House of Representatives Redirects Funds from Presidential Yacht to Student Loans in 2023 Supplementary Budget
In response to widespread public criticism over the allocation of N5.095 billion for the acquisition of a presidential yacht within the 2023 supplementary budget, the House of Representatives took action to eliminate the budgetary provision.
Chairman of the House Appropriations Committee, Abubakar Bichi, announced this decision during an interview with journalists on Thursday. Furthermore, Bichi revealed that the budget allocation for student loans has been augmented from five billion to N10 billion.
Additionally, the Committee increased the budget allocation for the Ministry of Defence from N476 billion to N546 billion. Notably, Bichi disclosed that the minimum wage for workers was reviewed and approved for onward transmission to the executive, promising rigorous legislative oversight to ensure full implementation.
The Presidential Yacht Budget
Initially, the Federal Government’s supplementary budget presented to the National Assembly included a provision of N5 billion for the purchase of a presidential yacht. This sum was earmarked under the capital expenditure of the Nigerian Navy’s budget. According to the breakdown, the Navy required N62.8 billion for its operations, with recurrent and capital expenditures amounting to N20.4 billion and N42.3 billion, respectively.
However, Bichi confirmed that the N5 billion allocation for the presidential yacht has been removed from the budget. He stated, “Actually, we have submitted our reports to the House, and after careful consideration, the House has approved our submissions.” He further outlined adjustments in budget allocations for various sectors, highlighting the importance of defense, infrastructure, and education funding.
Bichi emphasized the increased budget for student loans and the elimination of the presidential yacht allocation. He assured that lawmakers would closely monitor the allocation of funds to ensure their prudent and efficient utilization, reflecting the government’s commitment to the welfare and education of citizens.