The National Assembly has slashed its 2015 budget to N120 billion from N150 billion as a result of dwindling federal government’s revenue.

Senate President Olusola Saraki said the cut was part of the National Assembly’s belt-tightening measures in view of the current economic realities in the country.

Saraki had during the inauguration of the committee observed that the subject of reduction in cost of governance had been on the front burner of national discourse for a long time because of its extremely sensitive nature.

The Senate’s Ad-hoc Committee on Financial review is the first time the Senate is setting up a body to review its own salaries, allowances, and the overhead cost of running the Senate with a view to realigning them to reflect the present economic situation in the country.

The Senate has adjourned plenary to July 21, after just returning from another break, to give the Senate ad-hoc committees on Legislative Agenda and Review of the Senate’s finances time to conclude their work and submit their reports.

Mr. Saraki had inaugurated the two committees on Thursday after the adjournment.

In a statement on Friday, Mr Saraki said the two committees were given one week to submit their reports.

He assured that the senate will reconvene at any time before the adjourned date to consider any matter of urgent national importance or to attend to any national assignment requiring its attention.