Senate President, Bukola Saraki on Tuesday, June 23, said that the Senate will reappraise its budget in line with economic realities.
He said an ad-hoc committee would be set up to reappraise the structure of the National Assembly budget.
Saraki spoke yesterday in response to the criticism of the N120 billion allocated to the Senate in the 2015 budget, which is considered too high at a time the economy is down.
Saraki, in his welcome address to senators, noted that the committee would also work to make the National Assembly budget more open.
He said there was no doubt that with the falling oil price in the international market and the attendant reduction in revenues, the fiscal stress was already beginning to affect the country’s economy, with some states becoming hard pressed to pay even salaries of worker.
“As I had noted in my inaugural address, the task before us is enormous, but very clear. Nigerians voted for change. They demand that we deliver to them tangible change
“They expect that we improve the quality of governance. Three issues agitate their mind today; the falling government revenues and the current fiscal crisis in many of our states, the unsustainable cost of governance in the country and the rising cost of doing business in Nigeria", Saraki Stated.