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Wednesday, December 6, 2023

House of Reps Approve 2024-2026 Medium Term Expenditure Framework

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The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The House approved a benchmark oil price of USD$73.96, $73.76 and $69.90 per barrel, daily crude oil production of 1.78 mbps, 1.80 mbps, and 1.81 mbps, for 2024, 2025, and 2026 respectively.

The green chamber also approved exchange rate of N700, N665.61 and N669.79 to USD$1 proposed by the executive for the period: 2024 – 2026.

The lower chamber proposed the Gross Domestic Product (GDP) growth rates at 3.76%, 4.22%, and 4.78% during the years 2024, 2025, and 2026 with an inflation rate of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026.

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