Reps Scrap N5billion Presidential Yacht, Increases Students Loan To N10billion

The Nigeria House of Representatives has scrapped the controversial budgetary allocation of the presidential yacht following the public outcry against the item in the supplementary budget.

The House of Reps also moved the proposed sum for students’ loans to N10bn as against the documented N5.5 billion.

The Chairman of the House Appropriations Committee, Abubakar Bichi Abubakar, made this known on Thursday while addressing newsmen saying the need became necessary following the low budgetary allocation for students.

The Committee also increased the budgetary allocation of the Ministry of Defence from N476 billion to N546bn following security concerns.

Bichi also 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.

The sum of N100 billion was retained for FCT as requested by the Minister of Federal Capital Territory (FCT), Nyesom Wike.

The House passed the sum of N2.177 trillion.

The sum of N5.09 billion was initially allocated for a presidential yacht in the Federal Government’s N2.1 trillion supplementary budget which sparked controversy.

The yacht is listed under the Nigerian Navy’s proposed capital expenditure of N42.3 billion.