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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.
The Governor of Benue State, Rev. Fr. Hyacinth Alia, has assured corps members deployed to the state of their safety, despite rising security concerns across the region.
Speaking on Friday through the Commissioner for Youth, Sports Development and Creativity, Hon. Terkimbi Ikyange, Governor Alia said his administration is working closely with security agencies to ensure the safety and well-being of all National Youth Service Corps (NYSC) members throughout their service year.
“Sadly, our nation is currently bedevilled with security challenges, and Benue State is not exempt,” the governor stated.
“However, let me quickly allay your fears and assure you that, as a government, we are committed to ensuring that your safety is guaranteed throughout your stay in the state.”
He noted that comprehensive protective measures have been implemented across corps lodges and other areas occupied by corps members in the state.
Governor Alia also encouraged the new corps members to take full advantage of the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) programme, describing it as a “gateway to great opportunities.”
He further urged them to use their God-given talents to contribute meaningfully to the nation’s development.
In her remarks, the State Coordinator of the NYSC, Mrs. Veronica Garba, thanked the governor and the people of Benue for their continued support of the scheme.
She charged the new inductees to actively participate in the four cardinal components of the orientation course: physical training, motivational lectures, sporting activities, and SAED.
The orientation exercise welcomed a total of 1,600 corps members, officially inducted into the programme by Justice Peter Ukande, who represented the Chief Judge of Benue State, Justice Maurice Ikpambeae.
The Federal Ministry of Health and Social Welfare has approved the appointment of a new Acting Director of Administration for the David Umahi Federal University Teaching Hospital (DUFUTH), Uburu.
This was contained in a statement in Uburu on Thursday by the DUFUTH’s Public Relations Officer, Agwu N. O.
According to Agwu, the new appointee is Edith Anih, an indigene of Enugu State with relevant working experience, having worked at the University of Nigeria Teaching Hospital (UNTH), Enugu, where she was Deputy Director of Administration.
It was gathered that the approval was conveyed in a letter dated April 23, 2025, addressed to the Chief Medical Director.
Prior to her appointment, Anih held the position of Deputy Director of Administration at the University of Nigeria Teaching Hospital (UNTH), Enugu.
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He wrote, “Mrs. Anih Edith Ndidi is a seasoned administrator born on May 22, 1973. She is married and hails from Enugu State, specifically Enugu South Local Government Area.
“She holds a Bachelor’s degree in Public Administration and a Master’s degree in Human Resources Management. She is also an associate member of the Institute of Health Service Administrators of Nigeria (IHSAN).
“The Management of DUFUTH extends a warm welcome to the new DA and looks forward to collaborating with her as she brings a fresh perspective to the hospital’s administrative leadership.”
The Federal Government of Nigeria is set to launch a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL), in a major move aimed at enhancing transparency and accountability in the oil and gas sector.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ongoing Nigerian Investor Forum, held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC.
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Edun explained that the upcoming audit, along with recent changes in NNPCL management, is part of a broader effort to reform the state-owned oil company and rebuild trust in Nigeria’s economic institutions.
Addressing top global investors, including representatives from financial giant J.P. Morgan, Edun outlined a series of bold economic reforms introduced by the administration of President Bola Tinubu.
He said the measures are already yielding positive results and have laid a strong foundation for future growth.
“Our goal is not just to maintain this momentum, but to accelerate it,” Edun said. “We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
According to Edun, Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, with an overall annual growth rate of 3.4%.
He described the government’s economic strategy as “unprecedented,” adding that key indicators such as the budget deficit, trade balance, and exchange rate have all shown signs of improvement.
“We said we would do it, and now we have done it. This time, we’re staying the course,” he emphasized.
The minister also highlighted the government’s focus on agriculture as a critical driver of economic growth, saying efforts are underway to close the food supply gap by empowering local producers.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
In the area of infrastructure, Edun announced that 90,000km of fibre optic cable has been rolled out to boost internet connectivity, especially for young Nigerians and the tech ecosystem.
Additionally, 4,000km of roads have been earmarked for private sector participation, with the first 1,000km already approved for construction.
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