The House of Representatives has passed the Medium-Term Expenditure Framework & Fiscal Strategy Paper for 2025-2027.
In passing the MTEF, the Committees on Finance, Petroleum Upstream, and Petroleum Downstream were tasked to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited’s withheld ₦8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the Nigeria Extractive Industries Transparency Initiative’s report stating that NNPC failed to remit ₦3.6 trillion in taxes to the Federal Government.
The committees were further directed to verify the total cumulative amount of unremitted revenue under-recovery from the sale of Premium Motor Spirit, PMS, by the NNPCL between 2020 and 2023.
