In October,
the president had written to the senate asking for a transfer (virement) of
funds appropriated for special intervention in the 2016 budget to other exigent
items.
“I write to
request for the virement of funds appropriated for special intervention
(recurrent) and special intervention (capital) to fund some critical recurrent
and capital items,” the president wrote.
“This request
has risen due to a number of reasons, including shortfalls in provisions for
personnel costs, inadequate provision ab nitio for some items like the amnesty
programme, continuing requirements to sustain the war against insurgency, and
depreciation of the naira.
“However,
considering the fact that the budgeted revenues are running behind target
largely due to renewed violence in the Niger Delta, and there are no
supplementary revenue sources, the most viable option for now is the virement
of appropriated funds from heads and sub-heads that may not be fully utlised
before the end of the year.
The president
had requested for the virement of N180.8bn from the funds appropriated for
Special Intervention (Capital and Recurrent).
The House of
Representatives, which is concurrently working 0n the request, had raised it to
N208bn, while the Senate jacked it up to N213bn.
On Tuesday,
the Senate gave the approval during the plenary.
The Senate’s
approval followed the presentation of the report of the Committee on
Appropriations led by Danjuma Goje.
In banking and
finance, virement is an administrative transfer of funds from one part of a
budget to another.
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