House of Representatives Redirects N5 Billion from Presidential Yacht to Student Loan Expenditure

In a positive move towards prioritizing education and student welfare, the House of Representatives has announced cancelling the N5 billion budget allocated for the presidential yacht in the 2023 supplementary budget. The Chairman of the House Committee on Appropriations, Hon. Abubakar Bichi, revealed that the funds originally designated for the yacht have been reallocated to student loan expenditure, effectively doubling the budget from N5 billion to N10 billion.

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Speaking to journalists after the passage of the 2023 Appropriation Bill, Hon. Bichi emphasized that the presidential yacht no longer has a budget allocation. Instead, the House has chosen to bolster the student loan program, recognizing the importance of investing in education and supporting the aspirations of Nigerian students.

This decision came after the Bola Tinubu-led federal government initially planned to purchase a presidential yacht worth N5 billion, following the approval of N2.17 trillion by the Federal Executive Council for the 2023 supplementary budget. The proposed amount was initially included in the capital expenditure of the Nigerian Navy’s budget, with N62.8 billion allocated for Navy operations, N20.4 billion for recurrent expenditure, and N42.3 billion for capital expenditure.

By redirecting the funds from the presidential yacht to student loan expenditure, the House of Representatives has demonstrated its commitment to prioritizing education and empowering Nigerian students. This decision will have a direct and positive impact on the lives of countless students, providing them with greater access to educational opportunities and financial support.

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This move highlights the government’s recognition of the importance of investing in the nation’s future through education. By increasing the budget for student loans, the House of Representatives has taken a significant step towards ensuring that deserving students have the financial means to pursue their educational goals and contribute to the development of Nigeria.

Overall, this decision reflects a responsible and forward-thinking approach to budget allocation, focusing on areas that will have a lasting and meaningful impact on the lives of Nigerian citizens. It is a commendable step towards enhancing educational opportunities and fostering a brighter future for the country.

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