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Senate Passes 2024-2026 MTEF, FSP, Orders Probe Into NNPC’s Fund Allegations
The Nigerian Senate has approved the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), outlining the Federal Government’s financial blueprint for the coming years.
This followed the presentation of a report by Senator Mohammed Sani Musa (APC, Niger East), Chairman of the Joint Committees on Finance, National Planning, and Economic Affairs.
During the session, the Senate also directed its Committees on Finance and Petroleum, alongside the Gas Committee, to investigate allegations of withheld funds by the Nigerian National Petroleum Corporation (NNPC).
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These allegations include NGN 8.48 trillion in petrol subsidies and $2 billion (NGN 3.6 trillion) in unpaid taxes, as highlighted in reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
This move follows confirmation from the Office of the Auditor-General of the Federation, which stated it had received the necessary documentation to verify the N2.7 trillion fuel subsidy claim made by the NNPC against the government.
The Senate also approved a projection of 1,400 Naira to the US Dollar for 2025-2027, with provisions for review in early 2025 based on prevailing economic conditions.
Any surplus from the exchange rate will be directed towards debt servicing.
In his address, Senator Musa also urged the government to reduce petrol prices, pointing to the imminent revival of the Port Harcourt Refinery.
“With the functioning of our refineries, the demand for Forex will drop,” said Senator Adeola Olamilekan (APC, Lagos West), Chairman of the Senate Committee on Appropriations. “With the CNG initiative, Nigerians will have an option. For example, if you leave Benin to Lagos, the cost of fuel is about 130,000 Naira, but with CNG, you can’t use more than 48,000 Naira.”
Senator Olamilekan also highlighted the CNG program as central to reducing foreign exchange dependence, noting its potential to alleviate pressure on the national currency.
Additionally, the Senate raised concerns about the high recurrent-to-capital ratio and emphasized the need to support the country’s manufacturing sector to achieve the MTEF’s projections.
Senator Yahaya Abdullahi (PDP, Kebbi North) echoed these concerns, calling for more attention to the manufacturing industry as a means to drive sustainable economic growth.
The Senate further adopted inflation projections of 15.75% for 2025, 14.21% for 2026, and 10.04% for 2027, as part of its review of the economic outlook.
The proposed 2025 Federal Government budget, according to the MTEF, includes a total expenditure of N47.9 trillion, with N34.82 trillion earmarked for retention.
New borrowings, both domestic and foreign, are estimated at N9.22 trillion. Capital expenditure is set at N16.48 trillion, while statutory transfers are projected at N4.26 trillion, with sinking funds totaling N430.27 billion.
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
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