Abuja, Nigeria – Mediaage NG News – The Nigerian Senate on Wednesday in its resolution, during the passage of the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper, agreed to probe all tax waivers by the Federal Government from 2015 to date. It also sought cancellation of those not directly linked to non-governmental or non-profit organisations.
The Senate also ordered the deregistration of all subsidiaries to the Nigeria Postal Service, being irregular and illegal identities and called for an investigation of the N10bn released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalisation.
It also called for stiff punishments for violators, of finance laws, including jail terms.
The passage of the MTEF/FSP followed the consideration and adoption of the Senate Joint Committees on Finance, Appropriations, National Planning and Economic Affairs and Local and Foreign Debts on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The report was presented by the Chairman Senate Committee on Finance and Chairman of the Joint Committee, Senator Sani Musa.
It approved the new borrowings of N7.8tn, pegged the benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78 million barrels.
Other parameters approved were a GDP growth rate of 3.76 per cent, an inflation rate of 21.40 per cent, a suggested benchmark exchange rate of N700 to $1 and a projected budget deficit of N9.04tn.
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