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Senate Approves Buhari’s N180.8 Bn Budget Virement

By Ganiyu Nasirudeen

ABUJA, NIGERIA (AFRICAN EXAMINER) – The Senate has approved President Muhammadu Buhari’s virement of funds from the 2016 budget request

The approval to N180.8 billion transfer request was given by the upper legislative Chamber during Tuesday plenary session.

The original figure which was earmarked to execute special intervention was increased to N208 billion by the House, while the Senate raised the amount to N213 billion.

The experts’ explanation of virement involves administrative transfer of funds from one part of a budget to another.

President Buhari has explained in his letter to the National Assembly (NASS) that the funds transfer was meant to attend to the pressing recurrent spending, as well as execute capital projects.

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