The Bola Tinubu led Federal Government has proposed the sum of N5.095 billion for the purchase of a Presidential yacht under the capital expenditure of Nigeria Navy, and N5.5 billion for education loan fund in the 2023 supplementary budget.
Tinubu had on Tuesday asked the National Assembly to approve the N2.17 trillion supplementary budget.
The proposal comes even as the President have continued to encourage Nigerians to make sacrifices amid the economic hardship occasioned by the withdrawal of fuel subsidy.
The proposal which is contained in the 2023 supplementary appropriation details of MDA spending, has continued to cause consternation among Nigerians on social media.
According to the document, the Nigerian Navy proposed a capital expenditure of 42.3 billion and a recurrent expenditure of N20.42 billion making a budget of around N62.8 billion.
Other items in the budget proposal from the Nigerian Navy include; the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.
Meanwhile, the Federal government under the capital supplementation for the 2023 supplementary budget proposed the sum of N5.5 billion as an education loan fund to fund the student loan.
The total capital supplementation for the 2023 supplementary budget totalled N210.5 billion.
The Access to Education Act also called Student Loan Act was sponsored by Rt. Hon Femi Gbajabiamila passed by the ninth NASS but signed into law by President Tinubu in June.
The law seeks to provide interest-free loans to students of higher institutions across the country and bring an end to incessant industrial actions plaguing higher institutions of learning in the country.
President Bola Tinubu during a recent address at the Nigeria Economic Summit noted that the student loan program “must begin in January 2024” after initial delays.
Nigerian higher institutions have been plagued by recurring industrial actions from staff unions, ASUU, ASUP, among others. Major reasons for the actions range from lack of funding and autonomy of tertiary institutions.
Given these challenges facing the country's educational system, amid hike in frees by tertiary institutions, many have wondered the rational behind budgeting a meagre N5, 5bn for the loan scheme, nearly same amount as 'unnecessary' presidential yacht.
Taking to her X handle, Weyimi B. Lube, @_weyimi, wondered, "N5 billion for a presidential yacht, since when did we have a presidential yacht?
" Oh, Oritse!! The billing of this administration mad ooo. Spending problem, left right, and center. Next, they will spend 5bn on presidential wardrobe-changing. "
Another user, Shina Balogun, @Govshina, wondered, "N5 billion for Presidential Yatch ???. What does the President need a Yatch for…..? I thought I have seen it all in Tinubu’s Administration but this one shocked me."
On his part, economist, Kalu Aja, via his X account, @FinPlanKaluAja1, said, "Nigeria has a spending problem, not a revenue problem," "2023, Supplementary Budget. Student Loan N5bn. Presidential Yacht N5bn. I am so done..... We have jokers running the nation. Absolute jokers."
Another user, Ogbeni Ademola, @JareAdemola_, said, "This is outrageous, but then It’s a proposed bill by the Nigerian Navy, and the president has not yet approved the proposal of buying a yacht worth 5 billion, but if you read the whole article, you will see other things the Nigerian Navy requested, such as ammunition and all.
"But if the president agrees to such proposals, then it is total nonsense and a waste of public funds."
On her part, activist and spokesperson for the defunct Labour Party campaign team, Ndi Kato, Kato, @YarKafanchan, said, "Presidential Yacht??? Please I don't understand. What is the Yacht for? Do we usually have this?"
Also commenting, Ayekooto, @thebardogbamola, said "In all my life I have never seen this type of see finish. As in, people are dying of hunger and this man wants a yacht."
Another user, @kabasa007, said, "A broke and unproductive country led by someone who has stolen Lagos dry since 1999 is buying a presidential yatch and cars worth billions for the first woman and NASS? We are finished sha."
N2. 5bn Cars for first lady, N28bn for Aso Rock
The President is also planning to spend N1.5 billion on vehicles for the Office of First Lady, an office that is not recognised by the country’s constitution.
Aside from the Office of the First Lady, the government plans to spend another N2.9 billion on Sport Utility Vehicles (SUV) for the Presidential Villa, and another N2.9 billion to replace operational vehicles for the presidency.
The government is also proposing to spend N4 billion on the renovation of the residential quarters of the president, and N2.5 billion on the renovation of the vice president’s resident. In all, N28 billion is proposed for the State House.
It is also planning to spend N12.5 billion on the Presidential Air Fleet.
The presidential fleet includes Boeing Business Jet (Boeing 737-800 or NAF 001), one Gulfstream 550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two AgustaWestland AW 101 helicopters.
Some weeks ago, Seyi Tinubu, the son of the president, came under fire for using one of the presidential jets for private use.
He was flown to Kano in a presidential jet to watch the finals of this year’s edition of the Kano International Polo Tournament.
The approval of the supplementary budget may not get any resistance from lawmakers, who despite public outcry, spent over N75 billion on procuring luxurious vehicles for themselves.
The budget has already scaled the second reading at the House of Representatives.
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