The House of Representatives has approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for the years 2025 to 2027.
The approval came with a mandate for several committees to investigate allegations involving the Nigerian National Petroleum Company Limited (NNPCL).
Reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission claim that NNPCL has withheld ₦8.48 trillion, citing petrol subsidies.
Furthermore, the Nigeria Extractive Industries Transparency Initiative’s report suggests that NNPCL failed to remit $2 billion (₦3.6 trillion) in taxes to the federal government.
The committees are also instructed to verify the total unremitted revenue from the sale of petrol between 2020 and 2023.
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The approved framework includes projections for oil benchmarks, domestic oil production, GDP growth, exchange rates, and inflation for the next three years.
These figures include an oil benchmark of $75 per barrel for 2025, 2026, and 2027, and GDP growth rates of 4.6%, 4.4%, and 5.5% for the respective years.
The exchange rate is set at ₦1400/USD, subject to review in 2025. Inflation is projected at 15.75% for 2025, decreasing to 14.21% in 2026, and 10.04% by 2027.
