House Of Reps Cancels N5 Billion Budget For Presidential Yacht, Increases Student Loan Expenditure To N10 Billion

The Nigeria House of Representatives has scrapped the N5 billion budgeted for the purchase of a Presidential yacht.

Addressing journalists after the passage of the supplementary budget on Friday, November 2, Chairman of the House Committee on Appropriation, Abubakar Bichi, said that the lawmakers considered public interest in scrapping the budget for the Yacht.

He added that the sum has been transferred to the N5.5 billion budgeted for the Student loan initiative, putting the budgetary allocation for the Student loan at N10 billion.

He said: ’As far as we are concerned we don’t have that presidential yacht anymore. We have increased the student loan. If you recall, the student loan was N5 billion in the budget but we have increased it to N10 billion.”

INFORMATION NIGERIA reports that the Committee also increased the budgetary allocation of the Ministry of Defence from 476bn to 546bn following security concerns.

Bichi disclosed that the minimum wage for workers was considered and approved for onward transmission to the executive while promising proper legislative oversight to ensure 100 per cent implementation.

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The sum of 100bn was retained for FCT as requested by the Minister of FCT, Nyesom Wike.