House Of Rep Removes N5 billion Presidential Yacht From Supplementary Budget

The N5 billion designated for the presidential yacht was reallocated to student loans by the House of Representatives during the supplemental budget.

In a notable development within the Nigerian political landscape, the House of Representatives has taken a significant step by removing the proposed N5 billion allocation for a presidential yacht from the supplementary budget. This decision has sparked discussions about the relevance of such an expenditure, fiscal responsibility, and the role of lawmakers in ensuring prudent use of public funds.

The controversy arose when it was revealed that the Nigerian government intended to allocate N5 billion in the supplementary budget for the acquisition of a presidential yacht. This news was met with mixed reactions from the public, with some expressing concerns over the timing and necessity of such an expenditure, especially in a country facing various economic and social challenges.

The N2.1 trillion supplemental budget of the Federal Government caused controversy due to its N5.09 billion allotment for a presidential yacht.
N10 billion is currently in the student loan department.

The N5 billion presidential yacht has been removed from the 2023 supplementary budget by the House of Representatives.

Following the House’s approval of the N2.17 trillion supplementary budget on Thursday, Abubakar Bichi (APC, Kano), the chairperson of the House Committee on Appropriations, made this announcement.

Speaking to reporters, Mr. Bichi stated that the committee had eliminated the item and transferred the funds to the student loan division, totaling N10 billion.

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