Breaking: House Rejects N5bn Presidential Yacht, Raises Student Loan Allocation to N10bn

Juliet Akoje in Abuja. 

The House of Representatives has rejected the N5 billion budgetary allocation for presidential yacht and increased student loan allocation from N5.5 billion to 10 billion.

President Bola Tinubu had in a supplementary budget presented to the National Assembly earmarked N5 billion for presidential Yacht.

The Chairman of the House of Representative’s Committee on Appropriation, Abubakar Bichi Abubakar, disclosed this while briefing  journalists on Thursday.

Bishi premised the action of the House to the need to increase the low budgetary allocation for student loan.

He said the lawmakers also increased budgetary allocation of the Ministry of Defence from N476 billion to N546 billion following security concern.

Bichi said the minimum wage for workers was considered and approved by the House for transmission to the executive, while promising proper legislative oversight to ensure 100 per cent implementation. 

Details later…