Reps Reject N4.79bn Presidential Yacht, Allocate Funds to Student Loans in Supplementary Budget.
The House of Representatives has made a bold move by rejecting the proposed N4.79 billion budget allocation for a presidential yacht, which was part of the N2.176 trillion supplementary budget for the 2023 financial year presented by President Bola Tinubu.
The decision came after a series of deliberations, and the House opted to reallocate the funds originally designated for the yacht towards student loans, effectively increasing the total budget for the scheme to N10 billion, up from the initial N5.5 billion.
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Abubakar Bichi, who chairs the House Appropriation Committee, announced this decision during a press briefing following Thursday’s plenary session.
He emphasized the shift in priorities, stating, “As far as we are concerned, we don’t need the presidential yacht anymore. We have increased the student loan.
If you can recall, the student loan was initially budgeted at N5 billion, but now we have raised it to N10 billion to ensure that our students can access the necessary funds to pursue their education.”
Bichi further revealed that the committee had increased the budgetary allocation for the Ministry of Defence from its original N476 billion to N546 billion. The importance of national security led to this decision, as Bichi noted during the press briefing.
Additionally, the House approved a four-month wage award of N210 billion for workers, which is set to be forwarded to the President for implementation. Bichi assured that there would be vigilant legislative oversight to ensure the full implementation of the budget.
The budget for the Federal Capital Territory was retained at N100 billion, as initially requested.
Bichi explained, “Today, our committee has submitted our report, and the House, after careful consideration, approved our submission. As you know, the budget stands at about N2.177 trillion, with the Ministry of Defence receiving N546 billion, making it the largest share due to the paramount importance of national security.”
He continued to detail allocations for various sectors, stating that funds were increased for the Police Formation and Command, the FCT, the Office of the National Security Adviser, the State House, the Ministry of Agriculture, and the Ministry of Housing. These allocations were made to address crucial national needs, from security to food security and housing development.
The House’s approval of the supplementary budget followed the consideration and approval of the report by the Committee on Appropriations. The bill titled, “A Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N2,176,791,286,033 for the year ending 31 December 2023,” was laid by Bichi.
President Bola Tinubu had earlier sent a letter to the Speaker of the House of Representatives, urging them to swiftly pass the supplementary budget to facilitate the provision of palliatives and essential services to Nigerians. This request led to the budget’s second reading and subsequent passage, with a focus on addressing the country’s pressing needs.
Out of the total budget of N2.176 trillion approved, N18 billion is allocated for statutory transfers, N992.8 billion is designated for recurrent (non-debt) expenditures, and N1.165 trillion is set aside for contributions to the Development Fund for capital expenditures.
The decision to reallocate funds from a presidential yacht to student loans reflects the House of Representatives’ commitment to addressing the educational needs of Nigerian students and promoting a more cost-effective budget in alignment with the nation’s priorities.
