BUHARI SENDS MTEF TO NATIONAL ASSEMBLY
President Buhari has sent the 2016 Medium Term Expenditure Framework (MTEF) to the National Assembly.
In the MTEF, President Muhammadu Buhari earmarked N500 billion for school feeding programme initiatives, conditional cash transfer to most vulnerable Nigerians and post-NYSC grant.
Out of the budget proposal of N6.04 trillion, the Federal Government’s revenue is projected at N3.82 trillion and would borrow N2.22 trillion to finance the 2016 budget
The MTEF further revealed that the total public debt of the Federal Republic of Nigeria stood at N12.11 trillion as at June 2015.
In item 227 tagged ‘Recoveries of Misappropriated Funds’, about N350 billion was recovered by government.
The 2016 MTEF also showed that the National Assembly budget was slashed from N120 billion to N115 billion.