BREAKING: Senate approves fund virement in 2016 budget
The Senate has approved the request for virement of funds in the 2016
budget by President Muhammadu Buhari.
In banking and finance, virement is an administrative transfer of funds from one part of a budget to another.
The Senate gave the approval during the plenary on Tuesday.
While the President 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 on the request, had raised it to N208bn, while the Senate jacked it up to N213bn.
The virement is to fund critical recurrent and capital items in the budget, according to Buhari in his letter to both chambers of the National Assembly.