‘N5bn For Presidential Yacht, N5.5bn For Students’ Loan’ — Reactions Trail 2023 Supplementary Budget

Eko Hot Blog reports that angry reactions are trailing some provisions in the 2023 supplementary budget proposal presented by President Bola Tinubu.

The president transmitted the budget, which was approved by the Federal Executive Council (FEC) on Monday, to the National Assembly on Tuesday.

As details of the budget emerged on Wednesday, several Nigerians criticised what they considered wasteful spending.

 

The president proposed the sum of N5.095 billion for the purchase of a Presidential yacht under the capital expenditure of the Nigeria Navy and N5.5 billion for education loan fund.

The budget proposal also included N4 billion for the renovation of the president’s residence at Dodan Barracks in Lagos State.

Likewise, N3 billion was proposed for the renovation of the vice president’s residence in Lagos.

Additionally, the budget proposal includes a provision of N1.5 billion for the purchase of vehicles for the Office of the First Lady.

The proposal also includes provision for welfare and development initiatives such as N50 billion for the construction of 40,000 units OF RENEWED HOPE mini-estates across the federation, N400 billion for the ‘cash transfer’ programme, N10 billion for the construction of Court of Appeal, N15 billion for the recruitment of 10,000 Police Constables, N15billion for the rehabilitation of Third Mainland Bridge, and N11 billion for the balance payment for Eko Bridge.

In June 2023, Tinubu addressed Nigerians, saying “I feel your pains” amid economic hardship, urging them to “sacrifice a little more.”

The president is facing criticisms that his administration is not partaking in the sacrifice.

Here are some reactions on X (formerly known as Twitter):

The next plans of the Tinubu govt: N1.5bn on vehicles for the first lady, N2.9bn on SUVs for the presidential villa, another N2.9bn to replace operational vehicles for the presidency.

All this from a president who, in his Independence Day speech just four weeks ago, urged…

— 'Fisayo Soyombo (@fisayosoyombo) November 1, 2023

Is the office of the First Lady recognized by the constitution? Why are we spending N1.5bn of tax payer’s money on her cars?

— Máfejópamí (@VillageParrot) November 1, 2023

 

N5billion Presidential Yacht 😂😂😂😂

Omo Tinubu come soft pass. 😍😍

And Nigerians are sacrificing and carrying the brunt of it all. 😂😊😊

Animal farm. 4 legs are better than 2 legs.

— Morris Monye (@Morris_Monye) November 1, 2023

What does the president need a yacht for tho??
As far as I’m concerned, we’re too poor for these things

— Y.O. (@yojora) November 1, 2023

One of the poorest countries in the world (currently) having a budget for Presidential Yacht? The clouds you see over Nigeria are made from cocaine dust

— Big Cuz (@imohumoren) November 1, 2023

Your total revenues can't pay your salaries or debt, yet you are buying a yacht. To impress who?

An absolute joke

This is the muppet show

— Kalu Aja (@FinPlanKaluAja1) November 1, 2023

https://twitter.com/trending_medic/status/1719699911665475943?t=AJoZjaqtYdxFlLXi4bYLDg&s=19

Yacht for president and his people, subsidy removal for the citizens. 👊

— E D I J A L O (@_auxano) November 1, 2023

You’re funding a budget using CBN Naira overdrafts and foreign currency denominated loans; the least you should do is to ensure that a needless Presidential Yacht expense is not a line item in the budget.

When will the shortsighted governing elite in Nigeria ever learn?

— Basil (@basilabia) November 1, 2023

I understand that N5 billion might not be a lot of money but In such times of economic hardship and austerity, allocating that amount for a “presidential yacht” raises questions. pic.twitter.com/hcGV6KjbOa

— Jake (@Jakepor21) November 1, 2023

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