Reactions Trails Nigerian Govt's N5bn Budget For Presidential Yacht

Reactions Trail Nigerian Govt’s N5bn Budget For Presidential Yacht Amidst Economic Woes

8 months ago
1 min read

The proposal by Nigeria’s federal government to spend N5.095 billion in purchase of a presidential yacht has generated reactions from the citizens, who question the rationale behind it, given the current state of the economy.

This was revealed in the 2023  supplementary appropriation details of MDA spending accessed by Prime Business Africa.

At the inception of the current administration,  President Tinubu announced the removal of subsidies on  petrol which resulted in unprecedented hike in price of the commodity and general costs of things across the country. Also, the government introduced foreign exchange reforms which led to devaluation of the Naira. The exchange rate is currently at N786.157 to $1.

The supplementary appropriation details of MDAs revealed a proposed capital expenditure of N42.3 billion and a recurrent expenditure of N20.42 billion making a budget of about N62.8 billion by the Nigerian Navy.

Others include budgets for general construction at naval bases, Lekki and Epe, Vehicle requirements for naval bases Oguta, Epe, and Lake Chad, and Arms, Ammunition and Ancillary equipment requirements

READ ALSO: FEC Approves N2trn Supplementary Budget, Prioritizing National Security

The N5 billion budget for Presidential Yacht has caused an uproar amongst Nigerians with a good number of people expressing disapproval of the plan making reference to the current economic situation.

Reacting to the news, a former lawmaker representing Kaduna Central in the National Assembly, Senator Shehu Sani called on President Tinubu to cancel the purchase of a yatch when the citizens are struggling to survive. “The President should without delay cancel the purchase of that N5Billion Presidential Yacht. The poor can’t be struggling for survival in a canoe while their leader is yachting,” Sani wrote on his X handle.

“Nigeria has a spending problem, not a revenue problem,” Kalu Aja said on X, formerly known as Twitter.

“Student loan N5bn, Presidential Yacht N5bn. I am so done… We have jokers running the nation,” he lamented.

A human rights activist and political analyst, Omotayo Williams also expressed his displeasure about the budget on X. He said: “Tinubu budgets N5 billion for Presidential Yacht, N5.5 billion for student loan. Tinubu and his APC hyenas are enjoying; the people have been asked to endure. Yoruba loan.”

 


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