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The House of Representatives on Tuesday approved the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which includes a N7.8 trillion borrowing plan in 2024.
The House of Representatives set the benchmark crude oil prices for 2024, 2025, and 2026 at $73.96, $73.76, and $69.90 per barrel, respectively.
The House of Representatives also set daily crude oil production standards at 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps.
The exchange rate agreed by the Green Chamber for 2024-2026 will be 700 Naira, 665.61 Naira and 669.79 Naira to the dollar.
The inflation rates of 21.40 percent in 2024, 20.30 percent in 2025, and 18.60 percent in 2026 were proposed at the same time that lawmakers proposed gross domestic product (GDP) growth rates of 3.76 percent, 4.22 percent, and 4.78 percent, respectively. It is something that .
The Federal Government has retained revenue of 16.9 trillion naira, budget deficit of 9 trillion naira, new borrowing of 7.8 trillion naira, statutory provision of 1.3 trillion naira, debt service of 8.2 trillion naira, and national expenditure of 26 trillion naira, including N1. recommended. Pensions, alimony, and retirement benefits amount to 27 trillion.
Nigeria’s inflation rate in October was 27.33%. However, Fitch predicted that the proportion would slow to 21% in 2024.
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Source: dailypost.ng