National

BREAKING: Reps pass MTEF, N7.8trn borrowing plan for 2024

The House of Representatives on Tuesday approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of N7.8 trillion for 2024.

For each year within the specified period, the House established benchmark oil prices: $73.96 for 2024, $73.76 for 2025, and $69.90 for 2026, alongside daily crude oil production levels of 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps, respectively.

The agreed-upon exchange rates by the Green Chamber for 2024–2026 are N700, N665.61, and N669.79 to $1, aligning with the executive’s proposed rates.

Lawmakers proposed inflation rates of 21.40% in 2024, 20.30% in 2025, and 18.60% in 2026, along with Gross Domestic Product growth rates of 3.76%, 4.22%, and 4.78%, respectively.

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The Federal Government’s outlined expenditure totals N26 trillion, comprising N16.9 trillion in retained revenue, a N9 trillion budget deficit, N7.8 trillion in new borrowings, N1.3 trillion for statutory transfers, N8.2 trillion for debt servicing, and N1.27 trillion allocated to pension, gratuity, and retiree benefits.

Akanji Philip

Akanji Philip has been working as a reporter with VOICE AIR MEDIA, both onsite at the head office in Odi-Olowo, Osogbo, and remotely since 2021. He has covered events at notable political venues, involving prominent figures such as former Osun Governor Adegboyega Oyetola, current Osun State Governor Senator Isiaka Adetunji Adeleke, former Vice President Professor Yemi Osinbajo, the late Ondo Governor Rotimi Akeredolu, Oyo State Governor Seyi Makinde, and various other representatives and lawmakers. In addition, he has represented the company at various press conferences at police stations and has reported on occasions featuring entertainers and actors, such as Kola Oyewo during Oba-Ile Day in Osun State, among others. 📞 +2349058501092, +2348137827714 ✉️ akanjiphilips100@gmail.com