As President Bola Tinubu prepares to present the 2025 budget to the National Assembly this week, the Senate, on Tuesday, gave its approval to the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper submitted earlier by the President.
This decision was based on the adoption of a report presented during plenary by the Senate’s joint Committees on Finance and National Planning & Economic Affairs, led by Sani Musa (APC, Niger East).
This was even as the Red Chamber mandated its Committees on Finance; Petroleum (Upstream) and Petroleum (Downstream) as well as Gas to investigate reports from the Revenue Mobilisation, Allocation and Fiscal Responsibility Commission, alleging that the Nigerian National Petroleum Company Limited withheld N8.48tn as claimed subsidies for petrol.
It noted that the investigation would address the Nigeria Extractive Industries Transparency Initiative, NEITI report, stating that NNPCL failed to remit $2bn (N3.6tn) in taxes to the Federal Government.
The Senate further directed its committees to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit, PMS also known as petrol by the NNPCL between 2020 and 2023.
