(Ecofin Agency) - The Acting President of Nigeria, Yemi Osinbajo (photo), has written to the National Assembly to seek approval for the virement of N136 billion ($398m) to fund some critical projects and programmes in the country.

In a letter addressed to Yakubu Dogara, the Speaker of the House of Assembly, he explained that the funds will be transfered from various budget lines in the 2017 Appropriation Act.

According to Osinbajo, the virement was part of agreement reached with the Senate and the House of Representatives before the bill was signed into law. “You will recall that the 2017 Appropriation Bill was signed into law on 12 June 2017. However, prior to the signing, discussions and consultations were held between the executive and the leadership of the National Assembly on some critical priority items for which adequate provisions had not been made in the 2017 Appropriation Act.”

He stated that the fund will be sourced from 15 Ministries and Agencies. They include Ministry of Power, Works and Housing, Ministry of Transports, Ministry of Science and Technology, Ministry of Trade and Investment and Ministry of Agriculture and Rural Development, among others.

The Acting President, however, urged the lawmakers “to urgently consider the virement proposal in order to support our collective efforts to improve the well-being of our citizens.”

Anita Fatunji