The House of Representatives yesterday approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), submitted by President Bola Tinubu.

The MTEF/FSP was approved at the Committee of the Whole following presentation of the report by the House Committee on Finance.

While presenting the report, the Chairman of the committee, James Faleke, noted that the document was the outcome of a joint effort between the House and Senate committees, working closely with relevant government agencies. This development has therefore paved way for the president to present the N47.9 trillion proposal for the 2025 fiscal year.

In approving the MTEF, the House pegged the exchange rate of N1400 to the US dollar, subject to review in 2025. The lawmakers also fixed an oil production target of 2.06 million barrels per day and a benchmark oil price of $75 per barrel.

The House also approved a projected inflation rate of 15.75% and a Gross Domestic Product (GDP) growth rate of 4.6% for the 2025 fiscal year. In addition to approving the MTEF/FSP, the House endorsed measures to strengthen fiscal oversight.

It approved the Promissory Note Programme and Bond Issuance aimed at settling outstanding federal liabilities to states, priority judgments, and debts incurred by Ministries, Departments, and Agencies (MDAs) on behalf of the government.

The House also mandated quarterly investigative hearings to assess revenue generating agencies’ compliance with the Fiscal Responsibility Act. Agencies found in violation of the Act are to face penalties.

Similarly, the House Committee on Finance was directed to conduct a detailed review of the implementation of the Nigerian Export Supervision Scheme (NESS) Act. The inquiry will focus on the monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN).

The committee is to identify challenges, ensure compliance, and enhance government revenue through greater transparency, accountability, and efficiency in export supervision.