The House of Representatives has made a significant decision by removing the N5 billion allocated for the acquisition of a Presidential yacht. In a recent development on November 2, Chairman of the House Committee on Appropriation, Abubakar Bichi, addressed the press following the passage of the Supplementary budget. He explained that the decision to reallocate the funds was driven by a sense of responsibility towards public interests. The House has opted to transfer the entire budget originally designated for the yacht, and they have redirected it towards the Student Loan Initiative, increasing the allocation to a substantial N10 billion.
Bichi stated, "As far as we are concerned, we no longer have plans for a presidential yacht. Instead, we have chosen to prioritize and enhance the Student Loan Initiative. Originally, the student loan was set at N5 billion in the budget, but we have decided to double this allocation to N10 billion."
Additionally, the Committee addressed security concerns by boosting the budget for the Ministry of Defence, increasing it from N476 billion to N546 billion. This adjustment reflects the Committee's commitment to addressing critical security issues.
Furthermore, Bichi revealed that the Committee had taken into account the minimum wage for workers and approved it for onward transmission to the executive branch. They have pledged to exercise thorough legislative oversight to ensure the complete implementation of this decision.
In response to a request by the Minister of the Federal Capital Territory, Nyesom Wike, the sum of N100 billion has been retained for the FCT. This allocation demonstrates the House's willingness to heed important requests and maintain the necessary funding for the development of the Federal Capital Territory.
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