The House of Representatives Committee on Finance, yesterday, began deliberations on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

The James Abiodun Faleke-led panel, at the commencement of proceedings, expressed concern over the estimated loss of N2.7 trillion in the 2024 financial year.

Faleke observed that dwindling revenues had compelled the government to run budgets of deficit over the years, resulting in domestic and foreign borrowing to finance expenditure.

He lamented that the situation had ballooned the country’s debt obligations, where only last year alone, over 95 per cent of government income went into debt servicing.

Faleke equally lambasted ministries, departments and agencies (MDAs) for not negotiating the best for the country most times, citing the $11 billion P&ID deal inked by NBET and Azura Power for payment of over $30 million monthly. He reiterated the committee’s determination to probe shortfalls in oil revenues.