The House of Representatives has passed the Medium-Term Expenditure Framework & Fiscal Strategy Paper for 2025-2027.
In passing the MTEF, the Committees on Finance, Petroleum Upstream, and Petroleum Downstream were tasked to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited’s withheld ₦8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the Nigeria Extractive Industries Transparency Initiative’s report stating that NNPC failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
The committees were further directed to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPCL between 2020 and 2023.
Some of the recommendations in the MTEF as adopted by the house are; that the projected oil benchmark prices are USD75, USD76.2 and USD75.3 per barrel 2025, 2026 and 2027 respectively.
Three-year projections for domestic crude oil production 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
GDP growth rate at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively.
The exchange rate at NGN1400/USD for years 2025, 2026 and 2027, to be reviewed in early 2025 according to monetary and fiscal policies.
As well as the inflation rate projections at 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027.