President Muhammadu Buhari has allocated N500 billion for school feeding programme initiatives, conditional cash transfer to the most vulnerable and post-National Youth Service Corps grant.
This was contained in the proposal for the 2016 budget Medium Term Expenditure Frameworks submitted to the National Assembly.
The MTEF dated November 8, 2015 reads in part: “The Federal Government will collaborate with state governments to institute well-structured social welfare intervention programme such as: school feeding programme initiatives, conditional cash transfer to the most Vulnerable, and post NYSC grant.
“N500 billion has been provisioned in the 2016 budget as social investments for these programmes. These intervention will start as a pilot scheme and work towards securing the support donor agencies and our development partners in order to minimize potential risks.”
Also contained in the document is the intent of the federal government to borrow the sum of N1.835.88 trillion to fund the 2016 budget which stands at N6.04 trillion just as it disclosed that so far, a total sum of N350.33 billion has been recovered from misappropriated funds.
A breakdown showed that while the sum of N1, 200.00 trillion would be burrowed domestically, foreign borrowing would N635.88 trillion.