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Reps. reject N5 billion in funding for the Presidential Yacht The N5 billion allocated for the purchase of a presidential yacht has been discarded by the House of Representatives. The House Committee on Appropriations Chairman, Abubakar Bichi, said in an interview with reporters following the passage of the Supplementary budget today, November 2, that the lawmakers took the public's desire to eliminate the budget for the yacht into consideration and moved the money to the N5.5 billion budgeted for the Student loan initiative, bringing the total budgetary allocation for the Student loan to N10 billion.As far as we are concerned, the presidential yacht is no longer ours. The student loan amount has been increased.
We no longer own that presidential yacht, as far as we are concerned. The student loan amount has been increased. As you may remember, we raised the student loan to N10 billion from the N5 billion allocated in the budget," he stated.In response to security concerns, the Committee also increased the Ministry of Defence's budgetary allocation from 476 billion to 546 billion. Along with revealing that the minimum wage for workers was taken into consideration and approved for transmission to the executive branch, Bichi pledged appropriate legislative oversight to guarantee 100% implementation.The FCT Minister, Nyesom Wike, requested that the entire amount of 100 billion be set aside for the FCT.
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