Senate passes 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper

  • Recommends passed 2.18 million barrels per day daily production output.
  • Adopts 57 dollars per barrel as crude oil benchmark price.
  • Proposes an exchange rate of 305 naira to a dollar for the 2020 fiscal year.

The Senate has passed the 2020-2022 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.

The lawmakers passed the planning documents following a debate that lasted about two hours on Thursday at the Upper Chamber of the National Assembly in Abuja.

This followed the presentation of the report on the 2020-2022 MTEF FSP by the Senate Committee on Finance.

Shortly after Senator Solomon Adeola made the submission, the lawmakers passed all the recommendations in the report.

Some of the recommendations passed include the adoption of 2.18 million barrels per day as the daily production output in 2020.

The lawmakers also adopted the sum of 57 dollars per barrel as crude oil benchmark price, as well as an exchange rate of 305 naira to a dollar for the 2020 fiscal year.

In addition, the Senate passed a resolution that the saving on income accruing from the increase of the benchmark amounting to 172 billion naira be used to pay salaries and emolument of the proposed 30,000 naira new minimum wage.

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