Senate Explains Stand Regarding N5 Billion Presidential Yacht Funding

On Thursday, reports indicated that the Senate had authorized the payment for the presidential yacht, while the House of Representatives had removed the allocation from the budget and reallocated it to the Student Loan budget…CONTINUE READIBNG

In a clarification provided by the Senate Spokesperson, Yemi Adaramodu, during an interview with The Punch, he affirmed that the Senate did not approve the payment for the yacht.

He further explained that the Senate concurred with the House of Representatives regarding the reallocation of the budgetary allocation originally intended for the presidential yacht to be redirected to the student loan program.

Adaramodu emphasized that the Chairmen of Appropriation in both the Senate and the House of Representatives had reached an agreement to transfer the allocation meant for the yacht to the student loan program, which had been presented to the lawmakers.

He clarified, “It was an agreement that was mutually agreed upon by both chambers. The fact that the Senate did not explicitly mention it does not mean that we were not in agreement.

One chamber cannot unilaterally pass a supplementary budget; the document presented to the Senate was the same as the one presented to the House. Both chairmen consolidated their reports and presented them during the plenary.”