The expected revenue of the federal government to finance the 2016 budget fell short by N1.064 trillion as at June 2016. This was made known in the 2017 to 2019 Medium-Term Expenditure Framework and Fiscal Strategy presented to the public at a Stakeholders Consultative Forum held in Abuja.
President, Muhammadu Buhari, on May 6, 2016, signed into law the budget of N6.060trn for the year with approved borrowing of N1.819trn.
The Framework presented by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, revealed that the federal government augmented the 55.2 percent shortfall in revenue as at June by domestic borrowing amounting to N600bn.
The amount borrowed to finance the budget, as at June, represented about 33 percent of the approved borrowing of N1.819trn meant to finance the total deficit of the budget. The minister also said that the 2017 to 2019 Medium Term Expenditure Framework would be ready and submitted to the National Assembly for consideration by October.