{"id":15456,"date":"2021-09-22T17:37:17","date_gmt":"2021-09-22T16:37:17","guid":{"rendered":"https:\/\/placng.org\/i\/?p=15456"},"modified":"2021-09-22T17:37:48","modified_gmt":"2021-09-22T16:37:48","slug":"senate-approves-2022-2024-mtef-and-fiscal-strategy-paper","status":"publish","type":"post","link":"https:\/\/placng.org\/i\/senate-approves-2022-2024-mtef-and-fiscal-strategy-paper\/","title":{"rendered":"Senate Approves 2022-2024 MTEF and Fiscal Strategy Paper"},"content":{"rendered":"\n<p>The Senate at its plenary session of Wednesday, 22 September 2021 considered and approved the report of its Joint Committees on Finance; National Planning and Economic Affairs; Foreign and Local Debts; Banking Insurance and Other Financial Institutions; Petroleum Resources (Upstream and Downstream) and Gas on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).<\/p>\n\n\n\n<p>Presenting the Joint Committee report, the Chairman, Sen. Solomon Olamilekan Adeola (APC: Lagos) explained that the MTEF and FSP provides a basic structure for the estimates and assumptions that underlie the annual budget and highlights the policy directions of the Federal Government for the next three (3) financial years. He noted that the MTEF and FSP is deliberately designed to minimize the adverse socio-economic effects of the COVID-19 pandemic and other crisis peculiar to Nigeria.<\/p>\n\n\n\n<p>Sen. Adeola stated that the policy objective and strategy of the Federal Government is aimed at accelerating economic growth, facilitating job creation and preservation, achieving macroeconomic stability and promoting poverty reduction and equity. In view of these, the Joint Committee urged the Senate to approve the following parameters as the 2022 Revenue and Expenditure Framework of the Federal Government:<\/p>\n\n\n\n<ul><li>Daily crude oil Production &#8211; 1.88mbpd;<\/li><li>Benchmark oil price &#8211; USD$57 per barrel;<\/li><li>Exchange rate \u2013 N410\/US$;<\/li><li>GDP growth rate \u2013 4.20%;<\/li><li>Inflation growth rate \u2013 13.00%;<\/li><li>FGN retained revenue \u2013 N8.36 trillion;<\/li><li>Total FGN proposed expenditure \u2013 N13.98 trillion;<\/li><li>Fiscal deficit &#8211; N5.62 trillion (including GOEs);<\/li><li>New Borrowings \u2013 N4.89 trillion (including Foreign and domestic Borrowing;<\/li><li>Statutory transfers \u2013 N613.4 billion;<\/li><li>Debt Service \u2013 N3.60 trillion;<\/li><li>Sinking Fund &#8211; N292 billion;<\/li><li>Pension, Gratuities &amp; Retirees Benefits \u2013 N567 billion;<\/li><li>Total FGN Expenditure \u2013 N13.98 trillion<\/li><li>Total Recurrent (Non-debt) \u2013 N6.21 trillion;<\/li><li>Personnel Costs (MDAs) \u2013 N3.47 trillion<\/li><li>Capital Expenditure (exclusive of Transfers) \u2013 N3.26 trillion;<\/li><li>Special Intervention (Recurrent) \u2013 N350 billion; and<\/li><li>Special intervention (Capital) \u2013 N10 billion.<\/li><\/ul>\n\n\n\n<p>According to Sen. Adeola, these key parameters as well as other macroeconomic projections driving the medium-term revenue and expenditure framework are indicative of a gradual rebound of activities in both global and domestic economy.<\/p>\n\n\n\n<p><strong><em><u><a href=\"https:\/\/placng.org\/i\/wp-content\/uploads\/2021\/09\/Report-of-the-Senate-Joint-Committee-on-the-2022-%E2%80%93-2024-Medium-Term-Expenditure-Framework-MTEF-and-Fiscal-Strategy-Paper-FSP.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Click here to view the full report of the Joint Committee<\/a><\/u><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate at its plenary session of Wednesday, 22 September 2021 considered and approved the report of its Joint Committees on Finance; National Planning and Economic Affairs; Foreign and Local Debts; Banking Insurance and Other Financial Institutions; Petroleum Resources (Upstream and Downstream) and Gas on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[310],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2021\/03\/senate-reject-armed-forces-establishment-300x148.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/placng.org\/i\/category\/news\/\" class=\"advgb-post-tax-term\">News<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">News<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/placng.org\/i\/category\/news\/\" class=\"advgb-post-tax-term\">Senate Approves 2022-2024 MTEF and Fiscal Strategy Paper<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Senate Approves 2022-2024 MTEF and Fiscal Strategy Paper<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 5 years ago","modified":"Updated 5 years ago"},"absolute_dates":{"created":"Posted on September 22, 2021","modified":"Updated on September 22, 2021"},"absolute_dates_time":{"created":"Posted on September 22, 2021 5:37 pm","modified":"Updated on September 22, 2021 5:37 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/15456"}],"collection":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/comments?post=15456"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/15456\/revisions"}],"predecessor-version":[{"id":15457,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/15456\/revisions\/15457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/14246"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=15456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=15456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=15456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}