Aso Rock's Spending Plan Emerges As FG Budgets N5bn for Yacht, N1.5bn for First Lady's New Car
- Details of the 2023 supplementary budget have been released to the public with some very eye-catching figures
- These include presidential spending on a yacht and plans to renovate the residential building for President Bola Tinubu
- The significant spending comes amid the decision to remove fuel subsidy to cut the cost of governance
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Dave Ibemere has over a decade of experience covering business and the economy.
President Bola Tinubu's administration has announced plans to spend N5.095 billion on a presidential yacht.
This figure was captured in the 2023 supplementary appropriation details of MDA spending seen by Legit.ng.
Source: Facebook
The document also showed the federal government plans to renovate the president's residential building with N4 billion.
Supplementary budget
Legit.ng earlier reported that Tinubu's government approved N2.18 trillion supplementary budget for the 2023 fiscal year on Monday, October 30, 2023.
The budget will cover additional spending in defence, works as well as welfare packages such as wage awards and conditional cash transfers agreed with the organised labour.
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.
The budget also includes expenses to help the new leadership of the president feel at home at the state house.
Breakdown of State House Spending
Despite outcries to cut the outrageous costs of running government after the removal of fuel subsidy, N28 billion of the total sum will go into state house expenses.
The expenses include the purchase of SUV vehicles, renovation of official residences, and digitalisation of the State House.
| Items | Amount |
| Purchase of SUV vehicles | N2.9bn |
| Replacement of operational pool vehicles | N2.9bn |
| Renovation of residential quarters for Mr. President | N4bn |
| Renovation of Aguda House | N2.5bn |
| Computerisation and digitalisation of the State House | N200m |
| Construction of office complex within State House | N4bn |
| Renovation of Dodan Barracks - the official residence of Mr. President | N4bn |
| Renovation of official quarters of Vice President in Lagos | N3bn |
| Rehabilitation of 2 EFCC forfeited quarters as State House complex at Mabushi | N1.5bn |
| Purchase of official vehicles for the Office of the First Lady | N1.5bn |
| Rehabilitation of 2 EFCC forfeited quarters as State House complex at Guzape | N1.5bn |
Expert reacts
Speaking on the spending plan for Tinubu, Kalu Aja, a financial expert, said:
"Nigeria has a spending problem, not a revenue problem 2023, Supplementary Budget Student Loan N5 billion, Presidential Yacht N5 billion, I am so done."
Tinubu's govt sets 'fair' naira to dollar exchange rate target by December 2023
In a previous report by Legit.ng, Tinubu set an exchange rate target for naira before the end of 2023.
Several reforms have been introduced, and it is expected that the dollar supply will ease the pressure.
Naira continues to exchange at the lowest level in history at both the official and unofficial markets.
Source: Legit.ng
