OrderPaperToday- Ahead of today’s budget presentation, the Senate on Wednesday, approved the revised 2022-2024 Medium Term Expenditure Framework (MTEF) submitted by President Muhammadu Buhari.
Recall that President Buhari submitted a revised fiscal framework for legislative inputs.
The revised fiscal framework was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of President Buhari’s Thursday’s budget presentation.
Consequently, the approval of the revised framework follows the consideration of a report by the Committee on Finance, chaired by Senator Solomon Olamilekan Adeola (APC, Lagos West).
The Senate, in its recommendation, approved the aggregate expenditure of N16.39 trillion from the previous N13.98 trillion for the year 2022. It also approved the retained revenue of N10.3 trillion; and N635.4 billion fiscal deficits. Senator Adeola, in his presentation, said that Gross Revenue Projection was decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.
Furthermore, the lawmakers stated that the “deductions for Federally-funded upstream projects costs and 13 percent derivation was slashed by N335.3 billion and N810.25 million, respectively. Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion, Non-oil taxes remain unchanged.”
Finally, he explained that the Federal Government’s retained revenue is projected to increase by N1.773 trillion. That is an increase from N8.36 trillion to N10.13 trillion. Also, Senator Adeola disclosed that the new increase to the FGN Expenditure is N5.241 trillion.