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

The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East).

The senate 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.

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.