The House of Representatives has approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025-2027.
In doing so, the Committees on Finance, Petroleum Upstream, and Petroleum Downstream have been tasked with investigating allegations by the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion in claimed petrol subsidies.
Additionally, the committees will probe the Nigeria Extractive Industries Transparency Initiative’s (NEITI) report, which states that the NNPCL failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
They have also been directed to verify the total cumulative amount of unremitted revenue (under-recovery) from Premium Motor Spirit (PMS) sales by the NNPCL between 2020 and 2023.
Key recommendations in the approved MTEF include projected oil benchmark prices of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
The document also projects domestic crude oil production at 2.06 million barrels per day in 2025, 2.10 million in 2026, and 2.35 million in 2027.
Expected GDP growth rates are forecasted at 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively.
The exchange rate at NGN1400/USD for years 2025, 2026 and 2027, to be reviewed in early 2025 according to monetary and fiscal policies.
As well as the inflation rate projections at 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027.