No more presidential yacht as Reps put N5bn towards student loans

Onome Amuge

In a recent development, the House of Representatives removed a controversial item in the 2023 supplementary budget that would have funded the purchase of a presidential yacht, and instead allocated the N5 billion originally earmarked for the yacht to student loan.

This decision comes after widespread criticism of the budget item, with many arguing that the money would be better spent on education and other essential services.

Abubakar Bichi, chairman of the House Committee on Appropriation, confirmed the removal of the presidential yacht item and the transfer of the funds to the student loan division, totalling N10 billion.

Speaking to journalists after the House passed the N2.17 trillion supplementary budget, Bichi stated that the committee felt the money would be better spent on education and helping students access affordable loans.

Business A.M had earlier reported that the Nigerian Senate approved the N2.17 trillion 2023 Supplementary Appropriation Bill after its third reading. The bill, which was presented by Senate President Ahmad Lawan, was read for the third time on the Senate floor on Thursday, November 2, 2023, and subsequently approved by the senators.

The approval of the bill comes after a long process of debate and negotiation, and it will now be passed on to the House of Representatives for final approval. Once approved by both chambers of the National Assembly, the bill will be presented to the President for his signature.

The Senate’s approval of the 2023 Supplementary Appropriations Bill was preceded by the approval of a joint report from the Senate and the House of Representatives, presented by Solomon Olamilekan Adeola, the chair of the Appropriations Committee and representative of Ogun West. The report, which was accepted by the Senate, contained detailed analyses of the bill and recommendations for its passage.

The Appropriations Committee report, which was based on a comprehensive review of the bill, provided a detailed analysis of the bill’s provisions and made recommendations for its adoption by the Senate. The Senate gave careful consideration to the report and the bill, and ultimately approved it for a third reading with a unanimous vote.

The highlights of the budget include N18 billion for statutory transfer, N992.8 billion for recurrent expenditure, and N1.16 trillion for development funds for capital expenditure.