The Senate has approved the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.
The approval followed the presentation of a report by Senator Mohammed Sani Musa (Niger East), Chairman of the Joint Committees on Finance and National Planning & Economic Affairs.
The Senate has also directed its Committees on Finance and Petroleum, as well as Gas, to investigate claims of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies and $2 billion (NGN 3.6 trillion) in unpaid taxes.
These allegations were raised in reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
This development follows a statement from the Office of the Auditor-General of the Federation, which confirmed that it had received all necessary documents to verify the N2.7 trillion fuel subsidy claim made by the Nigerian National Petroleum Company Limited against the government.