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


House of Representatives

By Victoria Oluwayemi

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.

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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.

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.

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