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Senate pegs oil benchmark at $40 per barrel

…exchange rate at N379/$1
…approves 2021-2023 MTEF/FSP

The Senate, yesterday, passed the 2021- 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The passage of the document followed the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives.

In his presentation, the Chairman of the Committee on Finance, Senator Solomon Adeola (APC – Lagos West), said that the Conference Report of the Senate and House of Representatives was a harmonized position of both chambers upon examination of the differences contained in the 2021-2023 MTEF/FSP document. According to him, the Joint Committee of the two chambers, after due deliberations, gave the following recommendations: that daily crude oil production be pegged at 1.86mbpd; benchmark oil price at $40 per barrel; exchange rate at N379 to $1; Gross Domestic Growth (GDP) rate at 3 per cent; inflation growth rate at 11.95 per cent; and FGN retained revenue at N7.99 trillion.

In addition, total Federal Government proposed expenditure was pegged at N13.58 trillion; fiscal deficit at N5.60 trillion; new borrowings N4.28 trillion (including Foreign and Domestic Borrowing); Statutory Transfers at N484.4 billion; Debt Service N3.12 trillion; Sinking Fund N220 billion; Pension, Gratuities and Retirees Benefits N520.6 billion; Total FGN expenditure N13.58 trillion; and Total Recurrent (Non- Debt) N5.66 trillion.

Personnel cost for Ministries, Departments and Agencies (MDAs) of Government was put at N3.05 trillion; Capital Expenditure (exclusive of Transfers) at N3.58 trillion; Special Intervention (Recurrent) N350 billion; and Special Intervention (Capital), N20 billion.

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