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Reps approve N31bn virement for capital projects

by Business News Report

The House of Representatives an arm of the Nigeria National Assembly on Wednesday approved N31billion virement for12 Ministries, Department and Agencies (MDAs) as against the N98 billion proposed by the Executive. It also approved the extension period for the implementation of the 2011 budget to March, 31, 2012 for capital projects.
It will be recalled that on September 27, President Goodluck Jonathan requested the House to approve a virement of N98 billion in the 2011 budget of some Ministries, Departments and Agencies MDA. The MDAs are FCTA, Ministry of Agriculture, Ministry of Lands, Housing and Urban Development, Aviation, Justice, Police Formations and Command. Others are, Minsitry of Niger Delta, Public Complaints Commission, Ministry of Defence/Army, National Sports Commission, Ministry of Education and Ministry of Health. Virement is an exercise that involves moving funds allocated from one sub-head to another where they are supposedly more needed. The House had on October 13, referred the matter to its relevant committees for scrutiny.
This resolution was sequel to the report of the House committee on Appropriation which was unanimously adopted.

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