By Disun Amosun
A major feature of the House of Representatives joint Committee report on the 2025-2027 Medium Terms Expenditure Framework MTEF and Fiscal Strategy Papers FSP considered and adopted at Wednesday’s plenary is the resolve it contained for tighter monitoring and control of key revenue earner-agencies as the budget year progresses.
The adopted report by the whole House tasked the Committees on Finance, Petroleum Resources (Upstream and Downstream) to carry out in-depth investigation into the activities of the Nigeria National Petroleum Company Limited NNPCL over withheld and unremitted revenue due the FG amounting to N51.48 trillion.
It added that the investigation became necessary following findings contained in earlier reports from the Revenue Mobilization, Allocation and Fiscal Responsibility Commission RMAFRC and the NEITI alleging under-recovery and claimed subsidy, from the sales of Premium Motor Spirit (PMS) by the NNPCL between 2020 and 2023.
The adopted MTEF/FSP Report as tabled by the Rep. James Faleke-led joint committee on Finance and National Planning as well as the Economic Development Committee got overwhelming support at plenary.
The projected oil benchmark prices are $75, $76.3 and $75.3 per barrel are approved for the three years under projection, while for domestic crude oil production, a significant increase from 1.78 mbpd from last year to 2.06, 2.10 and 2.35 were approved as recommended in the joint Committee report.
Exchange rate for 2025, 2026 and 2027 stands at N1400/$ approved for the three years under projection, with a caveat for review in early 2025, according to operating monetary and fiscal policies then.
The House also adopted the recommendation for a quarterly investigative hearing with revenue generating agencies to track their compliance with the Fiscal Responsibility Act and punish those on clear contravention of the Act.
After an overview of the framework for projected revenue and expenses, the 2025 is put at N47.9 trillion, of which NN34.82 trillion was retained whole new borrowing stands at N9.22 trillion.
