Senate passes 2020-2022 MTEF, FSP

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The Senate has passed the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted by President Muhammadu Buhari last week Wednesday.

Before approving the documents, the lawmakers added the sum of N729bn to the expenditure which was pegged at N10trn.

The documents were passed following a debate that lasted about two hours during plenary on Thursday.

The debate ensued following the presentation of a report by the Senate Committee on Finance on the MTEF FSP

Shortly after Senator Solomon Adeola made the submission, the lawmakers passed all the recommendations in the report.

Some of the recommendations passed include the adoption of 2.18 MBPD as the daily production output in 2020.

The lawmakers also adopted the sum of $57 per barrel as crude oil benchmark price, as well as an exchange rate of N305 to a dollar for the 2020 fiscal year.

In addition, the Senate passed a resolution that the saving on income accruing from the increase of the benchmark amounting to 172 billion be used to pay salaries and emolument of the proposed N30,000 new employees.




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