President Muhammadu Buhari on Tuesday has made a proposal to the National Assembly for a review of some items in the 2016 budget as amended. The adjustments which will translate to an upgrade of about 180.8b Naira is meant to address some financial urgencies.
The president’s proposal was contained in a letter to the National Assembly on Tuesday, in which he seeks a total N180.8 billion in virement for line items in both capital and recurrent expenditures. He has however traced the sudden augmentation to the activities in the Niger-Delta which has made multinational companies like Shell and Agip suspend some activities for a largepart of the year.
He said the destruction of oil installations had left his
administration unable to pay overhead costs as the nation has no viable alternative means of revenue has sufficed.
“The most viable option now is the virement of appropriated funds from heads or sub heads …,” Mr. Buhari concluded in the letter addressed to Senate President Bukola Saraki and Speaker Yakubu Dogara respectively.
Areas where the president said needed urgent injection of funds include security, intervention programs, education and services.
The president said there was no point allowing funds to lay idle in some agencies while activities are grounded in others due to financial shortfalls.