Rep Scraps Presidential Yacht Budget, Allocates Funds to Student Loans

Following public outcry over the N5.095 billion budgetary allotment for a presidential boat found in the 2023 supplemental budget, the House of Representatives moved to remove the yacht spending.

Abubakar Bichi, the chairman of the House Appropriations Committee, made this announcement and said that the budgeted allotment for student loans has been raised from N5 billion to N10 billion in a recent conversation with journalists.

The Ministry of Defense’s budgetary allotment was also raised by the committee, from N476 billion to N546 billion. The House plans to conduct thorough parliamentary supervision to guarantee that these choices are carried out 100%.

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Bichi also revealed that the minimum wage for workers has been authorized and will be forwarded to the executive.

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The controversial budgetary allotment for the presidential boat has been eliminated. It was originally part of the supplemental budget for the Nigerian Navy’s construction expenditures. The Navy’s operations were originally allocated N62.8 billion in the supplemental budget, with N20.4 billion going toward recurring costs and N42.3 billion going toward capital costs.

Reevaluating budget objectives and responding to public concerns are reflected in the reallocation of finances, which prioritizes bolstering national security capabilities and supporting student loans. The goal of the House of Representatives is to make sure that the monies allotted are used wisely and that the needs of students and national security are sufficiently taken care of.

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