Tuesday, 8 December 2015

2016 Budget: Buhari scraps kerosene subsidy, allocates N500bn for school feeding


PRESIDENT Muhammadu Buhari may have tacitly scrapped kerosene subsidy in the country as he made no allocation for it in the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, which he presented to the National Assembly,Tuesday.

The document indicated that the present federal administration is to borrow the sum of N1.835.88 trillion to fund the 2016 budget which stands at N6.04 trillion just as it disclosed that so far, a total sum of N350.33 billion has been recovered from misappropriated funds.

A breakdown showed that while the sum of N1, 200.00 trillion would be borrowed domestically, foreign borrowing would N635.88 trillion.


Vanguard

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