The House of Representatives has given its approval to the 2024-2026 Medium-term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), endorsing key economic parameters. During the plenary session, lawmakers agreed to peg the benchmark oil prices at $73.96, $73.76, and $69.90 per barrel for the years 2024, 2025, and 2026, respectively. These figures are associated with daily crude oil production targets of 1.78 million bpd, 1.80 million bpd, and 1.81 million bpd for the corresponding years.
The approval followed the presentation of the report by Hon. James Faleke, who laid out the recommendations. The House emphasized that the proposed benchmark oil prices and daily crude oil production figures are contingent upon confirmation by the Nigerian National Petroleum Company Limited (NNPC) of actual and verifiable deliveries.
Furthermore, the House endorsed the exchange rate of N700, N665.61, and N669.79 to US$1 for the periods 2024–2026, as put forth by the executive. This endorsement is coupled with the federal government’s concerted efforts to boost local production, both in the oil and non-oil sectors, with the aim of fostering increased foreign reserve growth.
In an additional recommendation, the House suggested a comprehensive ban on the importation of all locally produced items, accompanied by corresponding amendments to customs tariffs. This move aligns with the government’s commitment to promoting self-sufficiency and stimulating the growth of domestic industries.
