House of Reps Scrap N5 billion Presidential Yacht, Allocate Funds to Student Loan Scheme

The House of Representatives has scrapped the N5 billion presidential yacht from the 2023 supplementary budget, and allocated the funds to the student loan scheme.

The House passed the N2.17 trillion supplementary budget on Thursday, November 2, after considering the report of the House Committee on Appropriation.

The chairperson of the committee, Abubakar Bichi (APC, Kano) announced the removal of the presidential yacht item, which was originally proposed by the executive, and said the committee had increased the allocation for the student loan scheme from N5 billion to N10 billion. He said the committee made the decision in line with the House’s commitment to education and youth empowerment.

The Nation reported that the presidency’s media aide, Garba Shehu, had earlier clarified that the President did not request for the yacht, and that it was meant for the Navy.

He said the yacht was part of the Navy’s capital projects, and that the President had no intention of using it for personal or official purposes. He also said the President had directed the Navy to sell off some of its old vessels and use the proceeds to fund its operations.

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