Following the adoption of recommendation of the House of Committee on Finance on 2023–2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), House of Representatives has projected the payment of petroleum subsidy for 2023 at N1.7 trillion .

The House also urged relevant agencies of governments to take necessary action to keep the ceiling to  enable the Country to save the sum of N737.3 billion to be used to reduce the 2023 fiscal deficit of N11.3 trillion to N10.5 trillion. 

The passage of MTEF prepares the ground for the presentation of the 2023 budget estimate to a joint session of the National Assembly by President Mohammadu Buhari on Friday.

Brief Lawmakers during plenary on the 2023–2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)Deputy Chairman, House Committee on Finance,  Sa'id  Abdullahi gave a summery of what the House if Representatives received as projection from the Executive as projection for MTEF in 2023-2025.

He said high waiver and tax exemption for Corporate entities,which has contributed to prevalent budget deficits as well as revenue generating agencies not complying to the fiscal responsibility act amongst other things were observed by the committee during its three week engagement with Ministries,Departments and Agencies of Government.

The Committee however come up with 16 recommendations for approval by the House which included daily crude oil projection at 1.8 million barrel per day and 73 dollars per barrel as oil price for the year 2023,2024 and 2025.