Senate Approves MTEF, Probes NNPCL Over $8.4bn Subsidy Funds in 2025 Budget Plan

The Nigerian Senate has passed the Medium Term Expenditure Framework and Fiscal Policy (MTEF) for 2025-2027, with provisions also addressing probes into a subsidy fund mismanagement at the National Petroleum Development Corporation Limited (NNPCL).

The Nigerian Senate has passed the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy (MTEF), paving the way for President Bola Tinubu's budget presentation to the National Assembly later this week. The passage comes amid scrutiny over the subsidy funds of the Nigeria National Petroleum Corporation (NNPCL), with the Senate reportedly probing the corporation's handling of N8.4 trillion allocated as a subsidy. This move highlights the ongoing efforts to scrutinize government expenditure and ensure transparency in budget allocation. With the MTEF now approved, Tinubu is expected to present his 2025 budget to the National Assembly, marking an important milestone in Nigeria's fiscal planning process.