NDPVF:
now this is going off the track. Common sense should have told you i had wanted typing "people like you are......" but because i didnt want to give you direct insult,i had to water it down to "...only know how to read and write..." and forgot to remove the "are". That doesnt nagate my submission. You should have disputed my submission instead of going for the broker!

Welcome to Nairaland.
Where you meet a lot of Educated illiterates.
Where people that claim they know, yet is being suffocated by ignorance, abound.
See most of these people that attack other people based on the typos they make ignoring the strong points one puts across are just doing so because they know they don't have a superior argument to counter the latter's assertions.
So, my brother just ignore them.
You've already schooled them in your earlier posts.

NDPVF:
people like you are only knows how to read and write but not intelligent. If you say it is transferring of surplus ,it means buhari over budgeted on a certain list(which is corruption on its own)!. But a quick look at the article shows you that the 2016 budget as a whole is running behind schedule due to unrest in the creeks. So at first their isnt any surplus anywhere. Virement can be likened to the economic term "scale of preferrence". They are simply saying,we are tinkering on some budget proposals on so so and so list,to help augment this other list. Not necessarily due surplus. In military it means 'withdrawing some forces from areas and deploying them to stronger front". The reason for such withdrawal isnt because of excess,but shortage of forces or how strong/raging the front they are being deployed to is. Hope i help!

surplus or not surplus. buhari has the right brain to that. remove money where it does not really matter to area where it is in dare need. Ekweremadu is dumb to have condemned the word which is the accurate terminology for what they are doing. so he is saying the word is foreign to them at the senate and he should have used the conventional word 'supplimentary' so that they will award more money to the budget n be OK with it?

This virement is the exact word. it means no new money will be approved. .
ekweremadu is not wise at all.

Virement is a term using for movement of fund from one subhead to another in the budget without tampering with total budget sum. It is not a military terminology as as stated by DSP. You can reconfirm from any accounting students in your area. Thanks.

NDPVF:
[s][/s] you are an example of a man,who sees other people running and joined them without knowing why. If you think am lying,tell everyone here what is "thrash" about DSP's submission!

to cater for any shortage in budgetary matter is termed supplementary budgeting or appropriation bill as it's relates to national planning. Virement use in national budgeting is misplaced, a total error of commission. but when it's departmental or sub departmental (agencies) funding and needs to be raised, a virement warrant is most appropriate. come to think of it, I only read about a virement in public sector accting, never did I ever hear d word virement in any of the previous administrations for national planning.
Virement it's self is d movement of funds in d public sector. I don't have my doubts it's associated wit military regime.
DSP couldn't hv been wrong, he is a lawyer by profession and his statement was not criticised.

Khd95:
Lemme just park my keke marwa for front of this wailers vs zombies estate.


Brb

jarkbauer:
You are wrong Mr Ekweremdu..... Virement means the process of transferring surplus from one financial account to cover a deficit in another and this is exactly what Mr President did. THERE IS NOTHING MILITARY ABOUT IT

Broda I like you. You quickly go check dictionary before they use English wan convinced us

SenatorJChris:

Try to read without bias and hate so you can comprehend better. You are making a fool out of yourself by insulting a distinguished senator unduly.

::--Oh goon! How is your paymaster doing? I have recommended the right materials for him to read so as to save us future foolishness. You can as well help him by sourcing for these books. Efulefu trying to claim heavyweight. Yeye dey smell

richidinho:


Where in the constitution that supports virement, paste it here

Where you have supplementary revenue not hitherto budgeted which can be used to finance a new unbudgeted project or supplement an existing budgeted project before the next budget year, the president forwards supplementary budget to be passed into Supplementary Appropriations Act in accordance with Section 81(4) of the constitution.

The keyword in supplementary budget is "Extra or supplementary revenue not initially budgeted"

Where there is no extra or supplementary revenue as stated in the president letter referred to in post by the OP, the source of financing the deficit in some already budgeted project is to reduce the fund already allocated to another project in the approved budget. This is virement which is effectively an amendment of an already passed Appropriations Act. Only National Assembly can do that and it already envisaged this hence virement clause is always included in the Appropriations Act.

Section 3 of the 2016 Appropriations Act under the Virement heading reads as follows:

In the event that the implementation of any of the projects intended to be undertaken under this Act cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.

In summary, Supplementary Appropriations Act is a new law/Act which increase the total spending of a government in a budget year. Virement is an amendment of an existing law/Act which just reallocate the voted amount but the total original budget must the same.

Is it not funny that the DSP is reported to be ignorant of the term used in a law passed by the National Assembly?

zombies on rampage. some of you were quick to run to your dictionary to get the literal meaning of virement rather than the usage like the DSP said, who said the DSP didn't know the what the literal term is instead you choose to advertise my ignorant

[size=20pt]DSP Weremadu is wrong on this one:

Virement is actually a public accounting term, adopted by the military! Not the other way round!

Dictionaries have defined the word "Virement" as: an administrative transfer of funds from one part of a budget to another. OR; a regulated transfer or re-allocation of money from one account to another, esp. public funds OR; The process of transferring items from one financial account to another.

All of them have defined the word in financial term!. Hence, if the military adopted it in operation, it does not change its meaning which originally is financial.
Or does it mean, our DSP does not understand English!. Even in other democratic climes, the word Virement is used and well understood for the financial purpose it is meant for. [/size]

jarkbauer:
You are wrong Mr Ekweremdu..... Virement means the process of transferring surplus from one financial account to cover a deficit in another and this is exactly what Mr President did. THERE IS NOTHING MILITARY ABOUT IT

Lecture him Bro but include "Within the same HEAD (Department)"

NDPVF:
now this is going off the track. Common sense should have told you i had wanted typing "people like you are......" but because i didnt want to give you direct insult,i had to water it down to "...only know how to read and write..." and forgot to remove the "are". That doesnt nagate my submission. You should have disputed my submission instead of going for the broker!

You have shown us that you are more intelligent than the guy. His IQ is very low.
Just move on before he drags you to his low level.

These guys at the Senate are just dumb!

Any accountancy/accounting student in secondary school (let alone any ICAN student) will tell you that "virement" is the standard accounting term all over the world for transfer of surplus funds from a budget head to another, well within a consolidated budget. In layman term, it simply means taking a vote of funds from, eg education to health, to meet any shortfall under health. It does not affect the original total budget!

The fool called Ekweremadu, a so-called lawyer, has just exposed his stark ignorance to the entire world, all in the name of lousy politics!

Kai! Dafties in the Senate!

ransomed:
::--Oh goon! How is your paymaster doing? I have recommended the right materials for him to read so as to save us future foolishness. You can as well help him by sourcing for these books. Efulefu trying to claim heavyweight. Yeye dey smell

If I wish to demean myself, I would respond to your childish rant. Grow up kid! the world is tough

SenatorJChris:

If I wish to demean myself, I would respond to your childish rant. Grow up kid! the world is tough

::-- Imagine a butterfly calling itself a bird. Infra...

fujirice:


Welcome to Nairaland.
Where you meet a lot of Educated illiterates.
Where people that claim they know, yet is being suffocated by ignorance, abound.
See most of these people that attack other people based on the typos they make ignoring the strong points one puts across are just doing so because they know they don't have a superior argument to counter the latter's assertions.
So, my brother just ignore them.
You've already schooled them in your earlier posts.

Hmmm, how can this one be corrected?

jarkbauer:
You are wrong Mr Ekweremdu..... Virement means the process of transferring surplus from one financial account to cover a deficit in another and this is exactly what Mr President did. THERE IS NOTHING MILITARY ABOUT IT

Smh
These guys know nothing than to distribute funds

I'm sure it was padded

Progressive01:
Can we see what a useless ttwat we have as our DSP? Since when did the word "virement" which we all know become a "military terminology"??

Ths is the reason why i could NEVER forgive Saraki. I blame him squarely for all this nonsense. How could you delibrately dilute the leadership of the senate simply because you wated to become the head? He should have known the implication of such action.

First rule of war/politics is "never give your enemy/opposition the ammo with which to fight you. Always seek to deflate their strength using whatever legitimate means at your disposal".



Edit:

All Fayose/FFK/BokoHaram/NDA slaves shall be ignored.

Thanks.

You forgot Saraki was almost sidelined after promising him heaven and earth if he rallies behind APC. They almost used and dumped him the way it seems Tinubu has been used. APC started dishonorably. The result is showing now.

E b like DPty senate no finish school. Virement wey I read like weyray for public sector accounting. The man is right joor.

Progressive01:
Can we see what a useless ttwat we have as our DSP? Since when did the word "virement" which we all know become a "military terminology"??

Ths is the reason why i could NEVER forgive Saraki. I blame him squarely for all this nonsense. How could you delibrately dilute the leadership of the senate simply because you wated to become the head? He should have known the implication of such action.

First rule of war/politics is "never give your enemy/opposition the ammo with which to fight you. Always seek to deflate their strength using whatever legitimate means at your disposal".



Edit:

All Fayose/FFK/BokoHaram/NDA slaves shall be ignored.

Thanks.

You and who dey fight war?no go face your barber shop business

tuale4u:
that is an awful statement from the man who call himself deputy senate president.
he just disgraced good people of enugu state who voted for him to become senator.

Na grammar una send am go speak there?. He has his reasons for saying so.

jarkbauer:
You are wrong Mr Ekweremdu..... Virement means the process of transferring surplus from one financial account to cover a deficit in another and this is exactly what Mr President did. THERE IS NOTHING MILITARY ABOUT IT

Ekweremadu is right because he is s top parliamentarian that knows the rudimentary of how Parliament works. The president ought to present as supplementary budget and not the way he did.

Virement or no Virement boko hari remains a goat

jarkbauer:
You are wrong Mr Ekweremdu..... Virement means the process of transferring surplus from one financial account to cover a deficit in another and this is exactly what Mr President did. THERE IS NOTHING MILITARY ABOUT IT

don't mind him cos it think a lot of Nigerians on social media are brainless. You will not hear him contribute meaningfully to discusions in the floor of senate. He always politicalize every issue raised.

It's funny the way Nigerians reason. The issue is not the definition of virement but the unconstitutionality of the act of virement. A supplementary budget would have been better and transparent rather than vire funds to unverifiable projects without due process. Bubu is a bully and he's acting god to a lot blind Nigerians.