Senate Passes MTEF/FSP, Launches Probe Into N8.4tn Withheld Subsidy Funds by NNPCL
The Nigerian Senate has passed the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), setting the stage for the Federal Government’s financial planning and budget implementation. The passage occurred after the Joint Committees on Finance and National Planning & Economic Affairs, led by Senator Musa Mohammed Sani (Niger East), presented their report.
Alongside the approval, the Senate mandated its Committees on Finance and Petroleum to investigate the Nigerian National Petroleum Company Limited (NNPCL) over allegations of withheld funds. This includes NGN 8.48 trillion in petrol subsidy payments and $2 billion (approximately NGN 3.6 trillion) in unpaid taxes. These claims were highlighted in reports by the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
The investigation follows a statement by the Office of the Auditor-General of the Federation, which confirmed it had received the required documents to verify the N2.7 trillion fuel subsidy claim made by NNPCL. This move by the Senate is part of a broader effort to address transparency and accountability in the management of national resources.
