On Tuesday, 25th October, the Senate received a proposal from President Buhari, seeking for adjustments to be made to the 2016 budget.
The proposal is said to be contained in a letter forwarded to the National Assembly from the presidency.
The president in his proposal, stated that the adjustment sought, was to attend to financial urgencies. He proposed N180.8 billion in virement for line items in both capital and recurrent expenditures.
He stated that, the multiple acts of sabotage (destruction of oil installations) carried out by the Niger Delta militants, caused the inability of his administration to pay overhead costs, hence the need to augment funds in the federal coffers.
He also stated that, asides funds from the oil sector, the country has no viable alternative means of revenue. “The most viable option now is the virement of appropriated funds from heads or sub heads…” the president said in his letter.
PMB proposes to inject funds into areas of security, intervention programs, education, services and the public complaints commission.
He is also of the position that, there is no need to allow funds to lie unused in some agencies while there are goals to be accomplished in other sectors that are low on revenue.
Source: Premium Times, Thisday
Written by Okolo Ezinne
Stay on Accelerate for all your latest news.