By Olusegun Lawrence President Muhammadu Buhari Tuesday submitted the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, to the National Assembly.
In the MTEF, Buhari earmarked N500 billion for school feeding programme initiatives, conditional cash transfer to most vulnerable and post -NYSC grant.
The President also allocates the sum of N63.29 billion for payment of fuel subsidy in the 2016 fiscal year.
It reads in part, “The Federal government will collaborate with state governments to institute well-structured social welfare intervention programme such as: school feeding programme initiatives, conditional cash transfer to the most Vulnerable, and post NYSC grant.
“N5000 billion has been provisioned in the 2016 budget as social investments for these programmes.
“These interventions will start as a pilot scheme and work towards securing the support donor agencies and our development partners in order to minimize potential risks.”
According to the document indicated that the federal government will borrow N1.835.88 trillion to fund the 2016 budget which stands at N6.04 trillion just as it disclosed that a total sum of N350.33 billion misappropriated funds will be recovered in 2016.
Further breakdown showed that while N1, 200.00 trillion would be borrowed domestically, foreign borrowing stands at N635.88 bn.
The president also explained in the MTEF that N137.90 billion will be recovered from strategic alliance contracts, while N162.43 billion will be recovered from the Nigerian National Petroleum Corporation, NNPC just as N50 billion will be recovered from other misappropriated funds.
