Senate passes 2022-2024 MTEF/FSP

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Senate has passed the -2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) of Federal Government.

Upper Chamber also okayed N13.98 trillion as the total aggregate expenditure of the Federal Government for the fiscal year.

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 -2024 MTEF/FSP, by the Senate.

Chairman of the Joint Committee, Senator Solomon Adeola, presented the report.

Adeola, in his presentation, said the N13.98 trillion ’s aggregate expenditure for is made up of total recurrent (non-debt) of N6.21 trillion; Personnel Costs (MDAs) of N3.47 trillion; Capital expenditure (exclusive of transfers) N3.26 trillion; Intervention (recurrent) amounting N350 billion; and Special intervention (Capital) of N10billion.

Details shortly…