The Senate has passed the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), with a borrowing plan of 7.8 trillion naira for 2024, a nine trillion-naira deficit, and a federal government total expenditure of 26 trillion naira.

The Senate President, Godswill Akpabio, announced approval for 2024, the oil price benchmark of 73 dollars per barrel of crude oil, 1.78 million barrels per day, and sustained as contained in the MTEF/FSP documents.

He equally announced a special intervention of 200 billion naira, 7 billion naira, and an exchange rate of 700 naira for a US dollar.

The Senate also resolved that all items locally produced should be banned from importation.

The joint committee chaired by Senator Musa Sani also observed that many of the Federal Government’s revenue-generating agencies engaged in arbitrary, frivolous, and extra-budgetary expenditures.

It consequently recommended that a review of the laws of all revenue-generating agencies be carried out.