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November 1, 2023
President Bola Tinubu’s administration has proposed to spend N5.095 billion on a presidential yacht.
This is part of the expenditures proposed in the 2023 supplementary budget the President submitted to the National Assembly for approval.
The budget has scaled the second reading at the House of Representatives.
The Nigerian Navy has proposed a capital expenditure of ₦42.3 billion and a recurrent expenditure of ₦20.42 billion, with N5.095 billion going into the acquisition of a presidential yacht.
Despite the unprecedented level of poverty and hardship in the country, the administration also budgeted the sum of N19.3 billion to buy vehicles for the President and renovate the President’s and Vice President's lodges in Abuja and Lagos.
Also, the sum of N3 billion will be spent on what was tagged “acquisition, renovation and rehabilitation of two Economic and Financial Crimes Commission (EFCC) fortified quarters as State House Complex” at Guzape and Mabushi respectively.
The breakdown shows ‘purchase of SUVs - N2.9 billion; replacement of operational pool vehicles -N2.9 billion; renovation of residential quarters for Mr President – N4 billion; renovation of Aguda House (Vice President’s residence) -N2.5 billion; computerization and digitalization of the State House – N200 million; construction of office complex within the State House – N4 billion; renovation of Dodan Barracks -official residence of Mr President – N4 billion; renovation of official quarters of vice president in Lagos – N3 billion.
In his reaction, the candidate of the African Action Congress (AAC) in the 2023 presidential election, Omoyele Sowore, said Tinubu took fuel subsidies from poor Nigerians, floated the naira and introduced school fees to enable his government fund their luxuries while Nigerians remain in misery.
Sowore on his X (formerly Twitter) said, "The @officialABAT dynasty of thieves! They want to buy a “Presidential Yacht” for N5 billion for a man who’s never been to a stream before, they want to renovate a Presidential Lodge in Lagos for N4b for a man who just built a mansion in Lagos that stretches from Bourdillon to Queens Drive in Ikoyi!
"Reason the joker was grandstanding about his son, Seyi sneaking into FEC meetings just to fool the unwary.
"They took fuel subsidies from the poor, floated the naira and introduced school fees so they could fund their luxuries while they maintain the miseries of the Nigerian populace!"
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