Reps scrap N5bn presidential yacht from budget, increase student’s loan to 10bn 

The 2023 supplementary budget, approved by the House of Representatives on Tuesday based on the report presented by Appropriations Committee Chairman Abubakar Bichi, saw the exclusion of the contentious N5 billion presidential yacht.

Bichi confirmed that the Committee of Supply, having reviewed the Appropriations Committee’s suggestions, passed the bill. Addressing the media post-budget passage, Bichi announced the removal of the controversial presidential yacht, redirecting the allocated N5 billion to Student Loans. This reallocation doubled the funding for student loans from 5.5 billion to 10 billion.

In response to security concerns, the Committee raised the Ministry of Defence’s budget from 476 billion to 546 billion. Bichi further revealed that the consideration and approval of workers’ minimum wage for transmission to the executive occurred, accompanied by an assurance of stringent legislative oversight for full implementation.

Additionally, the requested 100 billion for the Federal Capital Territory (FCT) by Minister Nyesom Wike was maintained. Consequently, the House approved a total of 2.177 trillion naira for the supplementary budget.