Senate approves daily gross production of 1.69 million for 2023 and adopts Medium Term Expenditure Framework (MTEF)

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The Nigerian Senate approved the 2023-2025 program Medium Term Expenditure Framework (MTEF) and Budget Strategy Paper (FSP). They also approved crude oil production of 1.69 million barrels per day (bpd) for 2023.

It comes as President Muhammadu Buhari is expected to present Nigeria’s 2023 budget on Friday, as Finance Minister Zainab Ahmed said the federal government’s budget proposal for 2023 is N19.76 trillion, with a deficit of 11.3 trillion naira.

The MTEF was approved following a motion for adoption of the report by the Senate Finance Committee.

What they said:

The Nigerian Senate revealed that as part of the policy endorsement concession, it requested that 10 of the 63 State-Owned Enterprises (GOEs) be taken out of the budget and placed on the cost of collections to serve as a test for the others. in the future.

Agencies include Nigeria Communication Commissions (NCC), Cooperate Affairs Commission (CAC), Nigeria Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Federal Inland Revenue Services (FIRS) , Nigeria Customs Service (NCS), Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Joint Admission and Matriculation Board (JAMB) and National Agency for Food and Drug Administration and Control (NAFDAC).

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The Senate also approved daily crude oil production of 1.69 million bpd for 2023, 1.83 million bpd for 2024 and 1.83 million bpd for 2025.

What you should know

  • Nairametrics reported last week that President Muhammadu Buhari had sent the 2023-2025 Medium Term Expenditure Framework and Budget Strategy Paper to the Senate for approval.
  • The House of Representatives Finance Committee on the 2023-2025 Medium-Term Expenditure Framework sat on paper, as Finance Minister Zainab Ahmed said the federal government’s budget proposal for 2023 is to 19.76 trillion naira, with a deficit of 11.3 naira. trillion.
  • Finance Minister Zainab Ahmed told the House of Representatives that the government forecast revenues of 8.46 trillion naira for 2023. She added that 1.9 trillion naira would come from oil-related sources while the balance would come from non-oil sources.
  • She added that the budget would be based on 70 dollars per barrel of crude oil and an exchange rate of 435.57 naira to the dollar, citing that oil production for 2023 was set at 1.69 million barrels per day, or a real GDP growth rate of 3.7% and an inflation rate of 17.16% for the year.

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