N350bn embezzled funds recovered by FG, N500bn budgeted for social welfare

A document submitted to the National Assembly by President Muhammadu Buhari indicates that N350.33 billion worth of misappropriated funds have been recovered by the federal government.

The document- the 2016- 2017 and 2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)- was presented to the National Assembly, on Tuesday, December 8, for consideration and approval.

The document which was read and circulated to Senators by Senate President, Abubakar Bukola Saraki, also indicated that the President may have quietly scrapped kerosene subsidy, as no allocation was made for it.

The government however, made a provision of N63.29 billion as the Federal Government share of the oil subsidy payment for the same fiscal year.

According to the MTEF and FSP document, the Federal Government has earmarked the sum of N500 billion for social welfare intervention programmes for 2016 fiscal year.

The government will collaborate with state governments to institute well-structured social welfare intervention programmes such as: School feeding programme initiative, conditional cash transfer to the most vulnerable and post-National Youth Service Corps grant.

It said that “N500 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.”

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