Senate Approves 2023-2025 MTEF/FSP

The Senate on Wednesday approved the 2023-2025 Medium Term Expenditure Framework(MTEF) and Fiscal Strategy Paper (FSP) for the country.

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This followed the adoption of the Senate Committee on Finance report at plenary.

As part of the approval, the Senate requested that 10 out of the 63 Government Own Enterprises(GOEs) be exited from the budget and placed on cost of collections to serve as a test case for others in the future.

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The GOEs included Nigeria Communication Commission(NCC,) Cooperate Affairs Commission(CAC) Nigeria Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigeria Upstream Petroleum Regulatory Commission (NUPRC)

Others were Federal Inland Revenue Services (FIRS), Nigeria Customs Service(NCS)Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Joint Admission and Matriculation Board (JAMB) and National Agency for Food and Drug Administration and Control(NAFDAC).

The upper legislative chamber also approved daily crude oil production of 1.69million barrel per day(mbpd) 1.83mbpd, and 1.83mbpd for the 2023, 2024 and 2025.

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