2016 Budget: Buhari Ends Kerosene Subsidy, Allocates N500b for Poor Nigerians

Keeping true to his words, President Muhammadu Buhari have tacitly scrapped kerosene subsidy in the books of the country as he made no allocation for it in the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, presented to the National Assembly on 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.

President Buhari has also given details about money he has recovered from corrupt politicians.

In the report to the National Assembly, it disclosed that so far, a total sum of N350.33billion has been traced and 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.

The budget is aimed at easing the sufferings of Nigerians and stabilize the country for steady growth.