Nigeria’s House of Representatives on Wednesday passed the nation’s 2025-2027 Medium-Term Expenditure Framework & Fiscal Strategy Paper (MTEF-FSP) in furtherance of its statutory roles of enhancing fiscal efficiency in the public finance system.
During the passage of the MTEF-FSP 2025-2027 at plenary, the House mandated its Committees on Finance, Petroleum Upstream, and Petroleum Downstream to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission (RMAFC), alleging that the Nigerian National Petroleum Company Limited’s (NNPCL’s) withheld N8.48 trillion as claimed subsidies for petrol.
The committees were also directed to investigate the Nigeria Extractive Industries Transparency Initiative’s (NEITI’s) report findings, which indicated that NNPCL failed to remit $2 billion (N3.6 trillion) in taxes to the Federation Account, as well as to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPCL between 2020 and 2023.
Other recommendations in the MTEF as adopted by the Green Chamber during the plenary include the projected oil benchmark prices are USD75, USD76.2 and USD75.3 per barrel 2025, 2026 and 2027 respectively even as three-year projections for domestic crude oil production 2.06mb/d, 2.10mb/d and 2.35mb/d for the years.
The lawmakers projected in the MTEF & FSP that Nigeria’s GDP growth rate would rise to 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively while the exchange rate were estimated at N1400/$1 for years 2025, 2026 and 2027, but that the rates would be reviewed in early 2025 according to monetary and fiscal policies.
The passed MTEF also reflected that Nigeria’s inflation rates were projected at 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027 respectively, amongst other micro and macroeconomic indices.
