The Majority Whip of the Senate, Ali Ndume, on Friday, said the presidential yacht was already in Nigeria.
Ndume, who is the chairman, Senate Committee on Army in the ninth assembly, said this while speaking on Arise TV.
The lawmaker said that the navy already procured the platform and was just requesting the money to pay the vendor.
The senate frowned at the new rate instead of the N435 dollar exchange rate which was reportedly signed for.
He cleared that the deal had been budgeted and moved to the student loan by the House of Representatives.
Ndume said, “We queried the amount budgeted for the yacht, but it was signed for a dollar rate, and the new rate isn’t favourable. The budget was predicated on about N435, and now it is over N800.
“The Navy also clarified that it is not a new budget. And even the House of Representatives moved the budget to the Student loan. The deal for the yacht has been agreed, signed, and delivered but not paid for.”