The House of Representatives have merged the allocation of N5.095 billion for the purchase of a presidential yacht in the 2023 supplementary budget with that the student loan, making the students stand at N10 billion
Reps Committee Chairman Appropriations, Abubakar Bichi, disclosed this in an interview with journalists on Thursday. He said the budgetary allocation for student loans now increased from five billion to N10 billion.
He said the committee also increased the budgetary allocation of Ministry of Defence from N 476 billion to N546 billion.
Bichi also disclosed that the minimum wage for workers was considered and approved for onward transmission to the executive. He promised proper legislative oversight to ensure 100 per cent implementation.
In the supplementary budget sent to the National Assembly by the President, the Federal Government had allocated N5 billion to purchase a presidential yacht.
The proposed sum was under the capital expenditure of the Nigerian Navy’s budget.
According to the breakdown, the Navy will require N62.8 billion for its operations, with recurrent expenditure and capital expenditure gulping N20.4 billion and N42.3 billion, respectively
But Bichi said the five billion naira for the presidential yacht has been yanked off from the budget.
He said: “Actually We have submitted our reports to the House and after careful consideration, the House has approved our submissions and the breakdown is as follows:
