Politics
Senate Takes Action: Deliberates On MDAs’ 2024-2026 Fiscal And Expenditure Plans[Details]
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The Senate emphasized that a sincere and intentional collaboration between the legislative and executive branches of government has the potential to formulate a robust fiscal policy capable of effectively addressing the current economic challenges in Nigeria…CONTINUE READING
According to the Senate, such collaboration not only ensures economic growth but also facilitates substantial revenue generation.
Senator Sani Musa, the Chairman of the Senate Committee on Finance, made this statement yesterday amid preparations by a joint committee of the Senate, chaired by him, to conduct rigorous interactive public hearings this week on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) with heads of federal ministries, departments, and agencies (MDAs).
The interactive sessions, led by the Senate Committees on Finance, Appropriations, National Planning and Economic Affairs, and Local and Foreign Debts, aim to scrutinize the fiscal document in collaboration with the heads of MDAs and chief executives of government-owned organizations.
The goal is to enhance the national revenue base and address financial leakages.
In the 2024-2027 MTEF/FSP, the federal government set parameters such as a crude oil price of $73.96, an exchange rate of N700/$, oil production at 1.78 million barrels per day, debt service of N8.25 trillion, inflation at 21 percent, and GDP growth at 3.76 percent.
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