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Nairaland Forum / Nairaland / General / Politics / Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu (19545 Views)
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Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by fujirice: 9:36am On Nov 30, 2016 |
NDPVF: 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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by koladebrainiac(m): 9:40am On Nov 30, 2016 |
NDPVF: 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. 2 Likes |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by muykem: 9:42am On Nov 30, 2016 |
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: 1 Like |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by Zoest(m): 9:48am On Nov 30, 2016 |
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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by Nobody: 9:52am On Nov 30, 2016 |
Khd95: |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by Daslim180(m): 9:52am On Nov 30, 2016 |
jarkbauer: Broda I like you. You quickly go check dictionary before they use English wan convinced us |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by ransomed: 9:54am On Nov 30, 2016 |
SenatorJChris:::--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 1 Like |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by 2n2k(m): 9:55am On Nov 30, 2016 |
richidinho: 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? 2 Likes 1 Share |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by justy15: 10:03am On Nov 30, 2016 |
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 |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by Laid2001: 10:07am On Nov 30, 2016 |
[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] 1 Like |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by ItsawrapOutfit: 10:44am On Nov 30, 2016 |
jarkbauer: Lecture him Bro but include "Within the same HEAD (Department)" 1 Like |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by legendte(m): 10:45am On Nov 30, 2016 |
NDPVF: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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by DTaj: 11:32am On Nov 30, 2016 |
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! 1 Like |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by SenatorJChris: 12:06pm On Nov 30, 2016 |
ransomed:If I wish to demean myself, I would respond to your childish rant. Grow up kid! the world is tough |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by ransomed: 12:26pm On Nov 30, 2016 |
SenatorJChris:::-- Imagine a butterfly calling itself a bird. Infra... |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by kabrud: 12:27pm On Nov 30, 2016 |
fujirice: Hmmm, how can this one be corrected?
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Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by buffalowings: 12:33pm On Nov 30, 2016 |
jarkbauer: Smh These guys know nothing than to distribute funds I'm sure it was padded |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by tiwiex(m): 12:59pm On Nov 30, 2016 |
Progressive01: 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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by Nobody: 1:06pm On Nov 30, 2016 |
E b like DPty senate no finish school. Virement wey I read like weyray for public sector accounting. The man is right joor. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by linusbnn(m): 2:42pm On Nov 30, 2016 |
Progressive01: You and who dey fight war?no go face your barber shop business |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by linusbnn(m): 2:44pm On Nov 30, 2016 |
tuale4u: Na grammar una send am go speak there?. He has his reasons for saying so. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by basadenet: 4:27pm On Nov 30, 2016 |
jarkbauer: 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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by loopmangoat(m): 4:34pm On Nov 30, 2016 |
Virement or no Virement boko hari remains a goat |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by kedeojo(m): 8:13pm On Nov 30, 2016 |
jarkbauer: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. |
Re: Buhari’s “virement,” Was “military Terminology.” – Ike Ekweremadu by bart10: 11:50pm On Nov 30, 2016 |
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. |
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