2016 BUDGET- KEROSENE SUBSIDY REMOVED

It is possible that PRESIDENT Muhammadu Buhari have indirectly removed subsidy on kerosene in Nigeria as no allocation was made for it in the Medium Term Expenditure Framework (MTEF) as well as the Fiscal Strategy Paper (FSP) the president presented to the National Assembly on Tuesday.

The document showed that the present federal government will borrow the sum of #1.835.88 trillion to fund the 2016 budget which amounts to #6.04 trillion, It also revealed that as at now, #350.33 billion has been recovered from misappropriated funds.
The breakdown also revealed that foreign borrowing would be #635.88 trillion and the sum of #1,2 trillion would be borrowed domestically,
The sum of #500 billion was also allocated for school feeding according to the breakdown.