Business News

Reps removes presidential yacht from budget, transfers N5 billion allocation to student loan

The House of Representatives has removed the controversial presidential yacht item in the 2023 supplementary budget and transferred the N5 billion allocated for it to student loan.

This was made known by the Chairman, House Committee on Appropriation, Abubakar Bichi (APC, Kano), on Thursday, November 2, while addressing journalists after the passage of the N2.17 trillion supplementary budget by the House.

Bichi said that the committee had eliminated the item and transferred the funds to the student loan division, totalling N10 billion.

Bichi added that the committee increased the budgetary allocation of the Ministry of Defence from the initial allocation of N476 billion to N546 billion.

He noted that the 4-month wage award of N210 billion for workers was considered and approved for onward transmission to the President for implementation.

He pledged adequate legislative oversight to ensure 100% implementation.

The sum of N100 billion was retained for the Federal Capital Territory as requested.