 The Nigerian Senate has passed the medium-term expenditure framework and fiscal strategy paper MTEFFSP for 2024-2026 set of assumptions that will be used to prepare the country's budget over the next three years. The upper chamber approved a document with a borrowing plan of 7.8 trillion Naira for 2024-9 trillion Naira deficit and federal government total expenditure of 26 trillion Naira. The Senate approved the benchmark oil price of 73.96 dollars and 69.90 dollars per barrel for 2024-2025 and 2026 respectively. These approvals were sequel to the consideration and adoption of the recommendations in the report of 2024-2026 medium-term expenditure framework and fiscal strategy paper at Wednesday's plenary. The report was presented by Senator Sani Musa and considered by the Committee of Supply with Gospela Pabio as chairman and adopted in plenary. The joint committee chaired by Senator Sani observed that a significant number of the federal government's revenue-generating agencies engaged in arbitrary frivolous and extra budgetary expenditure and recommended that a review of the law of all revenue-generating agencies be carried out. The revenue expenditure framework upon which the 2024 federal government of Nigeria budget will be predicated is as follows. One, daily crude oil production will be 1.78 million barrels per day. Two, benchmark oil price will be USD 73.96 per barrel. Change rate will be 700 Naira per dollar. Growth domestic product growth rate will be 3.76 percent. Inflation growth rate will be 21.40 percent. Federal government of Nigeria retained revenue will be 16.9 trillion Naira. Total federal government proposed expenditure will be 26 trillion Naira. Federal deficit will be 9 trillion. For GOEs, new borrowings will be 7.8 trillion Naira, including foreign and domestic borrowing. To all our colleagues, chairman of committees that overseeing these agencies of the government to please let us pay so much attention, whenever they appear before you, it's what is the status of your revenue we want to see and how much are you allowed by law to spend out of this money. For agencies that are exceeding or not following the law, they can be brought before the national assembly to come and explain why they have to take more than what is expected of them in every financial year. Mr. President, Distinguished colleague, another area I want us to please, as the chairman have said, in the area of waivers, in 2024 alone, they are providing for 2.7 trillion waivers. Who are the beneficiary of these waivers? What do they tend to achieve? Are they at the value to the economy? And why are they granted these waivers? And this is one area I believe is of interest and utmost importance to us as a Senate. If the economic agenda of this current administration must be met. Another recommendation that attracted a debate was the recommendation that the Niger National Petroleum Corporation Limited, NNPCL, work towards reducing its production and operational costs to increase available government revenue. After the polarized arguments, the resolution was adopted on Altered. So I think what we need to do is for our oil-related, oil and gas-related committees to really engage with the NNPC and whoever is involved as an operator. To know how we can do that is very sensitive and I will not advise that we simply say they should go and reduce. We should find a way of making it possible for engagement to know exactly what can be done. But if we say we just fed a company, we should just say, go and reduce it. How do we know? So I advise that we should be very careful. Thank you. This is a very simple recommendation. All we want is how do we make NNPC to reduce its production costs, aside by celebrity emirates, I haven't learned. At one time, production costs per barrel used to be $20 and now NNPC has worked and brought it down to about $15 per barrel. And according to us, mainly carry the GM, the NNPC, saying they are working towards reducing it by about $10 per barrel. So all we need to say is that NNPC should continue to reduce its production costs, simple.