The 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) was passed by the House of Representatives on Tuesday, with a borrowing plan of N7.8 trillion for 2024.
The House set benchmark oil prices of $73.96, $73.76, and $69.90 per barrel for 2024, 2025, and 2026, respectively.
In addition, the House established benchmark daily crude oil production limits of 1.78, 1.80, and 1.81 Mbps.
The executive’s recommended exchange rate for 2024-2026, as agreed by the Green Chamber, is N700, N665.61, and N669.79 to $1.
The parliamentarians recommended inflation rates of 21.40 percent in 2024, 20.30 percent in 2025, and 18.60 percent in 2026, while Gross Domestic Product growth rates were 3.76 percent, 4.22 percent, and 4.78 percent, respectively.
The Federal Government proposed N26 trillion in national spending, including N16.9 trillion in retained income, N9 trillion in budget deficit, N7.8 trillion in fresh borrowings, N1.3 trillion in statutory transfers, N8.2 trillion in debt payment, and N1.27 trillion in pension, gratuity, and retiree benefits.
Nigeria’s inflation rate was 27.33 percent in October, but Fitch predicted that it would fall to 21% in 2024.