The Senate has passed the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) of the Federal Government with no adjustments to the assumptions submitted in July by President Muhammadu Buhari.
According to the document, for the 2022 fiscal year the federal government is expected to spend N13.98 trillion as proposed by the President.
Breakdown of the approved N13.98 trillion shows total recurrent (non-debt) of N6.21 trillion; Personnel Costs (MDAs) of N3.47 trillion; Capital expenditure (exclusive of transfers) N3.26 trillion.
Special Intervention (recurrent) will gulp N350 billion; and Special intervention (Capital) N10billion.
These approvals followed the consideration of the report of the Senate Joint Committee on Finance, National Planning and Economic Affairs; Foreign and Local Debts; Banking, Insurance and Other Financial Institutions; Petroleum Resources (Upstream); Down Stream Petroleum Sector; and Gas, on the 2022-2024 MTEF/FSP, by the Senate.
On Revenue, the oil benchmark approved for the 2022 budget is at $57 per barrel while the expected daily crude oil production is 1.88 million barrels per day and the exchange rate of N410 to a dollar.
The Senate also approved the projected gross domestic product (GDP) growth rate of 4.20 percent and projected inflation rate of 13 percent.
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