Senate Approves 2024–2026 MTEF/FSP, Orders Probe into NNPC’s Withheld Funds

The Senate has approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.

EKO HOT BLOG reports that the approval followed the presentation of a report by the Chairman of the Joint Committees on Finance, and National Planning & Economic Affairs, Senator Mohammed Sani Musa (Niger East).

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In addition, the Senate has instructed its Committees on Finance, Petroleum, and Gas to investigate claims of withheld funds by the Nigerian National Petroleum Corporation (NNPC). These include NGN 8.48 trillion in petrol subsidies and $2 billion (NGN 3.6 trillion) in unpaid taxes.

The allegations were brought to light by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.

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This move comes after the Office of the Auditor-General of the Federation confirmed it had received all necessary documents to verify the N2.7 trillion fuel subsidy claim made by the NNPC against the government.

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