The President Bola Ahmed Tinubu-led government has been dealt it’s first blow by the House of Representatives.
This follows the removal of the N5 billion presidential yacht from the 2023 supplementary budget.
Abubakar Bichi, chairperson of the House Committee on Appropriation, confirmed this on Thursday, November 2, after the passage of the N2.17 trillion supplementary budget by the House.
According to Bichi, the committee had eliminated the item and transferred the funds to the student loan division, totalling N10 billion.
Speaking with journalist, Bichi said, “As far as we are concerned we don’t have that presidential yacht anymore. We have increased the student loan.
“If you recall, the student loan was N5 billion in the budget but we have increased it to N10 billion.”
Recall that the federal government had planned to spend N5 billion for the purchase of a presidential yacht in the supplementary budget. The proposed sum was under the capital expenditure of the Nigerian Navy’s budget.
The budgetary allocation to the presidential yacht had elicited outcry from Nigerians, given the rising cost of maintenance and the call to cut the cost of governance
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