which is necessary before laying of the national budget as prescribed by law.

Responding, Kalu had noted that the House would pass the MTEF/FSP ahead of budget laying by the President later in October.

The committee recommended that the external borrowings proposed by the Federal Government to finance the deficit in the 2021 budget be approved.

It also recommended that most of the parameters proposed for the next fiscal year be approved as presented by the executive arm of government.

In its report, the committee recommended that the daily crude oil production of 1.88 million barrels per day), 2.23mbpd and 2.22mbpd for 2022, 2023 and 2024, respectively, be approved, ‘in view of average 1.93mbpd over the past three years, and the fact that a very conservative oil output benchmark has been adopted for the medium term in order to ensure greater budget realism’.

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