The House of Representatives has considered and passed the 2025/2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The passage followed the adoption of the report by the committee of the whole after its presentation by the committees on Finance and National Planning, and Economic Development.
The Chairman of the committee, Mr. James Abiodun Faleke, urged the House to consider the report of the committees on Finance and National Planning, and Economic Development on the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) and approve the recommendation therein.
The MTEF/FSP projected oil benchmark prices of USD75, USD76.2 and USD75.3 per barrel for 2025, 2026 and 2027 respectively;
During the clause by clause consideration, the minority leader of the House, Mr. Kingsley Chinda raised an observation about the projected benchmark.
Responding to some of the observations, the chairman House committee on Finance, Mr. James Faleke, said that the benchmark was realistic.
“I listened attentively to the issue raised by the Minority Leader. The Crude oil price is not controlled by any state or any country. The fact that we did 77.9 this current year and we were lucky to have crisis (unfortunately) within some producing countries which shut up the price of crude. We envisage that in the next year, the crisis might subside and that the price will crash” Mr. Faleke clarified.
Recall that President Bola Ahmed Tinubu had transmitted the Federal Republic of Nigeria, FGN 2025-2027 Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) to the House of Representatives on November 19th 2024 for approval.
Some of the recommendations in the paper are: “The three-year projections for domestic crude oil production had a significant increase from 1.78
mbpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
(iii) Some critical agencies such as NNPC, NLNG, Immigration Services and others that are relevant to the attainment of set revenue targets engage in Public Private Partnership and Joint Venture
Arrangements that are inimical to the revenue growth of the Country;
(iv) Historical non-remittance of operating surpluses into the Federation Account by the NNPCL due to
what it called under recovery with the claim that the federating units owed it the sum of Ten Trillion Naira and many others.
The motion generated a lot of debate before it was duly passed after the Deputy Speaker, Mr. Benjamin Kalu, who chaired the committee of supply put the question.
The House unanimously adopted the motion through a voice vote.
Emmanuel Ukoh
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