2016 BUDGET

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–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.
More details soon.

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