2016 Budget: Buhari scraps kerosene subsidy

Category: Nigerian National News

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, yesterday.

The document indicated that the present federal administration is to 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 .

A breakdown showed that while N1, 200.00 trillion would be borrowed domestically, foreign borrowing stands at N635.88 bn.

On the misappropriated funds, the president explained in the Medium Term Expenditure Framework 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.

But contrary to expectations that he would remove fuel subsidy following series of complaints arising from its handling, the President did not only retain it but allocates the sum of N63.29 bn for it in the 2016 fiscal year.

Also Read: Remove oil subsidy now, World Bank tells Buhari

Also, in his efforts at fulfilling his 2014 electioneering campaign promises, President Buhari allocated the total sum of N500 billion  for Social Welfare Intervention Programmes Initiative, conditional cash transfer to the most vulnerable and post-NYSC grant.

He explained that “these interventions will start as a pilot scheme and work towards securing the support of donor agencies and our development partners in order to to minimize potential risks.”

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