Bukola Saraki sets up committee to review Senators' salaries.

Senate president, Bukola Saraki, has set up a Committee to review the salaries, allowances, and the overhead cost of running the Senate.

Asides the Committee on financial review, it also set up another committee on Legislative Agenda. The two committees have been given one-week to submit their reports.

"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." A statement from the Media Office of the Senate President reads.

Saraki said the Senate under his leadership will make "financial conservatism" its watchword.

"There still persists the need to project clarity, accountability and transparency in all legislative matters and legislators' welfare.

"The 8th Senate under our watch recognizes the concerns raised by Nigerians about the cost of running office most especially with the economic challenges facing our nation.

"The Senate will be more transparent regarding all public funds spent for the purpose of paying salaries and allowances of legislators and ensure that distinction is sufficiently made between what a legislator actually earns and what is spent to run and implement legislative business and committee activities.

"The watchword in our financial issues will be fiscal conservatism. It is therefore on this arm that the committee is mandated to carry out thorough fiscal examination on the Senate finances with the aim of coming up with the best cost-effective regime in the 8th Senate."