The House of Representatives has approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027.

In the light of the approval, the Committees on Finance, Petroleum Upstream, and Petroleum Downstream have been directed to investigate allegations from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion as claimed petrol subsidies.

The investigation will also address findings by the Nigeria Extractive Industries Transparency Initiative (NEITI), which reported that NNPCL failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.

Additionally, the committees will verify the total unremitted revenue (under-recovery) from Premium Motor Spirit (PMS) sales by NNPCL between 2020 and 2023.

The approved MTEF sets an exchange rate of NGN1400/USD for 2025, 2026, and 2027, with a review planned for early 2025 based on monetary and fiscal policies.

Inflation rate projections are set at 15.75% for 2025, 14.21% for 2026, and 10.04% for 2027.