Senate pass the 2020-2022 Medium Term Expenditure Framework

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Nigerian senate

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 barrel per day as the daily production output in 2020.

The lawmakers also adopted the sum of $57 per barrel as crude oil benchmark price, as well as an exchange rate of N305 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 be used to pay salaries and emolument of the proposed N30,000 new minimum wage.