OrderPaperToday – The Senate has just passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

It approved the sum of N13.08 trillion as expenditure for the 2021 budget, same figure among others approved by the House of Representatives last week.

This followed the presentation of the report of the senate committee on finance, presented by its Chairman, Senator Adeola Olamilekan.

Key indicators of the proposed 2021 budget
Approved MTEF

Like the House, the red chamber approved a total recurrent (Non-Debt) of N5.67 trillion, N3.58 trillion for personnel costs, N350 billion for special intervention recurrent and N20 billion for capital.

Projected daily crude oil production was put at 1.86 mbp as well as the benchmark oil price at 40 dollars per barrel.

N379 to a dollar was projected as exchange rate and GDP growth rate was pegged at 3.0 per cent while inflation growth rate was put at 11.95 per cent.

For fiscal deficit, it was put at N5.19 trillion and new borrowings (both foreign and domestic) at N4.28 trillion.

Equally approved are N484.49 billion for statutory transfers, N3.12 trillion for debt service and N220 billion as Sinking Fund while N520.69 billion for pension, gratuities and retirees’ benefits.

The approval of the MTEF/FSP by the National Assembly paves the way for the presentation of the 2021 budget which is expected to be laid tomorrow by President Muhammadu Buhari.

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