AS President Bola Tinubu prepares to submit the 2025 Appropriation Bill to the National Assembly, the Senate on Tuesday approved the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper.
The approval followed a report presented by the Senate’s joint Committees on Finance and National Planning and Economic Affairs, chaired by Senator Sani Musa (APC, Niger East).
The Senate also initiated a probe into allegations from the Revenue Mobilisation, Allocation, and Fiscal Responsibility Commission that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion in subsidy claims for petrol.
The probe will examine a Nigeria Extractive Industries Transparency Initiative (NEITI) report, which alleges NNPCL failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
The Senate directed its committees on Finance, Petroleum (Upstream and Downstream), and Gas to investigate the unremitted revenue from the sale of Premium Motor Spirit (petrol) by NNPCL from 2020 to 2023.
The committees will also examine agreements between NNPCL, Nigerian Liquefied Natural Gas (NLNG), and Immigration Services to reconcile remittances to the Federation Account.
Key Projections in the MTEF
– Exchange Rate: ₦1,400/$ for 2025, 2026, and 2027.
– Oil Benchmark Prices: $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
– Domestic Crude Oil Production: From 1.78 million barrels per day (bpd) in 2024 to 2.06, 2.10, and 2.35 million bpd in 2025, 2026, and 2027.
– GDP Growth Rates: 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027.
– Inflation Rates: 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027.
The proposed 2025 federal budget includes ₦47.9 trillion in spending, with ₦34.82 trillion retained revenue and ₦9.22 trillion in new borrowings (domestic and foreign).
