Reps Probe NNPCL Over Withheld N8.4trn

House of Reps Reviews MTEF Recommendations

President Tinubu had earlier transmitted the MTEF and FSP to the National Assembly for consideration...

The House of Representatives has begun reviewing the Medium Term Expenditure Framework (MTEF) recommendations, marking a crucial step in the 2025 budget preparation process.

The House of Representatives has taken a significant step by directing its Committees on Finance and Petroleum to investigate allegations against the Nigerian National Petroleum Company Limited (NNPCL). The investigation aims to uncover the truth behind claims that NNPCL withheld a staggering ₦8.48 trillion as purported petrol subsidies.

Furthermore, the investigation will also delve into findings from the Nigeria Extractive Industries Transparency Initiative (NEITI) report. The report alleges that NNPCL failed to remit a whopping $2 billion (₦3.6 trillion) in taxes to the Federal Government. This is a serious accusation that requires thorough scrutiny.

In a related development, the House of Representatives has passed the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027. The MTEF projections include an oil benchmark price of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.

In a significant development, the House of Representatives has approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). This approval paves the way for President Bola Tinubu to present the 2025 Appropriation Bill to the National Assembly next week.

The MTEF serves as a multi-year plan for public spending, outlining targets for expenditure and fiscal policy to guide the budget process. This framework is crucial in ensuring fiscal discipline, improving the effectiveness of public spending, and enhancing transparency and accountability.

President Tinubu had earlier transmitted the MTEF and FSP to the National Assembly for consideration. The Federal Executive Council (FEC) had approved the policy document, which includes a federal budget of ₦47.9 trillion, new borrowing of ₦9.22 trillion, and an oil benchmark of $75 per barrel.

On the other hand, the FSP provides a framework for fiscal policy and medium- term macroeconomic planning, serving as a crucial element in preparing the annual budget.

President Tinubu had earlier transmitted the MTEF/FSP to the National Assembly on Tuesday, November 19, 2024, following the Council's approval. Federal Executive

Key projections in the framework include an oil benchmark of $75 per barrel for 2025, a daily oil production target of 2.06 million barrels, an exchange rate of 1,400 to the dollar, and an annual Gross Domestic Product, GDP, growth rate of 6.4 percent.

The House of Representatives recently convened a session, during which they resolved into the Committee of Supply. The committee's primary objective was to review recommendations from the Committees on Finance, National Planning, and Economic Development.

Deputy Speaker Benjamin Kalu presided over the deliberations, anticipating a seamless approval process with unanimous agreement. However, Minority Leader Kingsley Chinda shifted the tone of the proceedings, indicating a more critical evaluation of the recommendations. This development suggests that the approval process may not be as straightforward as initially expected.