Senate Passes 2024-2026 MTEF, Investigates Tax Waivers

The Senate has approved the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

It has also ordered investigation into all tax waivers from 2015 till date and directed that all waivers not directly linked to non-governmental/non-profit organisations should not be granted.

The senate said before waivers can be approved, there are certain conditions attached, adding that some people had been benefitting from the waiver year in, year out.

Addressing newsmen after plenary, chairman of the Joint Senate Committees on Finance, Appropriations, National Planning and Foreign Debt, Senator Sani Musa, said so much had been lost to the waiver.

He said: “We cannot continue to talk of waiver, while we kill our local manufacturers.

What we have today are cartels, who are not given back to Nigeria. We will take the bull by the horn.”

He said the Customs told the Senate that the nation lost about N1.3 trillion to waivers, adding that it doesn’t make any economic sense when waiver is granted and nothing is gained.

In the report of the Senate Joint Committees, President Bola Ahmed Tinubu will borrow N7.8 trillion to fund the 2024 budget of N26 trillion that will be presented to the National Assembly soon. In the budget, N8.2 trillion is earmarked for debt services.

In the report presented for consideration on the floor of the Senate, Sani Musa revealed that the Federal government projected the reduction in inflation from 27.33 % to 21.4% in 2024.