Reps pass MTEF/FSP, endorse $60 per barrel, N305/$1 exchange rate

The House of Representatives yesterday passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from 2019 to 2021.

The House during plenary presided by Speaker, Yakubu Dogara, endorsed a benchmark of 2.3m barrels of crude oil production as daily output target, just as it adopted $60 per barrel, N305 to $1 as official exchange rate, and pegged fresh borrowing to fund 2019 budget deficit at N1.6tr.

This followed adoption of reports of joint committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research, as well as National Planning and Economic Development on the MTEF and FSP documents.

Chairman, House Committee on Finance, Babangida Ibrahim, enjoined the executive to increase the tempo of collectable revenues in all its ministries, departments and Agencies (MDAs) with a view to reducing budget deficit.