The Senate and the House of Representatives have begun the consideration of a request by President Muhammadu Buhari to the National Assembly, seeking approval for a sum of N180,839,254,430 by way of virement, to fund shortfalls in the 2016 Budget.
Out of the amount for virement, the total recurrent expenditure requirement is N166,630,886,954 while the capital expenditure requirement is N14,208,367,476.
The request was referred to the Senate and House Committees’ on Appropriation at plenary on Wednesday to report back next week on Wednesday.
President Buhari had in a letter in October 24, 2016, addressed to both Senate President Bukola Saraki and Speaker Yakubu Dogara, said the request had arisen due to a number of reasons, which include shortfalls in the provision for personnel costs; inadequate provision for some items like the amnesty programme; continuing requirements to sustain the war against insurgency and depreciation of the Naira.
The requested virement is from funds appropriated for Special Intervention (Recurrent), which are N300 billion (with a balance of N275bn) and Special Intervention (Capital) – N200 billion (with a balance of N145bn) to fund some critical recurrent and capital items in the budget, which have inadequate appropriations.