Nigerian Senate passes 2025-2027 MTEF/ FSP, to investigate N8.4tn withheld subsidy funds by NNPC
The Nigerian Senate on Tuesday passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.
The Informant247 reports that President Bola Ahmed Tinubu had earlier transmitted the 2025- 2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for consideration and approval.
However, following a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs led by Sen. Musa, Mohammed Sani (Niger East), the Senate during the passage also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.
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The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
The development comes following the Office of the Auditor-General of the Federation, saying it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.
Source: Channels TV
