HOUSE OF REPRESENTATIVES APPROVES 2014-2016 MEDIUM TERM EXPENDITURE FRAMEWORK

The House of Representatives has approved the 2014-2016 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Sequel to the presentation of the report by the Deputy Chairman of Finance Committee, Rep. Yomi Ogunnusi, on behalf of the committees on Finance, Appropriations, Legislative budget and Research, and Aids, Loans and Debt, it recommended a benchmark of crude oil production of 2.38mpd, 2.50mpd and 2.54mpd for 2014, 2015 and 2016 respectively. On the exchange rate, the committees recommended a benchmark of N160 to a dollar. A benchmark price of 79 dollars was also approved for crude oil against the 76 dollars approved by the Senate. Corporate Tax and Value Addded Tax (VAT) rates of 30 per cent and five per cent respectively were also approved.