The Senate on Wednesday passed the 2022-2024 Medium Term Expenditure and Fiscal Strategy Paper, retaining all the assumptions and projections submitted to it by President Muhammadu Buhari in July.
The red chamber retained the exchange rate of N410.15 per dollar proposed by the Executive and also approved the projected Gross Domestic Product growth rate of 4.20 per cent. The Senate retained the projected Inflation rate of 13 per cent Fiscal deficit estimate of N5.62 trillion.
Buhari’s projected new borrowings of N4.89 trillion, including foreign and domestic borrowing, were also retained and approved.
Also, the $3.5 bn International Monetary Fund loan at the rate of 0.01 per cent to 0.02 per cent proposed by the President was also approved to shore up the internal borrowing and to reduce external borrowing because of the exchange rate risks.
