The adoptions were parts of the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper passed yesterday by the upper chamber.
Senate Committee on Finance which considered the MTEF and FSP presented its recommendations for adoption by the Senate in plenary. The Federal Inland Revenue Service, it said, should consider increasing tax on luxury goods and services. Other Executive proposals for 2019 also adopted by the Senate included: proposed expenditure of N8.83 trillion, FGN retained revenue N7.92 trillion, fiscal deficit N1.86 trillion, new borrowings N1.65 trillion, statutory transfers N492.4 billion, debt service N2.14 trillion, Sinking Fund N120 billion, total recurrent N4.72trillion, personnel costs N2.29 trillion, capital expenditure N2.86 trillion, Special Intervention N500 billion.