Percy Onyeka
The Senate has approved the 2024-2026 Medium Term Expenditure Frame Work (MTEF), And Fiscal Strategy Paper (FSP).
This was a sequel to the presentation and adoption of a report by its Committee on Finance, at plenary, on Wednesday.
The Senate also approved a proposal to scrap all tax waivers not directly linked to non-governmental/ non-profit organizations.
It also committed to probing all tax waivers granted from the 2015 date.
The Senator Sani Musa-led committee had in its report recommended the scrap of tax waivers to stop leakages and improve the nation’s revenue base.
Similarly, the Senate upheld several other recommendations including one that said the Nigeria National Petroleum Cooperation Limited (NNPCL) should work towards reducing its cost of production and operational cost with the view of increasing available government revenue.
Other recommendations which received Senate approval included: “The sum of N10 billion released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalization be investigated and the funds fully recovered if established to be in judiciously utilized by the relevant committee of the Assembly charge with the responsibility of fiscal prudence.
“That the Budget Office of the Federation and the Ministry of Finance, Budget and National Planning re-evaluate the underlying assumptions for all Federal Government agency’s income targets to confirm the veracity of these assumptions and effects;
“The Federal Government should continually assess the performance of agency heads to guarantee that the government’s total income target as stated in the MTEF/ FSP and the yearly budgets are consistently met with adequate sanction where necessary.”
The Senate also retained the oil price benchmark of USD$73.96, $73.76 and $69.90 per barrel to be approved for 2024, 2025 and 2026 respectively.
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