The House of Representatives has approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to it by President Bola Tinubu ahead of the presentation of the 2025 budget.
The House, however, recommended an investigation into the report by the Revenue Mobilization, Allocation and Fiscal Commission and Fiscal Responsibility Commission, alleging that the NNPC Limited withheld about N8.48 trillion from the Federations Account as a claim for subsidies on petrol.
They also want an in-depth probe conducted on the report by NEITI alleging that NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the Federal Government and also verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
President Tinubu submitted the MTEF/FSP, which provides parameters for the preparation of the annual budget, to the parliament on Tuesday, November 19, 2024, for consideration.
The Senate and House of Representatives Joint Committees on Finance and National Planning held a consultative meeting with all relevant agencies of government on Tuesday on the presentation by the President.
