The Senate, on Tuesday, approved the virement request of President Muhammadu Buhari, for the 2016 appropriations funding.
The Senate passed the supplemental spending Bill in short order. The approval reflects the Senate’s desire to further assist the nation out of recession.
The priority funding area in the approved virement legislation places emphasis on funding for capital projects as a vehicle to jumpstart the economy through job creation.
Speaking on the development, the Senate President, Dr. Abubakar Bukola Saraki, stated that the Senate believes that the Presidency will target the funding of local contractors as a way to push more resources to different areas of the country.
“As we work to release these special intervention funds for critical recurrent and capital items, it is important that these contractors have a track-record of efficient and quality work”, he stated.
Saraki also stated that the Senate would utilize its oversight powers to ensure that the contracts follow a competitive bidding process, and that the projects themselves have a positive impact on the economy of local areas through the economic multiplier effect.
“Moving forward, as we round out the year,” he said, “The Senate and the Presidency, will continue to work cooperatively to utilize the 2016 budget as a tool for economic growth and relief for local communities.”